M&T did not provide an immediate tally of how many customers have encountered problems, as tracked through its call center and other channels including social media. "Everything we have up and working, there's no technical issues - it's just working through that change and getting them up and running." "We're in what I would call stabilize mode - when you take a franchise that's got 700,000 customers and you change their web banking and you change their mobile access, there's always change and it creates challenges for people and we're working through those right now," King said Wednesday morning. M&T's current CFO Darren King addressed the integration briefly on Wednesday as part of an investor conference sponsored by Barclays, saying the company is "pleased with how things are going" in his words. At the time, CEO René Jones held the role of chief financial officer before being promoted to the top job in December 2017. M&T's last major acquisition was in 2015, when the Buffalo, N.Y.-based bank acquired Hudson City Bancorp, picking up a small number of Connecticut branches in the process. That is ahead of M&T's market share in New York, where the Buffalo-based company was ranked seventh on its home turf last year. I'm still mad as hell and still don't have our company accounts up and running."Īs of last year, People's United was the fourth largest retail bank in New England as ranked by customer deposits behind Bank of America, Citizens Bank and TD Bank, with about a 5 percent market share. "The manager calls the back office and has to hang on for more than an hour only to be told that they will call back or that she should call back. "We haven't been able to access our accounts since last Wednesday and I'm told that our 'profile' has totally disappeared, and we will have to open new accounts which may take a week or more," stated Adrienne Farrar Houël, CEO of Greater Bridgeport Community Enterprises, in an email to CTInsider. One issue included those struggling to access their account due in part to a technical issue resulting from the use of special characters in account names. Since then, customers have posted hundreds of complaints of problems with accessing their accounts through online channels, and long waits for help via call centers and in branches. "While the vast majority of customers had a successful onboarding and log-in experience, we know the experience for others has fallen short of our expectations, and we are not going to rest until every single customer is satisfied."Īfter acquiring Bridgeport-based People's United Financial last April, M&T Bank converted People's United systems to its own over the Labor Day weekend. That is why we have been open with our customers before and during the conversion process," stated M&T spokesperson Max Reiss, in an email response to a CTInsider request for comment on Tong's letter. "We are in complete agreement that we must remain laser-focused to serve customers and improve their experience as they interact with a new financial institution for the first time. Tong also wants information on whether M&T has kept People's United employees at pay rates in line with what they were making before the merger, and whether it transferred employees to fill slots at the former People's United headquarters in Bridgeport that is now a regional hub for M&T. "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." "Connecticut customers wasted hours of time on hold and in branches trying to sort out problems that should have been addressed prior to the conversion," Tong wrote M&T on Wednesday.
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