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Peoples United Drops Rate To 2.00% APY - No Courtesy Notice To Customers

Wednesday, May 23, 2012 - 4:07 PMPeople's United Bank - Details
Per bank rep 5/23/12;

Peoples United Bank was Danvers Bank

2.00% APY = 1.98% APR, up to $24,999.99, 0.25% over $25k

Rate subject to change daily without notice.
3
waywardwayward49 posts since
Feb 17, 2011
Rep Points: 143
1. Wednesday, May 23, 2012 - 4:49 PM
Sneaky guys, no RCA information at website; thus no rate change notices necessary.  Customers are going to ride with this train until it is near-zero APY.

I am staying with them since I use this RCA for checking account purposes (mainly billpay).  The 2-mile distance is simply too good to pass.  I have less than $20K with PU anyway.   

The alternative of (near-by) Cambridge Savings Bank supersmart checking has the same rate (2%, $25K). 

One annoying thing is that the CSRs always ask me "How is your day going so far?" or "Are you taking the day off?"  Somehow the way they asked it annoyed me all the time.  I would like to say "Terrible", "None of your business" or something like that:D
2
51hh51hh1,460 posts since
Jan 16, 2010
Rep Points: 6,348
2. Wednesday, May 23, 2012 - 7:11 PM
Wait a second. 51hh you posted this information on April 26 on this thread:

http://www.depositaccounts.com/forum/thread/6274-danversbank-transition-to-peoples-bank-1014.html

So what's the big surprise?
1
dunkerdunker135 posts since
Jun 11, 2010
Rep Points: 403
3. Thursday, May 24, 2012 - 7:43 AM
Wait a second. 51hh you posted this information on April 26 on this thread:

http://www.depositaccounts.com/forum/thread/6274-danversbank-transition-to-peoples-bank-1014.html

So what's the big surprise?

If you meant to escape PU, I am getting old and lazy with my $20K daily expense fund.  I was trying to make a decision (to leave or not to leave; that is the question) on 4/26/12.

2
51hh51hh1,460 posts since
Jan 16, 2010
Rep Points: 6,348
4. Tuesday, July 31, 2012 - 10:10 AM
Just contacted Peoples customer service since last interest posting was soo low.  There response:

Thank you for contacting People's United Bank. In response to your inquiry, qualified accounts earn .25% with a .250% Interest Rate on all balances. Accounts that do not meet the account requirements (not-qualified) earn .10% APY with a .100% rate on all balances. The Rewards Checking products are variable rate account products. This means that the interest rate and annual percentage yield are subject to change daily without any prior notice. If you have any further questions, please do not hesitate to contact us. 
2
kuntusakuntusa1 posts since
Jul 31, 2012
Rep Points: 2
5. Tuesday, July 31, 2012 - 5:14 PM
Just contacted Peoples customer service since last interest posting was soo low.  There response:

Thank you for contacting People's United Bank. In response to your inquiry, qualified accounts earn .25% with a .250% Interest Rate on all balances. Accounts that do not meet the account requirements (not-qualified) earn .10% APY with a .100% rate on all balances. The Rewards Checking products are variable rate account products. This means that the interest rate and annual percentage yield are subject to change daily without any prior notice. If you have any further questions, please do not hesitate to contact us. 

This rate is for out-of-state accounts (i.e., non-Danversbank accounts), grandfathered DBK accounts earn 1.5% APY up to $25K this period.  Already noted a week ago.

3
51hh51hh1,460 posts since
Jan 16, 2010
Rep Points: 6,348
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