M&T Bank offers fee waivers for ex-People’s United customers

M&T Bank”™s leadership has responded to complaints surrounding its conversion of the acquired People”™s United Bank with a pledge to waive some fees and remunerate customers whose transactions were disrupted.

While the Buffalo-headquartered bank did not issue a public statement on the matter, CEO René Jones sent a letter to five U.S. senators from New England ”“ including Connecticut”™s Richard Blumenthal ”“ in which he took “full responsibility and apologies to customers who experienced delays and disruptions.”

While Jones insisted that only 0.6% of the converted customer base was impacted by the rocky conversion of the former Bridgeport-based People”™s United, Jones said M&T would waive consumer checking and saving fees and would not assess late fees for consumer and mortgage loan payments through the end of October. He added the bank would provide “appropriate financial remuneration” to customers who were unable to access funds during the transition period.

Jones noted the conversion period impact more than 1 million new customers with 1.7 million accounts, adding “we came up short for those who experienced issues.”