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July 23, 2012 /PRNewswire/ -- M&T Bank is helping business customers focus even more on business growth by cutting down on the time they spend on trips to the bank with a new mobile app allowing them to deposit checks anytime, anywhere.
M&T's focus on
small business banking customers led it to become one of the first U.S. banks to provide this service to business customers.
The bank's new M&T
Mobile Deposit for Business app lets business customers make check deposits, up to
$10,000 per day, from their
Android™ smartphones in a few easy steps—enter the deposit amount, take a picture of the check and tap to process. Deposits received by
8 p.m. ET are processed that business day and deposits made on weekends or holidays are processed the next business day.
"In today's competitive environment, small businesses need to maximize every minute of their day—whether on the road or in the office," said
Janet Coletti, senior vice president for Business Banking at M&T Bank. "M&T Mobile Deposit for Business provides added convenience to our small business customers, making it easier than ever to process transactions and have access to incoming funds quickly."
Small businesses that use mobile apps to help manage operations are saving more than 370 million hours annually - according to the Small Business and Entrepreneurship Council - time that can be used to grow their businesses.
Secure technology ensures that each check image is captured clearly for deposit accuracy, and confirmations are provided within the app for five days after deposits are made. The M&T Mobile Deposit for Business app leverages 256-bit encryption, multiple authentication factors and passcode protection to keep sensitive check information safe—the same level of security used in
M&T Web Banking®.
Business customers pay
$.99 per check deposited through the mobile app, with the first two checks free each month. There is no set up cost or monthly fee to use this service. The app is free.
M&T Bank is the sixth largest Small Business Administration lender in the U.S., as measured by total loans made through the SBA's most popular loan program, and ranked number one in many markets it serves. The bank was honored with 14 Greenwich Excellence Awards for Small Business Banking, garnering the most total awards among any of the 750 banks in the nation as rated by businesses with sales of
$1 -$10 million in Greenwich Associates 2011 Small Business Banking Study.