7 things to know about moving People’s United Bank accounts to M&T over the Labor Day holiday – Hartford Courant

The long Labor Day weekend is usually a time for backyard barbecues and beach outings, but for hundreds of thousands of People’s United Bank customers in Connecticut, it also means planning ahead. three days without online or mobile banking.

These popular services will be closed from Friday, September 2 at 5 p.m. until Tuesday, September 6, with People’s United accounts being transferred to computer systems at Buffalo-based M&T Bank. M&T acquired Bridgeport-based People’s United in April for $8.3 billion.

People’s United branches will also be closed throughout Labor Day weekend, but People’s United customers will have access to cash at ATMs throughout the weekend. M&T debit cards will be sent to People’s United customers two to four weeks before “Conversion Weekend” and will be available for use beginning Saturday, September 3. Credit cards can also be used without interruption.

In a statement on Wednesday, M&T said it was committed to making the conversion as seamless as possible for customers and to working to get mobile and online banking services up and running as soon as possible.

“As is the case with these types of conversations, online and mobile banking will be temporarily offline to ensure customer information is transferred securely and accurately between systems,” the statement said.

M&T said its call centers would be open to questions from customers during the conversion.

Much will depend on a smooth transition for M&T. Except for a handful of branches in Fairfield County previously, M&T is a new name for most of Connecticut, and M&T has acquired one of Connecticut’s largest banks.

A big attraction for the acquiring bank in mergers is to pick up huge pools of existing customers. But the challenge is to retain them and making a favorable first impression by combining the systems is seen as crucial.

Here are seven things to know about the transition from online and mobile banking accounts, as well as other changes:

People’s United customers should know their current username and password and confirm that their contact information is up to date. M&T also recommends saving or printing People’s United online statements and documents, as they will no longer be accessible after the conversion.

An email will outline the steps for logging into M&T online and mobile banking for the first time on September 6. Customers will use their People’s United ID and password. A note: M&T uses the term “access code”, but it means the same thing as “password”. M&T encourages former People’s United customers to log in and verify information.

List of creditors and scheduled bill payments will automatically transfer from People’s United to M&T if linked to a checking account or if customers have logged into People’s United online or mobile banking within the past 18 months . There are a few exceptions, including bill payments from savings accounts or other “unsupported” accounts; bill payments funded from a business account; and bill payments to an international creditor, among other exceptions.

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Customers should also verify all creditors and successfully transferred scheduled payments.

More information on mobile and online banking can be found at https://www3.mtb.com/homepage/about-us/welcome-to-mandt/peoples-united/mobile-and-online-resource-center -personal

Daily mobile check deposit limits will be lower at M&T than those previously established by People’s United. The new limits can be viewed by logging into the mobile banking app or online banking.

M&T is migrating People’s United checking and savings accounts to similar M&T accounts. Account numbers will be mailed to account holders. A note: Customers should take note of any changes in the monthly maintenance fee if a certain minimum balance is not maintained on the account. Some of the monthly fees may be waived immediately upon conversion.

The ability to limit card spend by transaction type, merchant type, location, or dollar limit will not be available for M&T accounts.

“Welcome packets” have started to arrive in the mail and more information is available on the M&T website. Prior to the conversion, customers with questions may call their local branch during business hours or at 1-800-724-2440.

Kenneth R. Gosselin can be reached at [email protected]