Does M&T Bank Use ChexSystems?

M&T Bank offers checking accounts with digital banking, debit card access, and a large branch network across the Northeast and Mid-Atlantic. Past account problems may still affect whether the bank approves your application.

One M&T account also limits overdrafts and carries an easy monthly fee waiver. Here’s how M&T Bank uses ChexSystems and whether MyWay Banking may fit someone with a troubled banking record.

M&T Bank Uses ChexSystems

M&T Bank uses ChexSystems when it reviews new checking account applications. Negative information in your ChexSystems consumer report may affect whether the bank approves you.

M&T Bank may consider the type of entry, its date, and whether you still owe money. An older overdraft with a paid balance may receive different treatment from recent suspected fraud or unpaid bank debt.

The bank may also verify your identity and review other application details. M&T Bank doesn’t publish a list of ChexSystems entries that always result in a denial.

Which ChexSystems Records May Affect Approval?

Recent and unresolved banking problems may cause the greatest concern. M&T Bank may pay close attention to entries that show unpaid debt or possible account misuse.

Possible problems include:

• Unpaid balances: Money owed to another bank or credit union may lower your approval chances.
• Suspected fraud: Fraud warnings or questionable deposits may lead to a denial.
• Forced account closures: An account closed by another financial institution may affect the decision.
• Repeated overdrafts: Several unpaid overdrafts may show continued account problems.
• Returned payments: Returned checks or electronic transfers may raise concerns.
• Previous M&T Bank debt: An unpaid balance from an earlier M&T Bank account may need to be resolved first.

A paid entry can remain in your ChexSystems consumer report. The updated status still shows that you resolved the debt.

MyWay Banking Has No Overdraft Fees

MyWay Banking is M&T Bank’s account without paper checks. It doesn’t charge overdraft fees and generally declines transactions when your available balance isn’t enough to cover them.

The account includes:

• Debit card access: Make purchases and withdraw cash with an M&T debit card.
• Online banking: Review balances, transfer money, and manage account activity.
• Mobile banking: Deposit eligible checks and receive account alerts through the M&T app.
• Bill Pay: Schedule eligible one-time or recurring payments.
• Zelle: Send and receive eligible payments through M&T digital banking.
• No paper checks: MyWay Banking doesn’t support traditional check writing.

The account charges $4.95 per month. M&T Bank waives that fee when you complete at least one deposit, withdrawal, or debit payment during the monthly service charge cycle.

Is MyWay Banking a Second Chance Account?

M&T Bank doesn’t clearly label MyWay Banking as second chance checking. However, the account has several features that may help customers avoid new banking problems.

MyWay Banking is certified under the Bank On National Account Standards. It has a low monthly cost, no overdraft fees, and safeguards that limit spending beyond the available balance.

Bank On certification doesn’t mean M&T Bank skips ChexSystems or guarantees approval. Account features and application screening are separate.

You may have a better chance when your ChexSystems consumer report contains an older entry with a paid balance. Recent fraud concerns, unpaid bank debt, or several forced account closures may make approval harder.

Ask an M&T Bank representative whether MyWay Banking has different approval requirements from its standard checking accounts before you submit an application.

EZChoice Checking Has No Monthly Fee

EZChoice Checking is M&T Bank’s basic standard account. It has no monthly maintenance charge, minimum balance requirement, or monthly transaction requirement.

Unlike MyWay Banking, EZChoice Checking supports paper checks and may allow certain transactions that exceed your available balance. The bank’s overdraft policies and the services you select will determine what happens.

EZChoice Checking may work better when you want traditional check-writing access. MyWay Banking may be safer when overdrafts or returned checks caused your earlier account problems.

Neither account guarantees approval after a negative ChexSystems entry.

Compare MyWay Banking and EZChoice Checking

The two accounts serve different needs. Review how you plan to make payments before choosing one.

MyWay Banking may make more sense when you:

• Want transactions declined instead of paid beyond your balance
• Don’t need paper checks
• Can complete at least one transaction each month
• Want protection from overdraft fees

EZChoice Checking may work better when you:

• Need traditional check-writing access
• Want no monthly maintenance fee
• Don’t want to track a monthly activity requirement
• Qualify through M&T Bank’s standard account review

Account availability and some features can differ by region. Enter your ZIP code on M&T Bank’s website or ask a branch representative which options are offered where you live.

Check Your ChexSystems Consumer Report Before Applying

Review your ChexSystems consumer report before M&T Bank checks it.

Look for:

• Unknown accounts: An account you don’t recognize may be connected to identity theft.
• Incorrect balances: Confirm that every reported amount is accurate.
• Paid debts shown as unpaid: A resolved balance should display the correct status.
• Wrong closure reasons: Make sure the former financial institution reported what happened correctly.
• Incorrect dates: A date error may make an older problem appear more recent.

Accurate negative information can generally remain for five years. Paying a valid balance usually won’t remove the entry early, but the financial institution should update its payment status.

Dispute inaccurate or incomplete information. Include payment receipts, account statements, or identity theft documents that support your claim.

What You Need to Apply Online

M&T Bank asks online applicants for personal information and documents that confirm their identity.

You may need:

• A Social Security number
• A current residential address
• A driver’s license, passport, military identification card, or another accepted photo ID
• An email address and phone number
• Money for the opening deposit

You can fund an eligible account through an electronic transfer from another bank account in your name or by mailing a paper check with the required signature card.

M&T Bank may request more information when it can’t confirm your identity electronically.

What to Do if M&T Bank Denies You

Ask whether ChexSystems affected the decision. M&T Bank should provide an adverse action notice when information from a consumer reporting company contributes to a denial.

Request your ChexSystems consumer report and review the entry that caused the problem. File a dispute when the information is incorrect.

Contact the bank or credit union that reported an accurate unpaid balance. Ask how to pay it and when the new status will appear.

You should also ask whether MyWay Banking is available after a standard account denial. A bank that doesn’t use ChexSystems or an account with stated second chance approval rules may be a better fit when M&T Bank can’t approve you.

Banks That Don’t Use ChexSystems

If ChexSystems is making it difficult to open an account at M&T Bank, there are other options available. Several online banks and credit unions skip ChexSystems checks entirely and make it easy to open an account quickly.

Learn More

• Banks That Don’t Use ChexSystems – Take the first step to rebuilding your banking history with our list of banks that do not use ChexSystems for account approval.
• Credit Unions That Don’t Use ChexSystems – Find a credit union that will work with you, not against you. Learn about the credit unions that don’t use ChexSystems.
• Am I in ChexSystems? – Unsure if you’re in ChexSystems? Learn how to find out and take control of your financial status.
• How to Get Out of ChexSystems – Learn how to get out of ChexSystems in four simple steps.
• Second Chance Checking Accounts – Take control of your financial future with our list of over 450 banks that offer second chance checking accounts.