where he led the mergers and acquisitions team for a time. Carusone is a veteran of numerous bank acquisitions, having advised some of his firm's clients, and worked at a number of Connecticut banks, including Connecticut Bank Trust Co. If enough customers are disenchanted enough with their first experience with M&T, it could be problematic, said John Carusone, president of the Bank Analysis Center, a Hartford-based industry consulting firm. "From what I see, they are disorganized and understaffed," Colonese said. Greg Colonese said he has been unable to get in touch with anybody at the bank to resolve the problems he has experienced. Possibly on statements, but as a bookkeeper, it is imperative to have the actual activity to be able to sync." "Also, (the website) only shows activity from mid August," Kraft-Barsalou said.
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I would have rather gone through actually changing our bank."Īnother customer, Janice Kraft-Barsalou, said she doesn't like how M&T's website works and how difficult it is "to download the activity into QuickBooks. "We have business bank accounts and business credit cards with them," said Mas. One customer, Tiffany Mas, said M&T "dropped the ball" in converting People's United customers over to the new computer system. Rene Jones, M&T's chief executive officer, also told employees that call waiting times in the company's retail banking division are down by about 90 percent compared to last week's peaks.īut fallout from the system's conversion continues to reverberate throughout Connecticut.
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"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."Īn M&T internal memo obtained by Hearst Connecticut Media, claims call volumes have decreased by 40 percent since peaking on Sept. "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. Complaints ranged from customers' inability to access banking records and their own money, to severed employees being unable to gain access to timely information regarding benefits.
Tong's letter, sent Wednesday, state that his office received complaints from "numerous consumers and employees" regarding the conversion. M&T officials declined comment on Blumenthal's request to federal regulators.Ī spokeswoman for Tong said Friday that a meeting between M&T executives and the Attorney General could come as early as next week. The Federal Reserve approved M&T's acquisition of People's United in May the Consumer Financial Protection Bureau is responsible for making sure consumers are treated fairly by banks, lenders and other financial institutions. His remarks were made in a letter to the heads of both federal agencies that was sent Friday. To be clear, as a result of M&T Bank’s mismanagement of this transition, people lost access to their own money.”
"Individuals lost access to their bank accounts, endured hours long wait times only to see no resolution, saw delays in payments, and overall had little or no customer support or information. "This past weekend, the conversion to M&T Bank took place and immediately led to chaos for far too many consumers and businesses," Blumenthal's letter said in part.
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