General Banking F A Qs
Get answers to frequently asked questions about banking at M&T.
Whom should I contact regarding a general question on my account?
We kindly ask you to contact the M&T Telephone Banking Center at 1-800-724-2440 or visit your nearest M&T branch for assistance.
What do I do if I cannot access my Online Banking account?
If you cannot access your account for any reason, please contact M&T Online Customer Service at 1-800-790-9130 for further assistance.
How do I close an account?
Your signature is required to close a deposit account. If you're unable to visit an M&T branch, please contact our M&T Telephone Banking Center at 1-800-724-2440. For Home Equity Lines of Credit, please send a letter of cancellation request with your signature to:
Attention: Retail Servicing
499 Mitchell St.
Millsboro, DE 19966
What is a constructive receipt?
On M&T certificates of deposit, constructive receipt is the amount of interest earned (not interest paid) from January 1 through December 31.
M&T allows certificate of deposit customers to withdraw all interest (both earned and paid) without penalty. Therefore, interest earned on an account is reported on the 1099. This means the 1099 will report the combined total dollar amount of interest paid AND interest earned on the account for that calendar year.
How to calculate 1099 reported interest:
- Add paid interest from the current tax year
- Add accrued interest from the current tax year (reported to IRS)
- Subtract accrued interest from previous tax year (reported last year)
- Total = interest reported on 1099 for tax year
The following example will assist with explaining M&T's format for interest earned reported to the IRS.
Example dates: January 1–December 3, 2009
Certificate of deposit opened: January 9
Interest posts: ninth of the month
Term: 18 month CD, maturing on July 9
Interest earned: $1.00 per day
Posting Date/ Interest Earned/ Time Frame/ Number of Days
|Feb. 9||$31.00||Jan. 9–Feb. 9||31|
|Mar. 9||$28.00||Feb. 10–Mar. 9||28|
|Apr. 9||$31.00||Ma.r 10–Apr. 9||31|
|May 9||$30.00||Ap.r 10–May 9||30|
|Jun. 9||$31.00||May 10–Jun. 9||31|
|Jul. 9||$30.00||Jun. 10–Jul. 9||30|
|Aug. 9||$31.00||Jul. 10–Aug. 9||31|
|Sept. 9||$31.00||Aug. 10–Sep. 9||31|
|Nov. 9||$31.00||Oct. 10–Nov. 9||31|
|Dec. 9||$30.00||Nov. 10–Dec. 9||30|
|Jan. 9||$31.00||Dec. 10–Jan. 9||31|
22 days in December
9 days in January
Total: $365 interest from January 9, 2009–January 9, 2010
- $9 interest posting in January 2010
Equals: $365 constructive receipt amount 2009
When will my lien release/mortgage discharge be sent when I pay off my loan?
A lien release or mortgage discharge will be mailed to the address on file for the loan 10 business days after the loan is paid in full.
Can I do a wire transfer over the Internet?
Commercial Banking customers can have funds wire transferred to an international/domestic bank account by visiting your local M&T branch. You will need to know the Swift code and CHIPS/ABA number for the depository bank in order to process the transfer. The cost for issuing a wire transfer is $32.00 domestic and $75.00 foreign. There is also a $16.00 Incoming Wire Transfer fee. This service is unavailable to Personal Banking customers.
To wire money to an M&T Bank account, you will need to provide the correct beneficiary name to your financial institution, account number and the following information:
Swift code MANTUS33
(Routing Number 022000046 – Domestic Transfers)
How do I wire money from overseas to my M&T Bank account?
To wire money from overseas to an M&T Bank account, you will need to provide the financial institution holding the money with the correct beneficiary name, account number and the following information to identify M&T Bank:
SWIFT code MANTUS33
How do I initiate a wire transfer to another financial institution?
You can have your funds wire transferred to an international or domestic bank account by visiting your local M&T branch and completing the required paperwork. In addition to knowing the account number receiving the funds,
For an international wire transfer, you will need to know the SWIFT code and CHIPS/ABA number for the depository bank that will be receiving the funds.
For a domestic wire transfer, you will need to know the ABA/Routing Number for the depository bank that will be receiving the funds.