I had a bill pay that I accidently set to the wrong checking account with caused an overdraft. After my balance went negative, the ATM card still allowed me to withdraw and use debits causing fees of $204 to accumulate. This due to their so called overdraft "protection" which charges you $34 PER INCIDENT. The idea being that this "service" ensures you have continued use of your card even if you don't have the money. What good is this so-called "protection" when it puts you further in the hole anyway?
Online customer service told me there was nothing I could do about it but the local branch manager understood and reversed the fees. However, when I inquired about opting out, which will be mandated by law in June, I was told I could not and they wanted to upsell me on a line of credit instead. I am COMPLETELY disgusted by this and I'm taking my money to Chase which allows you to opt out right off the bat.
Also, their online banking is PATHETIC. I can't even believe this is a bank operating in the 21st century. Horrible interface, poor alert system, and the online customer service is extremely rude and unhelpful. I'll be very surprised if this bank lasts another 10 years with its poor customer service.
People's United Bank!
If you want to open an account with the worst bank ever, look no further! Unnecessary fees, unstable online banking are just a few problems with this bank. Funds are there one day and gone the next.
Heed my warning and avoid this bank at all costs. They will bleed you dry of all your money. Please, do not make a mistake and open an account with them.
My husband and I have been customers at Peoples for fifteen years. Just the other day we received notice that the bank was closing 2 accounts (one very active checking, one less active savings). No specific reasons were given other than a general "we're not making enough money off you" tone. We have never received any notice about insufficient activity, nor were we offered a substitute service to try and keep our business. Nothing. Just a "You're out in three weeks. Find another bank"
When I went to the local branch this morning (where the tellers know me and were very upset) they couldn't get any answers from corporate. So, I closed our 4 savings accounts (one joint, the others for our three kids). Once we have another bank lined up we close our personal and business checking accounts. We will close our safety deposit box. We will never, ever consider them for a mortgage, home equity line or any other banking service. I serve on two non profit boards and will make sure they are never considered as a banking option. My children - who we are trying to teach life lessons about money and banking - will never use them either. I used to be a big fan but now have nothing positive to say about them whatsoever.
In a highly competitive business such as banking, where everyone is tripping over themselves to get customers, this isn't how you treat the customers you have. Banking is a service industry that is built on customer relations. Customers are entrusting banks with their money. How can you trust a bank that treats customers like that?