M&T Bank vs. TD Bank in Oregon: Which Bank Offers Better Stud

M&T Bank vs. TD Bank in Oregon: Which Bank Offers Better Student Checking?

Choosing the right bank for student checking can significantly impact a student's financial management. This article compares M&T Bank and TD Bank, focusing on their student checking accounts available in Oregon.

Quick Summary

M&T Bank and TD Bank both offer tailored checking accounts for students, designed to accommodate the unique needs and financial situations of young adults. While both banks provide features like no monthly maintenance fees and convenient digital banking options, there are differences in eligibility, fees, and account management.

Eligibility & Requirements

M&T Bank

To open a student checking account at M&T Bank, the applicant must meet the following criteria:

- Age Requirement: Must be between 16 to 24 years old.
- Proof of Enrollment: Must provide documentation of current enrollment in an accredited college or university.
- Identification: A valid government-issued ID (e.g., driver's license or passport) is required.

TD Bank

TD Bank has similar eligibility requirements for its student checking account:

- Age Requirement: Must be between 17 to 24 years old.
- Proof of Enrollment: Must provide evidence of full-time enrollment in a college or university.
- Identification: A government-issued ID is necessary, as well as a Social Security number.

Both banks require applicants to be U.S. citizens or permanent residents.

Step-by-Step Opening Process

M&T Bank

1. Gather Required Documents: Collect proof of enrollment, ID, and Social Security number.
2. Visit a Branch or Online: Students can open an account online or visit a local branch in Oregon.
3. Complete Application: Fill out the application form with personal details and submit required documents.
4. Initial Deposit: Fund the account with the minimum deposit, if applicable.
5. Receive Account Details: After approval, you will receive account information and debit card details.

TD Bank

1. Prepare Documentation: Have proof of enrollment, ID, and Social Security number ready.
2. Choose Opening Method: You can open an account online or in-person at a TD Bank branch.
3. Fill Out Application: Complete the application form with necessary personal information.
4. Make Initial Deposit: Deposit the required minimum amount to activate the account.
5. Account Confirmation: Upon approval, you will receive your account details and debit card.

Both banks typically allow the account to be opened within a few days, depending on the method chosen and the completeness of the application.

Typical Fees & Timelines

M&T Bank

- Monthly Maintenance Fee: $0 for students.
- ATM Fees: No fees for M&T ATMs; other ATM fees may apply.
- Overdraft Fees: Generally ranges from $30 to $35 per transaction.
- Account Opening Time: Usually within 1-3 business days.

TD Bank

- Monthly Maintenance Fee: $0 for students.
- ATM Fees: No fees for TD ATMs; other ATM fees may vary.
- Overdraft Fees: Typically ranges from $35 to $39 per transaction.
- Account Opening Time: Generally within 1-3 business days.

As fees and specific terms can vary, it is advisable to verify the latest information directly from the banks' official websites.

Alternatives & Digital Banks

For students considering alternatives to M&T Bank and TD Bank, several digital banks and credit unions offer competitive student checking accounts:

- Chime: No monthly fees and access to a large ATM network.
- Ally Bank: High-interest rates on checking accounts and no monthly fees.
- NerdWallet's Top Picks: Various online banks that cater to students with low fees and digital-first solutions.

These alternatives often provide enhanced mobile banking features, making them convenient for tech-savvy students.

FAQs

1. Can I open an account without a Social Security number?

Both M&T Bank and TD Bank typically require a Social Security number to open a student checking account. International students might need to check with the bank for specific alternatives.

2. What happens if I exceed the age limit for a student account?

Once you exceed the age limit, you may need to transition to a standard checking account, which may have different fees and requirements.

3. Are there any rewards programs for student accounts?

M&T Bank and TD Bank do not typically offer rewards programs for their student checking accounts. Checking with the bank for any promotions or changes is advisable.

4. Can I link my student checking account to a savings account?

Yes, both M&T Bank and TD Bank allow you to link a checking account to a savings account for easier fund transfers and potential overdraft protection.

5. Is mobile banking available with these accounts?

Yes, both banks offer mobile banking options, allowing students to manage their accounts through apps for deposits, transfers, and bill payments.

6. What is the process for closing an account?

To close an account, students must contact the bank directly, either online or in-person. It is essential to ensure that all outstanding transactions are cleared before closing.

7. Are there any fees for using non-bank ATMs?

Both banks typically charge fees for using ATMs outside their network. M&T Bank generally does not charge fees for its ATMs, but students should verify the fee structure for non-bank ATMs.

8. Can I set up direct deposit with these accounts?

Yes, both M&T Bank and TD Bank allow account holders to set up direct deposit for payroll or financial aid disbursements.

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Disclaimer: For informational purposes only; not financial/tax/legal advice.

About the Author

Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen. Read more articles