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Danversbank Transition To People's United Bank 10/14

Friday, September 23, 2011 - 1:38 PMDanversbank
Based on an Email received this afternoon,  the transition for Danversbank customers to People's United will begin on 10/14, with full access by 10/17.  An online information guide www.peoples.com/info was included and provided detailed information about the new services and benefits available.

For those who have Danversbank RCAs, People's United will be offering two RCAs (Ultra Reward Ultra Rewards and Free Rewards Checking) but CSRs have not been provided any details (rates, caps, requirements) on these accounts. 
7
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
1. Saturday, September 24, 2011 - 6:54 PM
Great info, pearlbrown! The CSR who signed me up to a Free Rewards Checking account didn't know about the 2 new reward checking accounts People's United will be offering!Also, she told me that my new account qualifies for the People's United $100 Gass Card offer! I'll be sure to fulfill all the qualifications and post when I get the card!..Thanks!
3
jep1960jep196017 posts since
Jun 14, 2011
Rep Points: 62
2. Saturday, September 24, 2011 - 10:31 PM
September letter to me (current RCA customer) states;  "Based upon your account relationship as of October 14, 2011, your account will become an Ultra Rewards Checking account if your existing high-yield balance tier is up to $100,000, or a Free Rewards Checking account if your existing high-yield balance tier is up to $25,000."
2
mlauterwmlauterw1 posts since
Sep 20, 2011
Rep Points: 2
3. Sunday, September 25, 2011 - 6:36 AM
The interest rate will be adjusted, if necessary, before 10/14/11.  Danversbank gave advance notice in the past, but I am not sure about People's Bank.  It is in the midst of the October account cycle (the September qualification cycle ends on 9/23/11). 
2
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
4. Sunday, September 25, 2011 - 7:44 AM
Thanks ,51hh, The CSR who opened my new account confirmed the closing of the sept. cycle and printed out the remaining cycles for the year. She also said the rate was subject to change at any time. I hope they run it with advance notice, but  you never know these days.....
1
jep1960jep196017 posts since
Jun 14, 2011
Rep Points: 62
5. Sunday, September 25, 2011 - 8:22 AM
@jep1960 Activating the bank alert feature on this site for People's United (and any other institutions of interest to you) will help you avoid surprises and to stay posted on any rate changes. 
1
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
6. Sunday, September 25, 2011 - 9:59 PM
People's United Bank takeover of Danvers accounts:

New Bank Routing Number as of 10/17/11:    221172186
3
waywardwayward49 posts since
Feb 17, 2011
Rep Points: 143
7. Sunday, September 25, 2011 - 10:08 PM
New Debit/ATM cards coming soon.

On or after October 17: The first time you sign on to peoples.com:

    Log in to peoples.com and enter your former Danversbank access ID and click "Login".

    Enter your temporary password: last four digits of the SSN of the customer who created the online profile. You'll be prompted to choose a new password for future use.

    For added security, you'll need to select your personal security questions, as well as select a Login Watermark Picture and Security Phrase.

    You can then begin to use online banking and bill payment.

    If you currently receive eStatements and would like to continue to do so, please enroll in our eStatement service.

Just click on "Statements". Then click on "Change Date and Delivery Method" and select "Online".
3
waywardwayward49 posts since
Feb 17, 2011
Rep Points: 143
8. Sunday, September 25, 2011 - 10:27 PM
I did not receive "the accompanying rate sheet" as claimed in the People's Schedule of Account Charges.

The big question is:  What are the interest rates going to be for the Free Rewards Checking, and for the Ultra Rewards Checking?

I will pull out all cash before the 14th if the rates are lowered. 

Waiting until after the 14th only to find out the rates are lowered would potentially mean working around an Early Account Closure Fee of $20, plus the days it takes to verify the new bank routing number for ACH, plus having funds stuck with no interest over a weekend, plus the transfer days of no interest.

Unless of course their rates are higher :)
3
waywardwayward49 posts since
Feb 17, 2011
Rep Points: 143
9. Saturday, October 1, 2011 - 3:10 AM
I also received the package from People's on Sep 12.

Some notes from the mailing & a subsequent phone call with regard to the existing Danversbank RCA (most of this has already been mentioned in this thread): 

As of Oct 15, 2011, existing Free Rewards Checking accounts will be converted and re-named to :

1] 'Ultra Rewards Checking' if your existing high-yield balance tier is up to $100K

2] 'Free Rewards Checking' (yes, same as current name) if your existing high-yield balance tier is up to $25K

A brochure was included in the mailing that was titled in part, "Deposit Accounts Schedule of Interest". In the section Rewards Checking Products, Ultra Rewards Checking and Free Rewards Checking it reads, "The tiered interest rate and and APY are disclosed on the accompanying rate sheet."

But, like wayward found, no such rate sheet was included in what I received, so I called a Conversion Hotline number: 1-800-867-5295. The CSR acknowledged that there was no rate sheet included in the mailing. She went on to say that the rates were not yet determined and that they will be revealed by Monday, Oct 17.

According to the CSR that I spoke to, People's does not currently offer a RCA -- she said that the one being formulated is only for conversion of existing Danversbank RCAs.

Looks like we'll all find out about rates in a couple of weeks.
4
a_roga_rog12 posts since
Jan 17, 2010
Rep Points: 19
10. Saturday, October 1, 2011 - 6:43 AM
Notes from a conversation with a CSR at the Conversion Hotline this morning:

The Early Account Closure fee of $20 applies to an account closed within 6 months of opening.

When the account conversion is done on 10/14, the relationship with People's will be backdated and considered to have started on the date the account was opened at Danvers.  Therefore, that will be the date used to determine if the Early Account Closure fee applies.

For example, if the account was opened at Danvers on 2/1, no fee would apply, as 6 months would have elapsed at the time of closing.  If the account was opened 8/1, and you decided to close it 10/17 after the new rates were announced, then the early account closure fee would apply.

Hope this helps.
6
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
11. Thursday, October 6, 2011 - 1:44 PM
Just got off the phone with a supervisor at the call center, what I was able to learn this time that they didn't know previously, is that Ultra will pay the higher rate on balances up to 99,999.99, with no other difference in requirements to get the better rate.   Also, a Free Rewards balance on Oct 14 that exceeds 25K will be transitioned to Ultra.   And if you don't like which one you get, you can call to change the account type, but that change will restart the clock for an early closure fee.

So now I guess we have to wait for the published rates to see whether Ultra will be a better deal than Free Rewards for those who can keep a higher balance.
4
freeflyerfreeflyer2 posts since
Oct 6, 2011
Rep Points: 5
12. Thursday, October 6, 2011 - 2:35 PM
I hope it's at least 3% for the Free Rewards account I have at the Danversbank, soon to be totally converted to People's United. I hope I also get the $100 Gas Card! I've made my 12 transactions, and my re-occuring Direct Deposit....I'll be able to manage with the computer convertion of the weekend of the 14th, just is a BIG pain. I'll post what happens...
2
jep1960jep196017 posts since
Jun 14, 2011
Rep Points: 62
13. Thursday, October 6, 2011 - 5:47 PM
Just got off the phone with a supervisor at the call center, what I was able to learn this time that they didn't know previously, is that Ultra will pay the higher rate on balances up to 99,999.99, with no other difference in requirements to get the better rate.   Also, a Free Rewards balance on Oct 14 that exceeds 25K will be transitioned to Ultra.   And if you don't like which one you get, you can call to change the account type, but that change will restart the clock for an early closure fee.

So now I guess we have to wait for the published rates to see whether Ultra will be a better deal than Free Rewards for those who can keep a higher balance.

51hh writes: No one at People's United Bank I talked with would confirm the above statement about Ultra Reward Checking.  Basically, there is no information about the reward checking, in either the structure or the rate; only the two account names.  The Ultra-version accounts is transitioned directed from the Danvers' grandfathered $100K limit accounts, so I doubt that it will be open with everybody whose balance exceeds $25K.  But again, let's hold our thoughts and discussions till 10/17 (not 10/14 which is the transition date).  All I heard is that they are having meetings to discuss these issues and we will not know anything till 10/17.

I seriously doubt that the rate will be higher than 3%; so it is 3% or, most likely, lower.  Since the requirement cycle ends on the 25th, we may have to suffer a lower rate for several days till we migrate out of People's United (should the rate drop) on 11/1/11.  I, for one, have already figured out my "escape" route:D

3
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
14. Monday, October 17, 2011 - 10:12 AM
All seem quite and normal at the People's United front.  The rate seems to be holding at 3.00% APY (vs. the previous 3.01%) for now.
2
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
15. Monday, October 17, 2011 - 10:51 AM
51hh --

I appreciate the update , but how do you know the rate is holding at 3.00% APY? Do you have a link?

I've done the new login at People's and have access to my old Danversbank Rewards Checking data, but I can find nothing about the current rate for either Ultra Rewards or Free Rewards Checking at People's.

I find general info about Rewards Checking here:

     https://www.peoples.com/info/accounts_services.html

but have yet to see any rate information.


Thx.
1
a_roga_rog12 posts since
Jan 17, 2010
Rep Points: 19
16. Monday, October 17, 2011 - 11:20 AM
A Rog: I called the PU/DBK conversion hotline.  They have a rate sheet that provides the 3% APYinformation.  Of course, it can very well change at any time.
2
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
17. Monday, October 17, 2011 - 11:26 AM
I just got off the phone with a supervisor and got completely different information from what I was told the last time I posted.

Turns out Ultra Rewards was only given to those who had opened a Free Rewards account prior to Jan 2008.  It is not possible to switch to Ultra Rewards nor open new accounts of either type.
1
freeflyerfreeflyer2 posts since
Oct 6, 2011
Rep Points: 5
18. Monday, October 17, 2011 - 11:30 AM
Thx 51hh.

 
1
a_roga_rog12 posts since
Jan 17, 2010
Rep Points: 19
19. Monday, October 17, 2011 - 11:43 AM
Does anyone know if there are any monthly requirements in order to get the 3% (direct deposit, 12 transactions, etc) or is it just a given?  Also, is it 3% for all balances, or just up to $25k?  I'm so confused...  what a mess...
1
regularguy725regularguy7253 posts since
Oct 17, 2011
Rep Points: 4
20. Monday, October 17, 2011 - 12:25 PM
I just got off the phone with a supervisor and got completely different information from what I was told the last time I posted.

Turns out Ultra Rewards was only given to those who had opened a Free Rewards account prior to Jan 2008.  It is not possible to switch to Ultra Rewards nor open new accounts of either type.

51hh Comments:  I would think so.  It is a "direct" grandfathering; that is, account-to-account mapping.  They certainly would not offer such features (up to $100K limit) to everybody. 

I recall that Jan. 2008 was the time that Danversbank changed their limit from $100K to $25K but grandfathered account holders before that date for the $100K limit.

2
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
21. Monday, October 17, 2011 - 12:30 PM
Does anyone know if there are any monthly requirements in order to get the 3% (direct deposit, 12 transactions, etc) or is it just a given?  Also, is it 3% for all balances, or just up to $25k?  I'm so confused...  what a mess...
51hh Comments: For this monthly cycle that ends 24 October, they seem to offer a grace period for everybody for the sake of easy transition (interest was already credited) and as if it were a new RCA account (with the first month not having to meet requirements).

One needs to meet the RCA requirements that are inherited from Danversbank (12 debit transactions, one ACH, e-statement, and online log-in) from 15 October and onward.

I think that the limit for RCA is still $25K; and $100K (Ultra RCA) is only for those few that were grandfathered in Jan. 2008. 

Hope this clarifies a bit:-)
2
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
22. Monday, October 17, 2011 - 12:33 PM
Personally I am still concerned that People's United Bank will change (lower) RCA interest rate on 25 October for the new qualification cycle; but enjoy it while you can:D
4
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
23. Monday, October 17, 2011 - 12:56 PM
51hh - you are quite helpful, thank you...
2
regularguy725regularguy7253 posts since
Oct 17, 2011
Rep Points: 4
24. Monday, October 17, 2011 - 2:12 PM
According to the "DanversBank Rewards Checking Monthly Summary" email which was sent out on Friday 10/14:

"For the monthly qualification cycle beginning 09/23/11 and ending 10/24/11, your account qualified."

The interest posted in People's Bank on 10/14/11 does NOT compute to 3% APY for these cycle dates - it computes out to ~ 2% APY - about 2/3 of the monthly cycle interest.

Therefore, People's has posted the interest earned only while under DanversBank.

The remaining 10 days of interest are still due, presumably to be paid on 10/24/11, if this 10 days interest rate is > 0.

There is an online rate sheet at People's United Bank - Deposit Rates but does not display the rates for Reward Checking.

There is a mention of the Reward Accounts at People's United Bank - Information Guide - Accounts and Services with no details.

Not only the interest rate, but even the requirements may change on Oct 24.  But banks are required to notify customers in advance for rule changes.
2
waywardwayward49 posts since
Feb 17, 2011
Rep Points: 143
25. Monday, October 17, 2011 - 2:19 PM
51hh,

Thanks for researching and posting the info on our "new" People's accounts.  I agree that People's could drop the rate on the 25th, but until they actually do it, I willl remain naively optimistic that it will stay at 3% for a little while longer.
2
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
26. Tuesday, October 18, 2011 - 10:12 AM
I too was concerned about the lower interest that posted to my account on the 14th.  After several phone calls I got someone who was helpful  800-867-5295

The rate is currently 3.01% (2.97% APY) and is subject to change at any time.  This checking account and corresponding interest rate won't ever appear on the peoples website as it is just for Danvers account holders.
1
mont7478mont74783 posts since
Oct 18, 2011
Rep Points: 5
27. Tuesday, October 18, 2011 - 10:13 AM
I too was concerned about the lower interest that posted to my account on the 14th.  After several phone calls I got someone who was helpful  800-867-5295

The rate is currently 3.01% (2.97% APY) and is subject to change at any time.  This checking account has the same requirements as Danvers with the 1st month requirements waived.  The account and corresponding interest rate won't ever appear on the peoples website as it is just for Danvers account holders.
1
mont7478mont74783 posts since
Oct 18, 2011
Rep Points: 5
28. Tuesday, October 18, 2011 - 10:17 AM
Thanks for the helpful information everyone.  I placed a few calls and have been unable to connect with anyone who seemed to know what was going on with the rewards checking accounts.  Mont, did they offer any guidance on whether or not the requirements will be the same going forward? (ie: 12 debit, ACH, electronic statements).  Also, any idea if the new statement period (10/14-end of Oct) will require 12 separate debit card transactions?  Thanks again to everyone in here.
1
patrick213patrick2133 posts since
Oct 18, 2011
Rep Points: 3
29. Tuesday, October 18, 2011 - 10:48 AM
They seemed pretty tight lipped about any future commitments to the checking account.  But yes, it for right now the checking account as we know it is intact.  All the same requirements as the Danvers account, 12 debit, 1 ACH, e-statement.  And this 1st month (well 1/3 of a month) is free qualifying.

I did see the routing number changed, will have to update my direct deposit asap.
3
mont7478mont74783 posts since
Oct 18, 2011
Rep Points: 5
30. Tuesday, October 18, 2011 - 1:51 PM
I just corresponded with a Peoples CSR concerning the transferred Danvers reward checking account:

RESPONSE TO INQUIRY ON WHY "FREE REWARDS CHECKING" HAS NO REFERENCE ON WEBSITE

In response to your inquiry, this information is not available on our
website because it is no longer offered. Danver's customers have been
grand fathered into this checking account option, however this is not an
option for other customers nor can accounts be converted between Free or
Ultra Rewards Checking. If you have any further questions, please let us
know.

NEXT RESPONSE TO INQUIRY on ACCOUNT CHARACTERISTICS

The account requirements are the same.

The 3.00% APY is paid on daily balances up to $24,999.99, and 0.25% APY paid on all amounts $25,000 and above. To earn the high rewards interest rate, the account must meet the following requirements during each monthly qualification period: 1) have twelve (12) debit card point-of-sale purchases posted to your account 2) receive your account statement electronically only 3) successfully log in to Online Banking and 4) have an ACH direct deposit or recurring ACH payment posted to your account. If these conditions are not met the account will earn 0.25% APY for the statement cycle on all balances. Qualification occurs three (3) processing days before your next statement date (which may vary depending on weekends or holidays) and covers the period since your last qualification date.
3
elarhelarh36 posts since
Jun 9, 2011
Rep Points: 102
31. Tuesday, October 18, 2011 - 2:22 PM
If it will remain true that People's will not post the Reward interest rate on their website, then one would have to call or email them every day to find out that day's rate.

For this purpose one cannot use their contact form at https://www.peoples.com/peoples/Main/Personal/Online-Services/Help-Center/Contact-Us-By-Email - they wiill just reply and tell you to log in and use the inside bank email system.
2
waywardwayward49 posts since
Feb 17, 2011
Rep Points: 143
32. Tuesday, October 18, 2011 - 4:42 PM
IMHO:  I seriously doubt that People's United Bank would be interested in the RCA business.  The fact that they do not offer one is a clear indication.  From the business viewpoint, they are simply keeping the Danversbank customers temporarily until they figure out whether "these customers/accounts" are profitable or not.  Once they figure it out, it is a no brainer to convert the RCAs into their current low-interest/no interest checking accounts for more profitability.

It is a matter of time ( say 1-2 months at most) that they do the RCA converstion; once the full integration takes place and stabilizes.  Their past merger also supported this conjecture.  Scott also heard similar comments from a PU CSR. 

In sum, do not establish high hope for this RCA; on the contrary, develop some alternatives once the they drop the bad-news bomb.

Just my input and strategy. 
2
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
33. Wednesday, October 19, 2011 - 9:44 PM
51hh: I'd be curious as to what your back-up plan will be?  Right now the next best thing I have is ING.  Any suggestions would be appreciated.  Thanks
1
regularguy725regularguy7253 posts since
Oct 17, 2011
Rep Points: 4
34. Thursday, October 20, 2011 - 6:25 AM
I'm still unsure about when to change routing number? My health insurance gets pulled from this account and it went through today with no problem. And yes when I was in the branch the other day and speaking to the PU Rep about the future of this account  she said prime is only 3.25% and they are losing money on these accounts so I don't see it lasting to long. Will really miss Danversbank, In the last year I got three 36 months CDs at 3.00% while listed rate was 2.50% at the time. Doubt I will see 1/2% point bumps from Peoples. 
1
scottjscottj27 posts since
Jun 5, 2010
Rep Points: 727
35. Thursday, October 20, 2011 - 8:27 AM
I spoke with a CSR who advised that routing numbers do not need to be changed.  Only will need to use the People's routing number is if you open a brand new account.  I have a direct deposit hitting tomorrow so if there are issues I will alert you.
1
patrick213patrick2133 posts since
Oct 18, 2011
Rep Points: 3
36. Thursday, October 20, 2011 - 8:53 AM
Yea i called the manager this morning and got same answer, anything you had setup prior to transition will be fine, only need to use new routing for things you add now. Also was wondering if anybody had any transactions vanish  after transition? I had 2 debts totaling $24 showing online last week that are no longer there and account does have $24 more in it than it should. 
2
scottjscottj27 posts since
Jun 5, 2010
Rep Points: 727
37. Thursday, October 20, 2011 - 10:15 AM
Yea i called the manager this morning and got same answer, anything you had setup prior to transition will be fine, only need to use new routing for things you add now. Also was wondering if anybody had any transactions vanish  after transition? I had 2 debts totaling $24 showing online last week that are no longer there and account does have $24 more in it than it should. 

 

51hh comment: Probably a reward for all your trouble in the DBK/PU transition.  You always receive "special treatment" at DBK, right?  :D

3
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
38. Thursday, October 20, 2011 - 8:06 PM
Reminder to all new People's account holders: Don't forget to arrange to get your People's statement online.  Danvers online account arrangement doesn't roll over to People's.
1
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
39. Friday, October 21, 2011 - 8:23 AM
Looks like we had a 3 day cycle? At least now we know new cycle date. Glad I didnt waste doing any purchases this week since we all qualified again. 


10/21/2011
Peoples United Bank
Dear :
Thank you for being an Ultra Rewards Checking customer. To earn the higher rewards interest rate, to receive a waiver of Network ATM Fees and to receive a rebate of domestic Network ATM surcharges several requirements must be met.
For the cycle beginning 10/18/2011 and ending 10/20/2011, your account did not qualify for the many benefits of Ultra Rewards Checking. Please be assured that your account will receive full Ultra Rewards Checking benefits for this first statement cycle, even if your account did not meet all the transaction requirements listed below.
Below is a summary of the monthly requirements and your actual results.
To qualify for the many benefits of Ultra Rewards Checking. Please be assured that your account will receive full Ultra Rewards Checking benefits for this first statement cycle, even if your account did not meet all the transaction requirements listed below you must satisfy all of the following requirements:
Receive your account statement electronically only Met
Have ACH direct deposit or recurring ACH payments posted to your acct Met Completed 2
Have twelve debit card point-of-sale purchases posted to your account Not Met Completed 0
Successfully log in to Online Banking Not Met Completed 0
If these conditions are not met the account will earn a lower, standard APY for the monthly statement cycle and will not receive the additional reward benefits noted. Qualification occurs 3 processing days before your next statement date (which may vary depending on weekends or holidays) and covers the period since your last qualification date. Please be assured that your account will receive full Ultra Rewards Checking benefits for this first statement cycle, even if your account did not meet all the transaction requirements listed above.
Sincerely,
Peoples United Bank
3
scottjscottj27 posts since
Jun 5, 2010
Rep Points: 727
40. Friday, October 21, 2011 - 9:31 AM
Thanks. I got the same email. But no additional interest posted (10/14 interest seems to have been 3%, but right up until the 14th, no later.) So I wonder, does the statement end of 10/24 or 10/20? Can't wait for this all to be completely figured out. I don't know if/when to bail.
1
beamollibeamolli2 posts since
Oct 21, 2011
Rep Points: 2
41. Friday, October 21, 2011 - 10:58 AM
EDITED:  I spoke with a CSR and here's how he explained it to me.

The statement date occurs on the 25th of the month (or the last business day prior to the 25th), and the qualification cycle ends three business (which they refer to as processing) days prior to the next statement date.That's why we got the qualificatiion notice on 10/20, which is three business days prior to the beginning of the next statement date on 10/25.

Included in the 10/25 statement, we should receive the interest we accrued between 10/14 (when we received the final Danvers interest) and 10/24.  No qualifications need to be met in order to receive this interest.

The November statement date will be on 11/25, and the qualification date will be on 11/22.  This information conflicts with the information 51hh posted below (but before I posted my edited information.) 

Hopefully by mid-November we should have this cleared up.
3
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
42. Friday, October 21, 2011 - 12:11 PM
I got the same email as you guys did. Just HOW can you qualify in 2 days? I bet NO ONE qualified! Especially since I had already done my 12 POS transactions, in the early part of October. Doing that got me about $1 in interest, because I haven't moved all my money from my OTHER RCA, and won't, until I get my PU debit card, and some idea of weather they'll keep the RCA at 3%. Hopefully, when I get home, my new debit card will have come through the mail!
1
jep1960jep196017 posts since
Jun 14, 2011
Rep Points: 62
43. Friday, October 21, 2011 - 1:21 PM
Ok, it went downhill from 10/14...

1. Interest will (or should) be provided (1) from 9/25 to 10/14, and (2) 10/14 to 10/20 (hopefully show up tonight - typical of DBK style.. e-mail notice then interest credited the same night).

2. From October, the qualification cycle starts at the 21th (instead of the 25th at DBK), then taking weekend/holidays into consideration (not clear how).  For November, it is 10/21 to 11/21 (I thought it should end on 10/19).  For December, it is 11/22 - 12/20.  They do not have a schedule like what DBK provided. 

So, watch out; more traps to lose the RCA interest... e-statement, ambiguities on the qualification cycle boundaries, PIN/No PIN, ... more traps to come I am sure.
4
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
44. Friday, October 21, 2011 - 4:20 PM
51hh, I received slightly different information than you posted in #43 from a People's CSR earlier today which I used to edit #41 subsequent to your posting #43.  See what you think about what I wrote.
3
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
45. Friday, October 21, 2011 - 9:09 PM
Dunker: I checked with a CSR, who checked with her supervisor...The old qualification start date was the 25th, right?  Now it is the 21th.  The statement date means very little to me.  But I think we are consistent on the qualification start date.

I do not like this conversion a bit... no interest credited tonight... Billpay pulled the money today even though the delivery date is next Tuesday; "stealing" interest for several days (pull fund early and delivery fund later, nice system!).

In contrast, I love my BofA BillPay system (and I miss the old Danversbank BillPay system)!
3
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
46. Saturday, October 22, 2011 - 12:49 AM
51hh, from what the CSR told me, interest won't be credited to our accounts until the 25th which is the "statement date".  Also, I think the end of this qualification cycle will be on 11/22 as I explained in #41.  But to be on the safe side, I'll have my 12 purchases posted by 11/20 until we have official confirmation from the bank what the qualification dates actually are.

My guess the reason that thet aren't publishing future qualification dates is because the don't want to appear to be commiting to continuing rewards checking longer than a month at a time. Like you, I doubt People's will keep it going very much longer. In a kinda perverse way, the fact that they didn't lower the interest rate reinforces that theory.  Lowereing interest rates would indicate a commitment to continuing the program.
1
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
47. Saturday, October 22, 2011 - 1:33 AM
Should we continue to use the old route number or the new one?
1
tomprctomprc1 posts since
Oct 17, 2011
Rep Points: 1
48. Saturday, October 22, 2011 - 2:44 AM
Thanks so much, Dunker and everyone. It's nice to know I am not alone in this lol.

I had a question please. Does anyone know how to see what the current interest rate is, at any point in time? i know it's not on their public website, but can anyone see it from within their account?

When I log into the account and click on "View Account Information" (after clicking on the account number), it lists a summary of the account. There is a part that says "Interest Rate" but that part is blank. It does not specify what the interest rate is. Is it the same for everyone else? I hope I don't have to email or call them to find out what the interest rate is everytime I want to know. They say it can change daily, without any notice.

Thanks again!
1
beamollibeamolli2 posts since
Oct 21, 2011
Rep Points: 2
49. Saturday, October 22, 2011 - 5:59 AM
Should we continue to use the old route number or the new one?

See post #35 and #36
1
scottjscottj27 posts since
Jun 5, 2010
Rep Points: 727
50. Saturday, October 22, 2011 - 6:00 AM
Thanks so much, Dunker and everyone. It's nice to know I am not alone in this lol.

I had a question please. Does anyone know how to see what the current interest rate is, at any point in time? i know it's not on their public website, but can anyone see it from within their account?
None of us can see it, You will need to call. Figure they will let us know before lowering
1
scottjscottj27 posts since
Jun 5, 2010
Rep Points: 727
51. Saturday, October 22, 2011 - 7:12 AM
DBK system: e-mail notification on 24th and interest credited that night.

PU system: e-mail notification on 21th and interest ... pending.

So we should start the debit transactions on the 22nd?  Watch out, the debit card transactions count formally starts after the interest is credited; or else, they are counted toward the last qualification cycle.  It is unclear to me!!  I will wait till the 25th to start charging to be on the safe side.

So my trigger point for the next cycle starts after the interest is credited.
3
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
52. Saturday, October 22, 2011 - 5:01 PM
In the letter we all received, PU stated: "For the cycle beginning 10/18/2011 and ending 10/20/2011, your account did not qualify for the many benefits of Ultra Rewards Checking."  To me that means that the last qualification cycle ended on 10/20.  I therefore concluded, and a CSR agreed with me, that the current qualification cycle began on 10/21.  I therefore started using my PU card on 10/21 in order to meet my qualification purchases.

As we all have experienced, qualification cycles rarely coincide with statement cyles.  Many qual cycles end the last business day one day prior to the end of the statement cycle.  I believe Coulee's qual cycle ends two business days prior.  PU, no doubt because they are new to the RCA business, have decided to make the qual cycle begin and end three business days earlier than the statement cycle. This way they can feel comfortable that they have enough time to make sure that their customers have (or have not) met the qualfications for that month, and properly calculate the interest owed each customer.

That's my take on the situation.
2
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
53. Sunday, October 23, 2011 - 10:18 AM
Can we still use the Danver's cheque books that were issued to used to us at the time of account opening ?

I have not received any new ones from Peoples United Bank. Appreciate your inputs
1
recklessmaxrecklessmax12 posts since
Oct 18, 2010
Rep Points: 27
54. Sunday, October 23, 2011 - 10:56 AM
Can we still use the Danver's cheque books that were issued to used to us at the time of account opening ?

I have not received any new ones from Peoples United Bank. Appreciate your inputs
You can stil use your Danvers checks.
2
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
55. Tuesday, October 25, 2011 - 10:53 AM
Had my own questions, so called conversion hotline again today (1-800-867-5295).

My questions pertain to Free Rewards Checking, so I don't know if all this also applies to the new Ultra Rewards Checking.

Hope not too much of this is repetition:

1] Q: Monthly Summary -- Danversbank had already issued a summary on Oct 14 for period 9/23-10-24. Why was a second Monthly Summary issued by Peoples on Oct 21 for the period 10/18-10/20?

A: This "period within a period" was to cover the few days of the cycle after the official Danversbank-to-Peoples conversion date up to the end of their new cycle date which was Oct 20. CSR assured me that no interest days would be lost as a result of conversion.
 

2] Q: Statement cycle --- What are the future cycle dates going to be?

A: The current cycle is Oct 21-Nov 20, 2011. Next cycle begins on Nov 21, 2011. That is the only information available to conversion reps.
 

3] Q: Current interest rate/APY?

A: Remains 2.97% interest/3.00% APY. CSR was quick to add, "You know that rates can change at any time?"
 

4] Q: I cannot locate any detailed information on Ultra Rewards or Free Rewards checking. Where can I find such info?

A: No information will be made available online since new Rewards Checking products are not being offered. These products are only available for converting existing Danversbank accounts. Questions about Rewards Checking can continue to be asked via the conversion hotline number.


5] Q: Routing number -- at places where we had given Danversbank routing number (211371162), should we now change that to People's routing number (221172186)?

A: According to the CSR, People's routing number needs to be given only for new transfers, payments, direct deposits, etc. The reason: "we still have the Danversbank routing number so all existing transfers, deposits, etc will still reach the correct account."

 
4
a_roga_rog12 posts since
Jan 17, 2010
Rep Points: 19
56. Tuesday, October 25, 2011 - 11:08 AM
a rog: good information. Thanks. I asssume question 2 refers to the "qualification cycle" not the "statement cycle".
1
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
57. Tuesday, October 25, 2011 - 11:37 AM
dunker: Yes, qualification cycle. Thanks.

Qualification cycle is more precise, and is the term Danversbank always used.

In that interim summary that Peoples sent out, they talked about qualifying during the "monthly statement cycle". It also says, "Qualification occurs 3 processing days before your next statement date".

I was probably assuming that the monthly statement cycle and the qualification cycle are now one and the same, but it looks like this warrants another follow-up question just for the sake of clarity.

Well, I've got my new question #1 for my next call. ;-)

 
1
a_roga_rog12 posts since
Jan 17, 2010
Rep Points: 19
58. Tuesday, October 25, 2011 - 4:44 PM
Q. #2: Where the heck is my interest from 10/14 to 10/20??
2
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
59. Wednesday, October 26, 2011 - 6:26 AM
Correct interest posted for me last night
1
scottjscottj27 posts since
Jun 5, 2010
Rep Points: 727
60. Wednesday, October 26, 2011 - 7:38 AM
Correct interest posted for me last night

Yes, late last night.  Everything is cool.

1
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
61. Wednesday, October 26, 2011 - 8:20 AM
Yep, no issues here with my interest posting or a direct deposit clearing with old routing number.  So do we think it is safe to assume that qualification period has started?  Of are you waiting for your statement to post first to be sure?
1
patrick213patrick2133 posts since
Oct 18, 2011
Rep Points: 3
62. Wednesday, October 26, 2011 - 8:39 AM
It starts on 10/21/11; I have already done with the 24 debit transactions (and a few more) for my two Ultras.  I hope that they will be counted for the next cycle.

Now it is definitely safe.  Like all said, the qualification cycle ends on the 20th every month and statement ends three days after that.  I think that the debit charges should start on the 21st every month (unless on weekends or holidays; then it should go forward to the earlier business day as DBK did it). 

A Rog, since you are local representative for Q/A, can you ask them whether that is true (debit transactions from 10/21 - 11/20) and what if there is a holiday on the 20th - 21st?  Thanks! 
2
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
63. Wednesday, October 26, 2011 - 1:07 PM
Per phone call to Peoples today 10/26/11, the rate remains the same: 2.97% , about 3% APY.  The rate can change daily without notice.

To call Peoples to find out your rate:

1-800-894-0300

Enter acct number now (while the recording continues)

Enter customer access code followed by # ; If you don't know, please stay on the line. 
To set up access code, press 1, or to speak with call center rep press 0. (I pressed 0)

for Personal banking press 1

to remain on hold (for 7-10 minutes) press 3, or to get callback press 1:  (On first call I chose to remain on hold.  After 8 minutes was disconnected.  Second call I selected callback.)

For callback:
enter phone number followed by #

If this is correct press 1

Speak your name at the tone.

Blah blah Goodbye.
2:24 minutes total for callback option.

Received callback in a few minutes; a recording asked to speak with my previously recorded name.

Spoke with a human.  Had to provide full address, dob, last 4 ssn, acct number, and  give them last deposit amount.

After a couple minutes of waiting while she supposedly pulled up my acct, she said rate is the same as Danvers, almost 3%.

Total time of callback: 5:52 minutes
2
waywardwayward49 posts since
Feb 17, 2011
Rep Points: 143
64. Wednesday, October 26, 2011 - 1:10 PM
To Opt-Out of Privacy Data Sharing with People's United Bank:

1-877-894-0300

press 2 for Danvers customers
press 1 for checking
enter acct num followed by #
if correct press 1
enter ssn
if correct press 1
select opt out choices: press 3 to opt out of all possible sharing
to complete call press 9
you need never do this again unless you terminate & then re-establish an account.
Total 3:15 mins
1
waywardwayward49 posts since
Feb 17, 2011
Rep Points: 143
65. Wednesday, October 26, 2011 - 6:24 PM
I just got the 10/25 Statement from PU. It appears to pay 2.99% of your average daily balance for the days between 10/14 and 10/25. I made the POS transactions for both the 10/14 and 10/25 Statements, it appears I didn't need to do that for the 10/14 Statement.

Now, I believe I'll have to make 12 MORE POS transactions for the Statement that will close 11/25,(actually, I will have to make sure I have the 12 done BEFORE 11/22, 3 days before the 11/25 closing date)

Could someone who has more experience with RCAs confirm this? I'm dissappointed with how PU has handled this.
1
jep1960jep196017 posts since
Jun 14, 2011
Rep Points: 62
66. Wednesday, October 26, 2011 - 8:05 PM
I just got the 10/25 Statement from PU. It appears to pay 2.99% of your average daily balance for the days between 10/14 and 10/25. I made the POS transactions for both the 10/14 and 10/25 Statements, it appears I didn't need to do that for the 10/14 Statement.

Now, I believe I'll have to make 12 MORE POS transactions for the Statement that will close 11/25,(actually, I will have to make sure I have the 12 done BEFORE 11/22, 3 days before the 11/25 closing date)

Could someone who has more experience with RCAs confirm this? I'm dissappointed with how PU has handled this.

51hh comment: Ok, it is my version of inpterpretation (Dunker/A Rog may respectfully disagree:-)):

The new People's United System goes by the statement date and the qualification date is always 3 business days ahead.  The statement date will end on the 25th every month if the 25th is a working day (Monday through Friday).  For this case, the qualification date will end 3-days prior which is the 22nd.

For the case that the 25th falls into weekends or holidays, the statment day will move backward to the business day before it. 

For example, October: statment ends on 25th (Tuesday), the qualifcation ends on 20th (3 business day prior).

November: statement date is 25th and qualification ends on 21st (24th - holiday).  So, the qualification cycle is 10/21 - 11/21.

December: statement date is 23rd (since 24th is a Saturday and 25th is a holiday).  Thus the qualification cycle is 11/22 - 12/20. 

I made all my debit transactions on 10/24, one day before the statement date but hopefully within the Oct. - Nov. qualification cycle. 

January 2012: statement date is 25th, qualification end date is 1/20/12; thus ithe qualification cycle is 12/21/11 to 1/20/12.

....

Hopefully I got everyone confused by now:D

We had better get this right, or else, I got two Ultras whose interest is at risk.  Please confirm!!

It really sounds like fuzzy math to me.  With all my hundreds of RCAs, I have never run into such confusing and ambiguous qualification cycle.

People's United should publish the one-year qualification cycle for fairness and clarity.  I hate to fight over these issues after the fact!!

I did talk with a supervisor and confirmed my interpretation and she will submit a request to her management for a 12-month qualification cycle schedule.





2
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
67. Thursday, October 27, 2011 - 1:00 AM

51hh comment: Ok, it is my version of inpterpretation (Dunker/A Rog may respectfully disagree:-)):

The new People's United System goes by the statement date and the qualification date is always 3 business days ahead.  The statement date will end on the 25th every month if the 25th is a working day (Monday through Friday).  For this case, the qualification date will end 3-days prior which is the 22nd.
Dunkers reply: I came up with the same calculations in #41: that the qualification cycle ends on 11/22.  However, as 51hh points out 11/24 is a holiday, so that would push push the final qualification date of this cycle back to 11/21. But in #52, after speaking to a conversion rep, I changed my opinion after he told me that the qualification cycle runs fom 10/21 to 11/20.  On Friday in #45 and again this morning in #62, 51hh said that he was told by a CSR that the qualification cycles run from the 21st to the 20th of each month.  And in #55 a rog reports that a CSR said, "The current cycle is Oct 21-Nov 20, 2011. Next cycle begins on Nov 21, 2011."

My opinion now is that none of the CSRs or conversion reps at PU know anything with any certainty except that the new qualification cycle began 10/21.

I doubt that we'll ever get a one year qualification cyce chart from PU, because I don't think they want to put anything in writing that indicates that they plan to keep rewards checking going for that long. As I said earlier, the first real sign that they plan to keep rewards checking longer than a few months past the conversion will be a drop in the APY.

With all that being said, until we actually get something in writing from someone in authority at PU, to be on the safe side, I suggest all PU RCA customers make sure that they have all their qualifications posted by 11/20 (which really isn't that hard), rather than the 11/21 date which 51hh and I both calculated as the actual final qualification date based on the rules PU stated in their written communication of 10/21 to us poor, confused RCA customers.
1
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
68. Thursday, October 27, 2011 - 1:57 PM
Included in my statment dated 10/25 are two debits that I made on 10/24.  If the qualification cycle began on 10/21 why would these be included in this statement?
1
linmarielinmarie13 posts since
Jul 15, 2010
Rep Points: 43
69. Thursday, October 27, 2011 - 2:15 PM
Included in my statment dated 10/25 are two debits that I made on 10/24.  If the qualification cycle began on 10/21 why would these be included in this statement?
51hh comment: Very goos point.  All my 13 debit transactions were also included in the statment that ends on 10/25.  So does that mean I need to make another 12 debit transactions??

It is both tricky and confusing!

Note: I talked with a supervisor, she confirmed that they wiould be counted toward the 10/21 - 11/21 qualification cycle (trust us).  I am thinking of doing another 12 debit transactions...just on the safe side.  I should have started my debit transactions after the 25th like before with DBK.
2
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
70. Thursday, October 27, 2011 - 6:16 PM
Since the letter PU sent all of us on 10/21 referred to the qualification cycle that ended on 10/20, I can't believe that they'd have a "qualification gap" between 10/21 and 10/25.  I have had several RCAs where the qualification cycle ended earlier than the statement cycle and in every case purchases posted at the beginnging of the new qualication cycle, but appeared at the end of the old statement cyle, were always credited to the new qualification cycle.  51hh, my recommendation is to "turst" them on this. :-)
1
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
71. Thursday, October 27, 2011 - 6:40 PM
Ok, ok, you had your fun; Dunker.:-)

Given my suspicious mind, I already did another six debit transactions for each of my two Ultra Reward accounts.
2
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
72. Thursday, October 27, 2011 - 6:50 PM
Ok, ok, you had your fun; Dunker.:-)

Given my suspicious mind, I already did another six debit transactions for each of my two Ultra Reward accounts.
What did you do? Rack up twelve $2 charges against a utility bill?
2
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
73. Thursday, October 27, 2011 - 7:02 PM
Simpler than that, and I would not share it here:-)
2
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
74. Sunday, October 30, 2011 - 8:27 AM
What is the difference between an Ultra Rewards Checking account and a Free Rewards Checking account at Peoples United?  Are the monthly qualification requirements the same?
1
panomanpanoman3 posts since
Oct 30, 2011
Rep Points: 4
75. Sunday, October 30, 2011 - 8:40 AM
Only difference is the Ultra Rewards Checking account has the $100k max for those of us grandfathered in to it
1
scottjscottj27 posts since
Jun 5, 2010
Rep Points: 727
76. Monday, October 31, 2011 - 2:03 PM
A most revealing (and extraordinary) series of calls I made today to the Conversion Hotline. The 2nd and 3rd calls were made immediately after the preceding calls.

Call #1:

I said to the CSR that I had some questions about statement dates and qualification cycle dates. Normally I would expect to be asked to go ahead with my questions. This woman, though, proceeded to start reciting passages from the email that had been sent as well as reciting from what sounded like a script.

After patiently listening for about 2 minutes, I said, "Excuse me, I don't mean to be rude, but I had some specific questions. May I ask those?" Click - hang up.

Call #2:

My first question was,"Just to clarify, I called a few days ago and was told that the current qualification cycle is running from 10/21-11/20. Is that correct?"

CSR's reply, "Actually, it's October 20 thru November 21."

Me: "Are you sure? That's not quite what I was told a few days ago. Also, in the email that People's sent out, it mentioned 'cycle beginning 10/18/2011 and ending 10/20/2011', so a new cycle beginning 10/21 would make sense."

CSR: "...there's a day of overlap."

After some more discussion of the qualification cycle ending 3 processing days prior to the statement date, I went back to this mention of the overlap.

Me: "How can there be a day of overlap in the qualification cycles? Wouldn't a transaction have to be counted as being in one cycle or the other? If a transaction occurred on the 'overlap' date, which cycle would it be counted in - the one that ended on that date, or the one that began on that date. Are you sure about those dates?

CSR: "That's the information I have."

Me: "I'm sorry, but that just doesn't make sense to me, plus the dates you are giving me differ from what another CSR told me. Is there someone else that I could speak to?" Click - hang up.

Call #3:

After stating up front that I had several questions concerning qualifications cycle dates and statement dates, I asked my first question.

Me: "I've gotten some slightly different information from previous calls about what the current qualification cycle dates are. First I was told, 10/21-11/20, then 10/20-11/21. What is the information that you have?"

CSR: "The current cycle is running from 10/21-11/21." [this differs slightly from both of the first 2]

Me: "November 21st? Not November 20?"

CSR: "Yes, November 21st."

Me: "So, transactions completed & posted on 11/21 will count on the current cycle."

CSR: "That's my understanding."

We then discussed statement dates. The CSR said that "your statement date would be the 25th". He went on to say that the qualification period ends 3 processing days prior to the statement ending date. Non-processing dates would include weekends and holidays.

We then discussed transactions that post in that 3-day period between the end of the qualification period and the statement drop state.

Me: "So, if I understand you correctly, those transactions will not count toward qualifying in the just concluded period, but they will still show on the statement. Isn't that going to be confusing?"

CSR: "It's my understanding that we are continuing what was done before when it was a Danversbank account."

-----------

I discussed some other matters with this CSR: the 2 earlier hangups, the lack of a rate sheet being included with the conversion mail-out, the absence of information being emailed to customers specific to rewards checking, the fact that we are apparently expected to continue to use the hotline just to get basic information, the inconsistent information that is being passed along, etc.

I am drawing my own conclusions from the way that this transition from Danversbank to PUB is being carried out -- at least with regard to rewards checking. I'm thinking that PUB had to reluctantly accept these accounts as part of their acquisition. But, with each passing day, and each phone call, and from reading about some others' experiences, it is becoming clear from People's lack of commitment to properly service these accounts that they are indifferent about keeping them. If we decided to chuck them due to poor service, or out of frustration, or from poor communication, I think they are OK with that. Unless you live in an area with a branch, which I don't, then the primary avenue of communication appears to be a hotline where we get low-level staff to deal with. I don't mean that to be condescending. These folks are just the messengers, but, still, they are the face of PUB when we call the hotline.
1
a_roga_rog12 posts since
Jan 17, 2010
Rep Points: 19
77. Monday, October 31, 2011 - 2:27 PM
Not sure why people here are making this so complicated, sure we don't seem to know the exact cycle dates but not a big deal. I'm just going to start on the 25th and end by the 17th just to be safe. If we keep bugging them they might just end it sooner, not like we have much leverage. This is my last rewards checking account so not difficult to do, if it werent for $100k max I wouldnt even bother with it
4
scottjscottj27 posts since
Jun 5, 2010
Rep Points: 727
78. Monday, October 31, 2011 - 4:33 PM
Yes, start after 25th each month after the interest is credited, and do it in 1-2 days (like me).:D
3
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
79. Sunday, November 6, 2011 - 7:03 PM
My take is that management will phase these out to be in line with what legacy People's United branches all offer. In just the last conference call, they said they intend to eliminate a Danvers account that does not make sense for us. They have already said that the weighted average deposit rate of recently acquired branches is at 1.25% or so and they will move it to the overall People's rate over time, which is 0.57%. We would keep on calling to get the needed clarity as I do intend to close when it looks like its getting less competitive. They've also announced that they are in talks to acquire another Boston area bank, so keep that in mind. Though, I don't think there's that much to acquire out there once you consider mutuals and CUs are out of the boat unless they go BK.
2
mac2010mac20104 posts since
Sep 25, 2010
Rep Points: 15
80. Sunday, November 6, 2011 - 8:05 PM
Mac:

Good information.  What did they say exactly at the last conference call about DBK account?  Were they talking about Reward Checking specifically? 

I agree with you that it is not People's United Intention to run the RCAs, it is a matter of time that they average it downward to their existing deposit rate.

I am fully prepared to jump ship as soon as they reduce their rate (hopefully not retroactively as other banks). 

Thanks!
2
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
81. Sunday, November 6, 2011 - 8:53 PM
They weren't talking about an account in particular, but they said something like that we intend to phase out an account from the Danvers acquisition that does not make sense for us. They did not talk about the RCA in particular, but I think it most likely referred to it.

They also say that they are very successful in getting deposits in the Boston market and acquiring new customers.

Well, they are offering the plus checking with no maintenance fees (areas in which they have historically operated has a $10 fee and $750 average balance or more or a DD is required to avoid it). They also are offering 1.25% savings rate (as I did pass a Danvers branch and a few other branches PU branches that weren't previously Danvers) in Boston. But by golly, I used to smile looking in at the previous Danvers branch in Massachusetts Ave just looking at what they had on the walls and now its painted all white. So, I think they are trying to gain scale in metro Boston and offer something comparable conveniencewise to larger banks (hence, they did talk about acquiring another Boston area bank). But there's not that many acquirable banks left (either by way of bad financials or by being a public company), unless a bank bigger than them goes BK and its sold in chunks to other banks.
2
mac2010mac20104 posts since
Sep 25, 2010
Rep Points: 15
82. Tuesday, November 8, 2011 - 11:46 PM
Does anyone know if it matters whether the debit card transactions are PIN or No PIN?
1
stevenh1stevenh11 posts since
Nov 8, 2011
Rep Points: 1
83. Wednesday, November 9, 2011 - 6:58 AM
Ok both ways (PIN or without PIN).
3
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
84. Tuesday, November 22, 2011 - 3:00 PM
Got an email today saying I met requirements for Ultra Rewards Checking. What was nice was they included this link https://www.peoples.com/pdf/Rewar...iods_V2.pd showing monthly cycle dates all the way till Dec 2012, so maybe they plan on keeping? Hoping  at the worst maybe they keep these accounts and just lower the rate some.
1
scottjscottj27 posts since
Jun 5, 2010
Rep Points: 727
85. Tuesday, November 22, 2011 - 4:13 PM
Schedule: Great, that was one of my suggestions to them when we all struggled to define the monthly qualification cycle.  My predicted three-month cycles (Oct - December) match with theirs exactly.  Man, I did 27 debit transactions for each of my two RCA accounts just to be safe:D

It is great if our grandfathered RCA (3%, $100K) continues.  However, I am moving my money to greener pastures (say 4%, $25K) anyway:D
1
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
86. Tuesday, November 22, 2011 - 4:27 PM
But that means you will need 8 of those $25k accounts for your 2 Peoples accounts? You seem to like the game but for me I prefer one  3% on $100k instead of 4 $25k's at 4%
1
scottjscottj27 posts since
Jun 5, 2010
Rep Points: 727
87. Tuesday, November 22, 2011 - 6:24 PM
The interesting thing about the list of qualfying periods is the line at the top of the page:

People’s United Bank Discontinued Product Disclosure

Discontinued product?  I wonder what that portends?
2
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
88. Tuesday, November 22, 2011 - 6:52 PM
The interesting thing about the list of qualfying periods is the line at the top of the page:

People’s United Bank Discontinued Product Disclosure

Discontinued product?  I wonder what that portends?

 

Dunker,

I think that you are reading too much into that:-)... It just means that this product is only for existing account owners; i.e., not new applications.

1
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
89. Tuesday, November 22, 2011 - 6:59 PM
But that means you will need 8 of those $25k accounts for your 2 Peoples accounts? You seem to like the game but for me I prefer one  3% on $100k instead of 4 $25k's at 4%

Hi Scott,

I did not fully load my two $100K accounts (only up to $130K); I plan to move $75K to some 4% RCA accounts in the near future.

No, like you, I hate the RCA "game."  I long for the days that I can have a single savings account without any debit card/ACH requirements.

R,

51


 

2
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
90. Sunday, November 27, 2011 - 6:35 PM
I heard a rumor a few months ago that People's would be cutting the rate to 2.5%. I'm surprised that this has not happend...

Last week, though, I went to a People's branch and inquired about how long I would be grandfathered into the account. The employee was very knowledgable and told me that People's would let us know 6 months in advance of any acccount changes.. I'm really surprised that they are keeping the accounts, because they are definitely losing money on them with the new interchange law.
2
debrat4062debrat40622 posts since
Nov 27, 2011
Rep Points: 3
91. Monday, November 28, 2011 - 2:00 PM
 

debrat4062, where do you get your information that People's United is "definitely losing money" ?  Thanks.

Their financials for this quarter will not be out before January 2012, and their online earnings estimates do not reflect "losing money"; on the contrary, they predict gains.

Also of importance - it does not matter what any employee says, if it is not in the disclosures it is not binding.  Their Electronic Services Agreement clearly says any terms can change at any time, and without notice to customers unless required by law.
2
waywardwayward49 posts since
Feb 17, 2011
Rep Points: 143
92. Tuesday, November 29, 2011 - 1:04 AM
wayward, debra didn't say PU was losing money as a bank, she said they were losing money on the RCAs they inherited from Danversbank which is probably a reasonable conclusion, especially at 3% APY.

I also think that debra's "knowledgable employee" may be correct that PU wouldn't abandon RCAs without giving its RCA customers 6 months notice, but I seriously doubt that any employee at the bank, from the president on down, would be able to say that they wouldn't drop their rates on any of their financial instruments without giving six months notice.

CCU recently promised to hold its rates until the end of June, and I remember when Commonwealth Bank in Louisville said it would hold their RCA rate until after the Kentucky Derby. But in both those cases, the banks were using their rate promises as marketing tools. And the one thing we know for sure is that PU is no longer marketing RCAs.

And one last note, if all of us who have dealt with the migration from Danversbank to PU have learned anything, it's that there probably isn't a single knowledgable employee at PU when it comes to RCAs. As a case in point, look at the thread started within the last 24 hours where different posters on this board spoke to different CSRs at PU and got different answers regarding the possibility of a rate drop from 3% to 2.5%.
2
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
93. Wednesday, November 30, 2011 - 11:46 AM
Thank you dunker, and to adjust the question accordingly, am still interested in actual evidence that People's United, or any bank or CU, is losing money on RCAs.

People's would be required by law to notify customers prior to abandoning the Reward Accounts, but as for giving 6 months notice, that would be legally binding only if so stated in the disclosures.  Banks generally have the right to exceed any legal requirements, so their apparent intent to ofer 6-months advance notice may or may not become a reality.

As of 11/29/11 per CSR the APY is 2.50% for the Free Rewards $25k account.
2
waywardwayward49 posts since
Feb 17, 2011
Rep Points: 143
94. Wednesday, November 30, 2011 - 8:49 PM
Sorry if my previous post was misleading- I do not have proof that Reward's Checking is unprofitable for People's United. However, I'm making that assumption since 1) The interest rate of 3.01% is very high for current economic conditions and 2) The Durbin Interchange law significantly reduced the amount of interchange fees that large banks & credit unions make from debit card transactions.

Also, the CSR I spoke with did not guarantee that the rate of Reward's Checking wouldn't change within the next 6 months. She just said that People's would give 6 months notice before eliminating the Reward's Checking product itself.
1
debrat4062debrat40622 posts since
Nov 27, 2011
Rep Points: 3
95. Thursday, December 1, 2011 - 9:52 AM
As of 11/29/11 per CSR the APY is 2.50% for the Free Rewards $25k account.

Don't they have to give notice before changing the rate?

I would think at least 30 days as a courtesy...
1
panomanpanoman3 posts since
Oct 30, 2011
Rep Points: 4
96. Friday, December 2, 2011 - 8:04 PM
Banks are not legally required to notify of interest rate changes.  But this should be made law, since some banks use this to take advantage of their customers. 

People's United is by far the worst I have encountered, since they don't even post the rate in online banking. They require a phone call or logging in to send bank mail just to find out the rate.
1
waywardwayward49 posts since
Feb 17, 2011
Rep Points: 143
97. Saturday, December 3, 2011 - 12:09 AM
 
People's United is by far the worst I have encountered, since they don't even post the rate in online banking. They require a phone call or logging in to send bank mail just to find out the rate.
Maybe they want you to hate them so much that you'll close your RCA :-)
5
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
98. Wednesday, February 8, 2012 - 9:53 AM
Hi. I'm a reporter from the Boston Globe. I'm interested in talking to some customers about the swtich to People's United Bank. How has the trasntion gone? My e-mail is twallack@globe.com. My phone number is 617-929-2069,.
2
twallacktwallack1 posts since
Feb 8, 2012
Rep Points: 2
99. Thursday, April 26, 2012 - 12:13 PM
Just noticed the APY drop to 2.25% since Feb 12 statement. Of course nobody ever gave me any notice.
3
ttt03ttt031 posts since
Apr 26, 2012
Rep Points: 3
100. Thursday, April 26, 2012 - 1:17 PM
Just noticed the APY drop to 2.25% since Feb 12 statement. Of course nobody ever gave me any notice.
That's why it pays (pun intended) to regularly check out this site, or a least arrange to get email alerts when items affecting banks where you have accounts are posted. The drop in rate to 2.25% was discussed in this thread back in February:

http://www.depositaccounts.com/forum/thread/7870-peoples-bank-drops-rate-to-225-was-25-no-courtesy-notice-to-customers.html
5
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
101. Thursday, April 26, 2012 - 4:28 PM
Well, as expected, the RCA rate is now 2%.
4
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
102. Thursday, April 26, 2012 - 6:45 PM
Well, as expected, the RCA rate is now 2%.
Can a cap reduction for the $25K accounts to $15K be far behind? It's like a slow dripping water torture. PU will slowly get all the Danvers RCA accounts off their books. I'll probably take the last $20 out of my account and see if they'll use a zero balance to close the account for me. Or maybe I'll leave a penny in the account to see if it will drive them crazy.

Maybe that's what we all should do. Those of us intending to end their relationship with PU (yeah, I know it's your local bank 51hh) should remove all but a penny from their accounts. Hopefully, PU will go bat**** with dozens of RCAs with only a penny in each of them.
2
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
103. Thursday, April 26, 2012 - 8:37 PM
With their stealthy rate drop every two months, I am planning for my escape route.  The distance and the BillPay are two factors I like.  I can almost walk to People's branch for bank-related activities.  Decisions, decisions... 

 
3
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
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