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People's United (Ex-Danvers) Rate Drop To 2.5% APY, Was 3% - No Courtesy Notify To Customers

Monday, November 28, 2011 - 6:03 PMPeople's United Bank - Details
People's United Bank Rate Drop to 2.5% APY, was 3% - No Courtesy Notify to Customers

Qualified accounts earn 2.50% APY with a 2.47% APR on balances up to $24,999.99.

Do not have info on the grandfathered $100k accounts.
2
waywardwayward49 posts since
Feb 17, 2011
Rep Points: 144
1. Monday, November 28, 2011 - 6:20 PM
How did you get this information (from CSR)??  I called the PU/DBK conversion hotline and was informed that the rate is still 3.01%. 

 
2
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
2. Monday, November 28, 2011 - 6:54 PM
I got this from a CSR today, 11/28/11, but not from the conversion hotline.

And from the experiences of others it is uncertain that any CSR will tell the same story twice. http://www.depositaccounts.com/forum/thread/6274-danversbank-transition-to-peoples-bank-1014.html  

Your migration is a good idea simply for not having to waste life calling every day to find out the rate.  They have not lived up to their name - they should be called the Anti-People's Bank.  But to be fair, mergers are messy, and it has only been one cycle to work out the kinks.

To call Peoples to find out today's rate: 1-800-894-0300
Better to select the callback method than to be on hold for 10 minutes and get disconnected.
2
waywardwayward49 posts since
Feb 17, 2011
Rep Points: 144
3. Monday, November 28, 2011 - 7:11 PM
Thanks, Wayward, for the quick response.

I did call the PU number as well (was put on hold for five minutes) and the CSR gave me the same rate of 3.01%.

Both CSRs said that they would send out advance notice of the rate change (if any). 

I like PU so far since the (new) branch is five minutes from my home and I use the RCA as a primary checking account (for rapid deposits, salary direct deposit, cash withdrawal from ATM, bill payment, and check-writings).
1
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
4. Wednesday, November 30, 2011 - 11:30 AM
 

Rate as of 11/29/11 is 2.50 per CSR at 1-800-894-0300.

 
3
waywardwayward49 posts since
Feb 17, 2011
Rep Points: 144
5. Wednesday, November 30, 2011 - 12:36 PM
 

Rate as of 11/29/11 is 2.50 per CSR at 1-800-894-0300.

Yes, 2.5% APY.  I confirmed that with a CSR who went into their "internal" rate information, thus it is unfortunately official.

Plan to move another $25K off the PU table now:D

Thanks Wayward for the heads-up!

Note: This rate change of course applies to Ultra Reward Checking accounts as well.

 



3
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
6. Friday, December 2, 2011 - 1:09 PM
Got a rate sheet from a branch manager today. 

(Both) Ultra/Free Rewards Checking: 2.5% (APY), 2.470% (Interest Rate); effective 11/26/2011. 
2
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
7. Saturday, December 24, 2011 - 6:16 AM
yep interest just posted and it shows as 2.49%apy. not really that dissapointed since they did keep the $100k max and maybe by them lowering instead of closing they will keep this account a while longer?
1
scottjscottj30 posts since
Jun 5, 2010
Rep Points: 800
8. Monday, March 4, 2013 - 10:13 AM
keep up the good work scotty boy tellem hay down at the post office
1
girlonhorngirlonhorn3 posts since
Feb 22, 2013
Rep Points: 9
9. Monday, March 4, 2013 - 12:45 PM
keep up the good work scotty boy tellem hay down at the post office

This mean-spirited email is uncallled for. It was over a year ago, and at that point 2.5% on $100K cap was not a bad deal. Wish it was still around.
1
dunkerdunker136 posts since
Jun 11, 2010
Rep Points: 414
10. Monday, March 4, 2013 - 12:58 PM
Just ignore that troll, he must be bored today since he posted same crap on a bunch of old topics. By the way account is now 1.25%, still using it though. Not many checking accounts paying that high a rate so good for paying all my bills and get float time
2
scottjscottj30 posts since
Jun 5, 2010
Rep Points: 800
11. Monday, March 4, 2013 - 1:14 PM
i bill bradley where is it mean or rude or derisive  and it is certaintly not a personal attack  am i missing something and a year and 4 months ago it appears to be a compliment no ??
1
jonycakesjonycakes2 posts since
Mar 4, 2013
Rep Points: 4
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