Consumer complaint received 2021-06-11
Company: PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION
State: MA
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Managing an account
Sub-issue: Banking errors

Complaint:
XX/XX/2021 Controller of The Currency Customer Assistance Group XXXX XXXX XXXX Suite XXXX XXXX, TX XXXX Dear Sir/Madam, Conforming to the guide on your web page, I am providing the following information. Bank Name and Address : People 's United Bank XXXX XXXX XXXX XXXX, CT XXXX Persons Contacted : XXXX XXXX and XXXX XXXX Type of Accounts : Money Market account ending in XXXX and an IRA account ending in XXXX. Both accounts have since been moved to another institution. 
Response : No written response as requested to date. 
My complaint is the Banks lowering the interest rate paid on the XXXX XXXX and the IRA accounts from 45 basis points to 10 basis points without any verbal or written notification to customers. I became aware of these actions while reviewing the monthly statements ending XX/XX/2021. 
I called the Banks Executive office, earlier this month to speak with XXXX XXXX after being advised by the OCC office that banks do have to notify customers when existing rates are being lowered. After more than two weeks, there has not been a written response from that office. This mirrors there usual dilatory responses. 
My sense is many people do not examine their monthly statements too closely. There may indeed be many customers who do not realize what this bank has done to their rate of return. That is, in my opinion, not a fair way to treat customers. 
XXXX XXXX, a local field representative did call and expressed the opinion there was no requirement to notify customers. I requested a copy of their Disclosure Form and a letter stating their policy. Nothing has arrived. 
When and if that material arrives, I will be checking to see why the Bank is not in com-pliance with the verbal opinion I received from your office. 
I do not believe, for most people, a monthly statement makes a proper notification, of a large reduction in the amount of interest their account is earning. At the least, in my opinion, a separate letter with that news should be required from the bank to every account holder. 
Please do not hesitate to be in touch, if any additional information is needed. 

Sincerely, XXXX XXXX XXXX XX/XX/2021 Controller of The Currency Customer Assistance Group XXXX XXXX XXXX Suite XXXX XXXX, TX XXXX Dear Sir/Madam, Conforming to the guide on your web page, I am providing the following information. Bank Name and Address : People 's United Bank XXXX XXXX XXXX XXXX, CT XXXX Persons Contacted : XXXX XXXX and XXXX XXXX Type of Accounts : Money Market account ending in XXXX and an IRA account ending in XXXX. Both accounts have since been moved to another institution. 
Response : No written response as requested to date. 
My complaint is the Banks lowering the interest rate paid on the Money Market and the IRA accounts from 45 basis points to 10 basis points without any verbal or written notification to customers. I became aware of these actions while reviewing the monthly statements ending XX/XX/2021. 
I called the Banks Executive office, earlier this month to speak with XXXX XXXX after being advised by the OCC office that banks do have to notify customers when existing rates are being lowered. After more than two weeks, there has not been a written response from that office. This mirrors there usual dilatory responses.

My sense is many people do not examine their monthly statements too closely. There may indeed be many customers who do not realize what this bank has done to their rate of return. That is, in my opinion, not a fair way to treat customers. 
XXXX XXXX, a local field representative did call and expressed the opinion there was no requirement to notify customers. I requested a copy of their Disclosure Form and a letter stating their policy. Nothing has arrived. 
When and if that material arrives, I will be checking to see why the Bank is not in com-pliance with the verbal opinion I received from your office. 
I do not believe, for most people, a monthly statement makes a proper notification, of a large reduction in the amount of interest their account is earning. At the least, in my opinion, a separate letter with that news should be required from the bank to every account holder. 
Please do not hesitate to be in touch, if any additional information is needed. 

Sincerely, XXXX XXXX XXXX

Company response to consumer: Closed with explanation