M&T Bank on July 2 will offer online banking services for small-business customers in an effort to expand its offerings to this growing customer base.
The service, labeled Web Banking for Business, will be targeted to small businesses that earn less than $1 million in annual revenues, the company said.
The online service will let customers:
• View real-time balance sheets online.
• Receive 20 complimentary bill payments a month, with additional bill payments costing 50 cents each.
• Access account information and transaction history for business checking and savings, credit lines, loans, credit cards, commercial mortgages and equipment leases.
•Transfer funds between business checking, savings and credit lines and check payment due dates.
•Verify check status, place or cancel stop payments and reorder checks.
Customers will be able to register up to five accounts on the service for $5 per month and add 12 additional accounts for $5 each.
M&T Bank is initially marketing the service to its existing small-business customer base through messages in checking account statements, ATM screen messages, and in-branch marketing and sign-up areas, Bob Leong, vice president of electronic banking at Buffalo-based M&T Bank, said yesterday. He would not disclose the size of its small-business customer base.
Customers will be able to register for the service at www.mandtbank.com.
M&T Bank has more than 470 branch offices in New York, Pennsylvania, Maryland and West Virginia.