Blumenthal & Senate Colleagues Statement on M&T Bank Promise to Compensate Customers
Blumenthal-led letter to M&T Bank called for swift relief for customers impacted by conversion failures
[WASHINGTON, DC] – U.S. Senators Richard Blumenthal (D-CT), Patrick Leahy (D-VT), Elizabeth Warren (D-MA), Edward J. Markey (D-MA), and Bernie Sanders (I-VT) issued the following statement after M&T Bank responded to the Senators’ letter demanding compensation for customers who were affected by conversion failures during the transition of People’s United Bank accounts to M&T accounts.
“M&T Bank’s commitment to compensate customers who were adversely impacted by the conversion – whether missing payments or denied access to their money — is a welcome step toward making things right,” the Senators said. “We are encouraged by M&T Bank’s prompt action in response to our letter, but will continue monitoring the situation to make sure M&T follows through with their promises. Consumers need swift relief and remedy now for the hardships and stress the conversion failures caused.”
In a letter released on Friday, the Senators called for M&T bank to financially compensate all customers who were unable to access their funds during the conversion and those who incurred fees as a result of missed credit card, utility, or other payments.
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