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September 15, 2022

AG Tong demands answers from M&T Bank after system conversion

William Tong
By Andrew Larson

M&T Bank’s unwieldy conversion of People’s United Bank customers’ accounts to its systems has prompted Attorney General William Tong to seek answers from the Buffalo, N.Y.-based company.

Tong wrote a letter to M&T Bank seeking information about complaints from consumers and employees since the conversion took place over the Labor Day weekend.

M&T acquired Bridgeport-based People’s United for $8.3 billion in April.
 
According to reports, customers waited in long lines at branches in order to regain access to their accounts after the switchover. Also, some customers had trouble updating to M&T’s mobile banking app.

Wait times on M&T’s customer service line were averaging about two hours Tuesday, the Hartford Courant reported.

Tong asked for information regarding commitments made by M&T Bank to its Connecticut workforce, along with a high-level company representative to expedite complaints filed with his office.

“I share your customers’ outrage at the serious lack of preparation for this conversion,” Tong said. “M&T’s poor planning cost Connecticut customers timely access to their banking records, their bill pay systems and their money.”

If the problems continue, Tong said his office will take further action.

In August 2021, M&T Bank said it would maintain Connecticut jobs and keep Bridgeport as its New England regional headquarters. Tong said he’s working to determine whether M&T is honoring those commitments.
 
A spokesman for M&T Bank, Max Reiss, said the company “must remain laser-focused to serve customers and improve their experience as they interact with a new financial institution for the first time.”

“That is why we have been open with our customers before and during the conversion process,” Reiss said. “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.” 

He said the company has taken steps including:

  • Adding staff to branches to provide in-person support
  • Activating digital upgrades 
  • Extending call hours 
  • Reducing wait times on phone lines 
  • Reaching out to customers

“What has been remarkable to see has been the dedication of our staff who have shown commitment, empathy and respect for all customers,” Reiss said. 

Reiss said the bank has offered to meet with Tong in-person. Click here to view Tong’s letter.

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