As promised, M&T Bank has repackaged its checking account options in a way that allows customers to pick and choose certain services to add onto those accounts.
The Buffalo bank (NYSE: MTB) this week introduced five add-on services from which M&T checking account customers can choose. All of the add-ons include a monthly charge, although two high-end checking accounts will allow customers to select up to four add-ons for no change.
Here's the list of services and costs:
• No M&T fee at other banks' ATMs - $4.95 per month.
• Refunds of other banks' ATM fees - $4.95 per month
• No fee for overdraft protection transfers - $4.95 per month
• Standard checks and safe deposit box - $4.95 per month
• Credit score - $2.99 per month.
Customers with MyChoice Plus Checking may choose two of the above add-ons for no charge. Those with MyChoice Premium Checking may choose three of the above add-ons at no cost.
Only MyChoice Plus or MyChoice Premium account holders may choose to receive refunds on other banks' fees.
M&T's Darren King oversees retail banking for the $83 billion-asset financial services company. In late 2012, he said the bank's MyChoice checking accounts would be enhanced early this year with additional, optional features.
"We're trying to build a product set with enough flexibility that customers can create the checking product that best suits their individual needs," King said at the time.
Checking accounts are items of interest in the banking industry as more and more institutions pull back from offering totally "free" checking accounts. M&T's "free" checking account does not include a monthly service charge, though other charges may apply in the case of insufficient funds or overdrafts.
In comparison, the bank's most expensive account - MyChoice Premium - includes a $24.95 per month fee. But that fee can be waived if the customer meets certain criteria, including maintaining an average balance of $7,500 or more or carrying an M&T mortgage originally totaling $200,000 or more.