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Blumenthal demands M&T Bank compensate customers impacted by merger

NEW HAVEN, Conn. (WTNH) — U.S. Senator Richard Blumenthal (D-Conn.) is demanding that M&T Bank compensate customers impacted by its contentious merger with People’s United Bank.

Since the merger earlier this month, customers have complained about not having access to their accounts, long wait times, delays in payment processing and lack of customer support.

“What M&T should do here, and we’re demanding it, is compensate consumers for all the costs whether it’s late fees for credit cards or bills or the inconvenience of lack of access to their own money and information.”

Senators from Vermont and Massachusetts are joining Blumenthal in his demands.

A spokesperson for M&T Bank issued a statement, which reads in part, “We have already begun the process of compensating those customers who incurred fees and assisting those who were negatively impacted as a result of our conversion.”

“We recognize that some customers may have had interruptions in their ability to view and transact with their accounts digitally or online,” the statement read. “Nearly all of those issues have been resolved.  All of our systems have been up and running, our call center and our branches are operating at normal levels and our teams are working hard to address any outstanding customer issues.”

Earlier this month, Connecticut Attorney General William Tong said he wanted answers from M&T Bank, warning that his office “will not hesitate to use the full extent of our authority to protect families and businesses.”

Tong’s letter to the bank came after his office has received “numerous complaints” from customers and employees.

M&T Bank bought People’s United Bank in 2021 for $8.3 billion.

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