It is not possible to have the same banking needs throughout your lifetime. There are times where you need to close your bank account. It may be that you are on the move to get a new bank account or you just want to switch banks in a bid to get good interest rates. Whatever be the reason, you are likely to close your m&t bank account. In the course of this article, we would take you through a practical guide on how to close your m&t bank account. Without further mouthing, let us delve in.
Closing your M&T bank account is not a very complicated task, but there are some important actions that every M&T customer should take, so that the account would be correctly closed. First off it is important to note that the type of account that you have determines how you would go about closing the M&T account.
How to close your Personal Checking or Savings Account
- Savings and checking accounts are closed by going to any M&T branch. You can also close it by making an out-of-the-area request by mailing the branch where the M&T account was first opened.
- Personal checking accounts that are not geared towards earning interest with a zero balance may be closed by contacting M&T Contact Center at 1-800-724-2440. You can also use the Online Banking platform of M&T to process your request.
- If you wish to close an account through a phone or mail, it would expedient that you make a notarized request for all accounts that have balances greater than $1,000. Check out the example of a Notarized M&T account closing request (PDF)
How to Close an M&T Business Checking or Savings Account
- Accounts for business with any balances can only be shut down are physically going to any M&T branch that is close to your residence.
- Accounts that aren’t interest-bearing with no balance can be closed by contacting M&T Contact Center at 1-800-724-6070.
- Additional things that an M&T customer should bear in mind when trying to close an account
- You must stop every recurring payment or withdrawal from your account before you request for close the account (examples include unpaid checks bills, bill payments, and debit card transactions) or else, they could be returned to you unpaid
- You must cease or transfer all directly deposited funds prior to the closing of the account to ensure that the money doesn’t get returned to the account holder.
- Your account has to be closed through the M&T banking system to prevent fees and transactions from being charged to your account. An account with a balance of zero cannot close immediately, but charges and fees will be applied.
- The account holder must close or start paying off any overdraft line of credit that is connected to the M&T account.
- If you decide to close your personal account via phone or mail the money will be deposited to the address currently in the account. You may change addresses by calling Contact Center at 1-800-724-2440
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