People’s United Bank in Enfield CT
People’s United is a Connecticut based financial institution. Originally founded in 1842, the company has been around for some time. The bank has survived the good old days of the heyday of regional banking and the ills of the internet to become a regional powerhouse in the financial world. Today, the company has over 5,000 employees and 400 branches in the state.
Aside from its brick and mortar branches, the company offers a range of products and services. One of the most notable is its mastercard credit card which includes a number of features and amenities. From rewards programs to concierge service, there’s no shortage of reasons to get a mastercard. In addition to offering the usual banking products, the bank also offers commercial, retail, and wealth management services to help customers find the best fit for their needs.
While the bank has an impressive array of products and services, customer service is not quite as exemplary as some of its competitors. After the merger, the company has made several customer service changes to improve its operations, including the deployment of a new customer care hotline and enhanced customer satisfaction metrics. Unfortunately, those efforts have not been enough to quell dissatisfaction with the bank.
Aside from the usual suspects, the company has announced that it will be closing seven Stop & Shop supermarket branches this month. The company has not said how it plans on using the space, but a spokesperson told the press the aforementioned statement is “part of the business plan to consolidate the number of Stop & Shop stores in the state.” Although the number of branches has been reduced, the number of employees at the bank isn’t. That said, the company will keep 27 of its surviving stores open in the state.
On the same note, the company is announcing a new Mastercard credit card product with no annual fee, no balance transfer fee, and no foreign transaction fee. Those features are part of an overall package that will make getting a credit card a more pleasant experience. The mastercard also boasts an industry-first introductory APR of 0% for 20 months on purchases made at the branch. This is a welcome change for consumers who are looking to save money and still maintain access to a credit card.
With the announcement of these and other newsworthy events, the future of the People’s United Bank is uncertain. According to the company, it expects its total workforce to fall by some 747 workers. However, that figure is a mere fraction of the 8,200 people who work for the bank at any given time. As the company prepares to merge its account systems with M&T Bank in the coming weeks, the company’s Connecticut offices will remain intact, though. At this point in time, the company is still trying to figure out a smooth integration of its overlapping corporate entities, a process that is estimated to take about a year.