One of Connecticut's U.S. senators is now asking for an investigation into the recent conversion of People’s United Bank to M&T Bank.
The switchover after Labor Day weekend left some customers with headaches -- some that continue to this day.
Friday, Sen. Richard Blumenthal called on the Federal Reserve and Consumer Financial Bureau to review M&T’s handling of the changeover.
Both agencies can take enforcement action if there is an issue with compliance with federal consumer laws or other violations.
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In a letter, Blumenthal wrote that the transition led to “chaos for far too many consumers and businesses.” Adding, “To be clear, as a result of M&T Bank’s mismanagement of this transition, people lost access to their own money.”
While M&T declined to comment in response to Blumenthal’s action, a spokesperson said their customer service wait times have been reduced to 15 minutes or less across all of their business lines, including significantly reduced wait times for log-in assistance.
We heard mixed reviews from customers today outside a branch in West Hartford.
NBC CT Responds
“The wait is ridiculous. Inside the line, it’s probably like 10 people. It’s been such a hassle. They said the bank cards will come at this date, it’s not there at this date,” said a woman who did not want to appear on camera. She said she was on her third attempt to get a debit card.
“I’ve been very lucky. It’s been very easy for me. The lines are a lot longer, but the transfer of accounts and all of that stuff has been fine,” said Marc Cowan, of West Hartford.
In a statement Thursday in response to the attorney general’s concern, M&T bank said, “the vast majority of customers had a successful onboarding and log-in experience,” but they know “the experience for others has fallen short of our expectations” and they’re “not going to rest until every single customer is satisfied,” dedicating more support staff to branches in our state and extending customer service call hours.
The Federal Reserve confirms to NBC Connecticut that it has received the letter from Sen. Blumenthal and plans to respond.
