People's United Bank

INTEREST RATE POSTING AND SERVICE
- monacore - Thursday, March 22, 2012 - 11:31 AM

About half a year ago PUB took over a fantastic bank, Danversbank.  The service was excellent and the rewards checking was a nice account. When they lowered rates they would let you know in advance. Now unfortunately, the customer service over the phone is not the same. I understand that they did not have a rewards checking and that they appear to be phasing it out. They do not provide a heads up on the rates lowering. You unfortunately find it out when you see your interest posted.  They should at least have the courtesy like the other rewards banks I have worked with to give you a heads up prior to the next months posting. I have asked if they would send an email at the beginning of the monthly interest period if the rates are going to be lowered or at a different rate but they said they do not have to.   I wish them well but I expect to look for a more family oriented bank in the near future.

Owen4444 Is Right - It's Time To Leave People's United Bank
- johnson_99 - Wednesday, August 1, 2012 - 6:05 PM

I was a Danversbank customer, using the rewards checking account for a number of years. Of course, banks use rewards checking accounts to bring in new accounts and make themselves more attractive for acquisitions, which is exactly what happened with Danvers. 

People's United did indeed lower the rates to a psaltry 0.25%, without providing any notice to customers. This is not a competitive rate and I will of course be moving my money and closing my account this month.

People's United Bank (Bridgeport CT) Is Mediocre In Quality
- owen4444 - Friday, July 27, 2012 - 10:26 AM

 

When People's United Bank (Bridgeport CT)  took over Danver's Bank, it assured its acquired clientele that the terms associated with its  Free Rewards Checking Account would remain the same. Danver's always informed its clientele when an interest rate change was going to go into effect. People's Bank dropped its rate from 2.25% (April 2012) to 2.0% (May 2012) and then from 2.0 % (June 2012) to 0.25%  for the July 2012 cycle without informing any of their clients. Its rude and terse telephone bankers told me yesterday that they have the right to do so as this was the case with Danver's - which is an outright lie! Of course, I am yanking all of my funds from People's in light of this gross misrepresentation and filing a complaint with the Federal Reserve concerning People's deceptive practices. I can only encourage other People's Bank deposit holders to do the same before they are People's next financial victims. The failure to file a complaint is simply blind acceptance of another bank's exploitation of "people" who are struggling to save in difficult economic climate.

One Star Is Too Many.
- Jefe111 - Friday, January 14, 2011 - 1:56 PM

They just took over Chittenden Bank (New England area), luckly enough they did not fire the original employees at my branches or this place would have no stars.  They have changed all of the policies and now charge for everything.  I can not even view online breakdowns of any transaction (once able to with CB) without a surcharge.  They raised the minimum balance from $100 dollars to $750 - COME ON.  YES, I am changing banks today.

Service Is Comparable To Other Banks Out There; You Can Do Better On Deposit Rates
- mac2010 - Saturday, September 25, 2010 - 10:05 PM

People's tries to say that they can have low deposit rates because of service. That is not true and they have typical bank service and everything that requires a CSR tends to take at least 45 minutes. They have been taking over bank after bank and lowering the deposit rates. I hope that people are following and closing their accounts.

Peoples United...... 0 Stars......Please Read
- Robert68 - Thursday, August 16, 2012 - 9:57 PM

I just need to tell the public to NEVER do business with Peoples United. I have a LONG story, but will try to keep it short. I had a commercial loan since 2010 with this bank at 6.7%. 8 months ago i started a refinance process with them. I paid $400 for an appraisal. I was told NOT to talk to the appraiser. When they came to my property the gentleman stated he was told not to include a 800 sf building, which is on my property as well as a house and lg storage shed. I was confused by his comment and walked away. Its my understanding that an Appraiser can NOT be influenced. Well i can assure you, this one was.  When the appraisel came back it was way off, 50k off. I know this because i had another one done that included the building. I wasted 8 months only to have Peoples United tell me they cant do anything for me, so i looked else where. Within 4 weeks i had a deal done with another bank. 3.5% 20 year loan. When i called Peoples United to get a Payoff for my closing, they would not give me one. It took about 20 phone calls and about a total of three hours in three day. Absolutely crazy. After finally getting to the right person i was told i had an early termination fee of $5400. I couldnt believe what i was hearing. The loan manager whom i was speaking to was extremely rude and talked to me like i was an idiot. I asked him to wave the fee or cut it down for me. He said "listen guy, it aint happeneing, business is business". He said why should he? He said, How does this help HIS bank. I tried telling him i tried for 8 months to get a deal done with them FIRST. IN GOOD FAITH. That literally cost me thousands. They offered me NOTHING. I mean NOTHING. Then i mentioned the appraisal coming in at 25% in there favor and how it seemed just a bit fishy knowing i had an early termination fee attached to my contract. WHY WOULD they refinace with me. It only benefited them 100% NOT to do it. How is that ethically right? Its not, and people need to know about it. They kept telling me i got a "sweet deal" and then proceeded to do the math for me stating i would have their fee paid off in ten months. NONE of their business and NOT the point. So, i paid the fee, and i am dedicating all my free time letting people know what happened. Just to be clear, this is the Peoples United home office located at 850 Main St, Bridgeport, CT. I own a successful business which i grew on word of mouth. One aspect Peoples United does NOT care about. So Peoples United...."business is business".......

DO NOT OPEN AN ACCOUNT ONLINE
- jorxa - Thursday, December 13, 2012 - 8:24 AM

I recently opened an online account on peoples.com. One month later I was hit with a service charge for the debit card which is not disclosed online. They say that is disclosed but they are reading off the disclosures for connecticut - where the online accounts are based even if you live in another state. If you go to their website, it says clearly "free mastermoney debit card" but that is FALSE. I had to go and reopen an entirely NEW account at my local bank to have an account based in my state and not get charged a monthly fee

We Hate People's United Bank
- mattf - Friday, November 2, 2012 - 7:27 PM

We started a small business with a loan from People's United Bank. Eventually our business went under and we felt People's United Bank was uncompromising in their demands for immediate repayment of the entire outstanding loan balance. They are horrible to deal with and we will never do any business again with People's United Bank. We Hate People's United Bank! See our web site for more details of our transaction (wehatepeoplesunitedbank.com)!

Closing Account
- linmarie - Monday, August 6, 2012 - 1:00 PM

Since they have reduced the rate on the People's rewards checking account, I want to close my account.  I have sent several emails and received strange answers.  The first message gave me information on how to change my address.  Today the message reply was that I was already given instructions (which I was not) and told me they still needed a notarized letter.  Have some of you closed your People's account and if so did you need to send a notarzed letter?

Good People At Peoples
- DanR - Thursday, May 26, 2011 - 6:10 PM

People's Bank is a convenience bank located throughout the Northeast. I started banking with them (checking and savings) five years ago when I started college. It has been nothing but your average bank with average accounts. The interest is what you gather is comparable with any other bank in the nation, and the fees they charge per account (nothing for me because I hold the minimum requirements) are in line as well. This bank has the upper hand when it comes to availability. They are open seven days a week which makes getting to the bank easy as pie. Their hours are longer during the week; they close at 7PM Monday through Friday, so swinging by after work is still an option. I have been to roughly a half dozen or so locations to cash checks, get to an ATM, etc. and I have yet to have a problem with their staff. People's has my business and will continue for years to come.

High Interest Due To Impending Merger?!
- freethinker23 - Thursday, October 4, 2012 - 12:41 PM

I strongly suspect that Danversbank's high interest rate on their checking accounts was to fluff up their balance sheet prior to the company's buyout by People's United Bank.  Immediately after the merger, People's dropped the interest rate from 4% down to the current 0.25% APY.

I transferred all of my money out and closed my account today.  Too bad...