I set up external transfers in order to pay a line of credit account at M&T. I closed checking and savings accounts years ago because of the terrible service and outrageous fees. didn't realize that they held transferred funds in order to apply insufficient funds fees until I came upon this site. This is exactly what happened to me! When I set up the account for external transfers, the test deposit showed up the next day. When I scheduled the monthly transfer, I gave it three days (because the test deposit showed up in one day) and guess what, it showed up the day AFTER the payment was due. This bank should be shut down or at the very least penalized for their illegal practices.
I deposited a check into the ATM machine and it got stuck into the reader at 4:35 pm. Two employees were exiting the building (end of work day) I asked them questions about getting my check or credit for deposit. they look at me as if I'm panhandling and tell me to call the 1800# poor customer service. I waited until next bushiness day called the branch explained situation and again was treated like I was wrong or providing misleading information. I'm certain that someone pulled the jammed check from the machine, saw my account number and signature, however no one called and the funds still (day 3) have not been credited to my account. Nevertheless poor experience. Bank with credit unions where members are just that appreciated members. This branch sucks to the core.
It is beyond comprehension how a bank with such horrible service and borderline felonious fees can still be in business. I just received a savings account statement and they deducted so many of these "fees" that I now carry a negative balance. First of all, those fees more than wipe out any interest I've earned, but more importantly why would they keep taking away more money when there is none there? I plan on closing it today and refusing to pay their ransom.
Please do yourself a favor, and never open an account at M&T. You are far better off using a credit union or buying a safe.