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M&T Bank Review 2012: Account Pros/Cons, Fees, APY/APR Interest Rates on CDs, Savings, Checking, Money Market
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I started banking at M&T Bank approximately 14 years ago. They're a small state bank and in the beginning my reason for banking with them was basically convenience and that they were close to where I lived. Over time, as the internet became more sophisticated and banking moved into the online world, I realized I could stay with them and basically bank from anywhere in the world. By this time I had moved to another state and I decided to stay with M&T Bank for exactly these reasons.
I had developed a relationship with the local bank and some of the personnel working there. Even though I no longer lived in New York I was always able to call the bank and speak with someone personally. I could access all of my account information through their automated phone system and later through the online website.
In today's internet world, banking with them is easier than ever. They've recently added mobile phone banking, although it's not a service I currently use but it's nice to know I have the option to use it in the future. I’m also able to add extra accounts online and easily move money from one account to another. Because of technology I've not been inside the bank in about 5 years. I wire money into my account and use ATM's worldwide to withdraw cash when I need it.
One of the most important parts of banking with M&T is having a Customer Service Department that is friendly and helpful. There have been a number of times that I've had some minor problems and by simply calling either the branch or their statewide phone line I've been able to straighten things out quickly. Although I don't understand many things about all the services they offer, I've never felt afraid to ask questions with their Customer Service Department. Having a friendly person on the other end of a phone line means a lot to me. This is especially true when I'm asking questions that to them must seem basic, but to me are things I don't understand. They always have the time, and more importantly the patience to help me out.
Over time, my every day banking needs started to expand into areas of savings. Some of my deposits were going into a basic savings account. At one point I felt I had too much money in my account and called the branch and asked them for suggestions as to how I could put that money to better use. They talked with me about a number of different options, how each one could help me and how they differed from each other. I was also able to see the different types of accounts online while we were talking. Through their guidance I started to move money into an account where I would make more interest on my money than in a simple savings account.
When the banking crisis hit in 2008, I called them as I was worried about so many small banks failing. They took the time to give me a complete picture of the security of my funds and assured me that my money was safe. They also took the time to help me understand how my money was protected by the FDIC Insurance and at the end of the year, without me even asking, they sent me a copy of their annual report. I was really impressed that they went the extra step and I considered it to be some of the best customer service I've ever received.
M&T now has completely free checking accounts for a number of different types of accounts. As long as certain conditions are met you can basically bank for free. Compared to some other large bank it's nice to see a local bank offer this kind of option to its customers. When they first started this service I was emailed and told how to go about getting this kind of account for myself. Again, I didn't understand all the options, but their customer service took the time to walk me through everything and help me decide which would suit my personal needs.
Even though I no longer live in New York State, I've kept them as my banking institution. The internet has given me that type of freedom. Part of the year I'm out of the country and yet have no problems doing all my banking either online or by phone. I never liked the idea of banking with one of the "big banks" and I'm perfectly satisfied staying with, what was once, my local bank.
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