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.
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.
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.
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)!
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".......
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.
Peoples United Bank was a good back a few years back. But they have been trying to expand and grow into a major player. Unfortunately, the competence of their staff just doesn't stand up to their aspirations. The bank staff are actually fairly nice people, however, their high turnover and internal promotions has left most of the staff improperly trained or not yet qualified for the position they are filling. After about 4 years of problems with my account, I have had the last straw. A minor change to my account ended up screwing up the whole account entirely. My interest yield went down more than half, I received 3 new ATM card with different PIN mailings. The account manager denied any responsibility and refused to provide remedy.
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.
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
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?
they bounced my mortgage check and a parking fee and will not refund me the fees. This was their mistake, they had an available balance that more then covered my checks and then told me the available balance was wrong there was still a check that i deposited that needed to clear. Horrible bank.
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...
Like some have said in the forum, yes, they told me to send a notarized letter. What can I say -- a ridiculous requirement from a ridiculous bank! Since my local bank (not PU) does notaries free for customers, I got it notarized there, but I transferred most of the balance out first.
This bank charges exhorbitant fees for ATM transactions, has poor customer service and has been hacked. Granted, I was made whole on my fraudulent charges, but this bank gets a big ZERO in the customer service department. I am a 30 year customer and shareholder since the bank went public, and it has done nothing but go down. I can't wait to change banks.
Experienced some of the POOREST service I have ever received from a bank or CU! And I have banked in more than a dozen countries, with dozens of accounts.
I needed to open a Merchants Account, and they were quite willing to start the process. However, they FAILED to request all the necessary information. Then it took four times as long as they initially stated because their processes are SLOW and OUTDATED! They made plenty of apologies, but I expect a personal banker to live up to their promises. Which did not occur!
They have continued to acquire smaller banks and as another reviewer suggests -- they are not bringing value to the market.
The only reason I remain a customer is that they don't outsource cc processing like most banks, though they don't offer stellar terms. Otherwise, I would dump them today. NOT RECOMMENDED...
Recently reduced their rewards checking rate from 2% to .25%, then required a NOTARIZED letter to cancel the account. They never required anything notarized to open the account. They're in New England and I'm in Florida. What a headache! Really sorry they took over the rewards account from Danversbank, who did such a fine job for their customers. Avoid these folks at all costs!
FYI to people going on vacation. PEOPLES UNITED BANK can, and did, cancel my ATM card without cause. Long story, short...they sent mail notification to my house 2000 miles away about a possible fraud. No phone call.I called them, they still would not reinstate the card, I faxed them my info as they requested, they promised to overnight a card, it was sent regular mail and arrived in Lexington, Ky after I had left. So, unable to obtain cash had to shorten my trip and drive home, no card still. Imagine it happening to you, maybe overseas....how screwed would you be. I am SWITCHING BANKS, you may want to do the same.