Connecticut Attorney General William Tong sent a letter to M&T Bank that highlighted multiple complaints that his office received from consumers and employees following the Buffalo-headquartered bank”™s merger with the former Bridgeport-based People”™s United Bank.
“The complaints we have received since the conversion from both customers and employees have not inspired confidence,” he wrote. “Customers have been blocked from online accounts and phone apps, wait times in branches and on the phone have been unacceptably long, real estate closings may have been delayed and otherwise complicated, automatic payments have been disrupted, among other complaints.”
Tong also cited complaints generated by former People”™s United employees who stated they have experienced problems with their new employer.
“The reports I have received regarding M&T’s Connecticut-based employment commitments are equally troubling,” Tong continued. “We have heard that People’s United employees have been technically ”˜retained”™ by M&T, but in positions for significantly less pay. We have heard that people have been siphoned from other Connecticut locations into Bridgeport to satisfy the Bridgeport employment commitment. Employees have complained that new opportunities are largely based in New York, not Connecticut.”
“We have received complaints that severed employees have been denied access to timely information regarding COBRA health benefits, severance payments, vacation payouts, restrictions have been put on their ability to cash out stock options and access retirement funds, among other complaints,” he added.
Tong requested information on the commitments made by M&T Bank to its Connecticut workforce, as well as identification of a high-level representative to expedite complaints filed with his office.
“Should Connecticut consumers continue to experience extended gaps in customer service, my office will not hesitate to use the full extent of our authority to protect families and businesses,” Tong stated.
