Last week, M&T Bank bought Connecticut-based People’s United. Connecticut Attorney General William Tong said he’d heard complaints that customers wasted hours of time on hold and in branches trying to sort out problems that should have been addressed before the conversion.
He added that M&T’s poor planning cost customers timely access to their banking records, bill-paying systems and their money. Tong said he shared their outrage.
He also asked for details to confirm the bank is honoring promises it made last year — including how it’s treated People’s Bank employees who remained with M&T.
The bank said in a statement it knew the experience had fallen short for some customers. It said it’ll take steps to improve customer service, and that representatives will meet with Tong.
U.S. Senator Richard Blumenthal (D - Connecticut) called on the Federal Reserve and the Consumer Financial Protection Bureau to review M&T Bank's handling of the conversion.
