Wednesday, June 27, 2012 - 9:06 PM

PU Dropped Rate ... Again??

People's United Bank (0 stars) - Details

Saw at FWF that they dropped rate to 1.5% as of 6/27/12, not sure if it is true.

Time to drop them... although I am getting used to them.

51hh1,041 posts since
Jan 16, 2010
Rep Points: 4,750

Edit | History

This post applies to the following states: CT,ME,MA,NH,NY,VT.

Quick
Summary

1. Wednesday, June 27, 2012 - 10:37 PM

Ouch!! I have two reward checking accounts there. I gotta figure out what do do with all that cash. What is FWF?

elarh31 posts since
Jun 9, 2011
Rep Points: 74

2. Thursday, June 28, 2012 - 12:03 AM

What is FWF?

Fat Wallet Forum.

dunker130 posts since
Jun 11, 2010
Rep Points: 384

3. Thursday, June 28, 2012 - 7:12 AM

FWF: Fatwallet Finance

It is confirmed: 1.5% effective now.

51hh1,041 posts since
Jan 16, 2010
Rep Points: 4,750

4. Thursday, June 28, 2012 - 11:30 AM

My information on the rate drop is quite different. Drop is from 2.0% to .25% for qualifying and .10% for non-qualifying. This is not a typo. This has been confirmed in writing through online account Customer Support and then called and confirmed with Customer Service.

"Thank you for contacting People's United Bank. In response to your inquiry, qualified accounts earn .25% with a .250% Interest Rate on balances. Accounts that do not meet the account requirements (not-qualified) earn .10% APY with a .100% rate on all balances. People's United Bank can not guarantee that these rates will maintain their current high yields. 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."

andybuji11 posts since
Jan 26, 2010
Rep Points: 45

5. Thursday, June 28, 2012 - 12:58 PM

Andy,

Please double-check your information. I got (1.5%, $25K) from three CSRs.

Others are also welcomed to check the rate/limit:-)

Anyhow, I am out of there and put my daily money to BofA (NEA account earning 0.75% without any RCA requirements).

I will still keep the PU accounts (with $100K grandfathered limit) for sentimental purposes:D

BR,

51

Further update: In-state accounts get 1.5% while out-of-state accounts get 0.25% (from Alan of FWF). What a joke this bank turns out to be.

51hh1,041 posts since
Jan 16, 2010
Rep Points: 4,750

6. Thursday, June 28, 2012 - 7:15 PM

Thanks 51 for following up on this. Appreciate your frequent contributions to this site.

andybuji11 posts since
Jan 26, 2010
Rep Points: 45

7. Friday, June 29, 2012 - 3:32 PM

Just closed both my PU and my CCU accounts. Down to four active and two standby accounts.

dunker130 posts since
Jun 11, 2010
Rep Points: 384

8. Friday, July 27, 2012 - 12:42 PM

Per July 25, 2012 statement, reward checking interest rate was 0.25%, one-eighth of the prior month's. Time to move on to a different bank.

cashflowdiva1 posts since
Jul 27, 2012
Rep Points: 5

9. Friday, July 27, 2012 - 4:26 PM

Just moved most of my fund in PU to EGE FCU (3%, $25K), even though I got 1.5% from PU this month.

I like EGE's rapid (next-day) ACH and immeidiate RCA record.

51hh1,041 posts since
Jan 16, 2010
Rep Points: 4,750

10. Friday, July 27, 2012 - 5:48 PM

I attempted to close my accounts via on-site secure mail but was told I need to send in a written, signed, notarized request by mail. Anyone else experience this?

elarh31 posts since
Jun 9, 2011
Rep Points: 74

11. Friday, July 27, 2012 - 6:49 PM

elarh, in March of this year a People's United CSR told me I would need to provide a notarized letter and a photocopy of my ID to close my People's United (from Danvers) account.

I called a former Danvers branch and explained the situation to a very helpful representative who closed the account immediately while we were on the phone.

As always, YMMV. Good luck.

pearlbrown1,027 posts since
Nov 2, 2010
Rep Points: 3,941

12. Friday, July 27, 2012 - 7:05 PM

I just zeroed out my account. Then I called PU and told them to close my account. The CSR looked up my account and said, "I see you've zeroed out your account." I said, "Yup." He replied, "Then we'll close it for you." End of conversation.

dunker130 posts since
Jun 11, 2010
Rep Points: 384