Peoples United Financial Bank
Is This Your Business?
LAST UPDATED: April 6th, 2021
People’s United Bank was started in the Northeastern United States in 1842 as a premier, community-based, regional bank in offering commercial and retail banking, and wealth management services. However, it found its niche to be servicing the middle class population while other banks mainly focused on commercial businesses. After years of conversions, mergers and acquisitions, People’s Bank became People’s United Bank in 2007. Today, People's United Bank operates as a subsidiary of People's United Financial, Inc. with $36 billion in assets. They currently have over 5,000 employees and branches in Connecticut, Massachusetts, Vermont, New Hampshire, Maine and New York. There are People’s United Bank Stop and Shop branches at more than 140 metro locations in New York and Connecticut.
Top Ranked Companies
#1
Chase Bank
chevron_right
(225)
5.8 Overall Score
4.2
#2
American Express
chevron_right
(37)
5.7 Overall Score
4.7
#3
USAA
chevron_right
(32)
5.7 Overall Score
4.7
The Good
- Features and services
- Mobile app
- Mobile web banking
Features and Services
People's United Financial Bank subscribes to giving empathy and expertise to its customers as part of the formula to success. People's Bank seems to demonstrate this through their checking account offers. All of their checking accounts come with these basic features:- Free Mobile Banking
- Mobile Check Deposit
- Free e-statements
- Debit Cards
- Free Online Banking and Bill Pay
- Linked Savings or Money Market Savings Accounts
- Access to over 400 branches and 600 ATMs throughout the Northeast
Mobile App
Features:- Mobile Check Deposit
- Check account balances
- View check images
- Pay bills
- View transaction history
- Transfer funds between People's United Bank accounts
- Find ATM and Branch Locations
Mobile Web Banking
Features:- Pay Bills
- Check Account Balance
- View Transaction History
- Transfer Funds Between People's United Bank Accounts
- Find ATM and Branch Locations
- Text Banking
- Quick Balance feature - allows customers to access their Account Balance by just sending a text. No login required
- Quick History feature - lets customers view recent transactions by just sending a text. No app required - just text and go.
- Free ATMs anywhere, anytime
- Free Debit Card
- Free first order of checks
- Free Plus Savings account
- Free Mobile Banking
- Mobile Check Deposit
- Free e-statements
- Debit Cards
- Free Online Banking and Bill Pay
- No monthly maintenance fee
- Low minimum opening deposit of $50
- Free single-user Online Banking and up to 30 free Bill Payments per month
- Business Overdraft Line up to $25,000 per customer
- Free MasterMoneyTM BusinessCard
- Convenient access to funds through eTreasury, ATM and telephone banking
- Real-time transactions, balances and internal account to account transfers
- A wide range of export options including .CSV, .PDF, BAI2, Microsoft Money, and QuickBooks
- A wide array of payment and collection options to select from, including Bill Payment, ACH and Wire Origination
- Online access to Electronic Data Interchange (EDI) as well as ACH Returns and Notifications of Change
- Images of checks, deposits & deposited items, bank statements and account analysis statements
- Online access to loan and investment reports
- Single point of access for multiple Treasury Management services
- Flexible, robust security parameters enabling your company to tailor security to each user
- A variety of alerts allowing each user to set notifications based on their particular workflow
- For retirement, both Roth and Traditional IRA accounts are offered.
- Annual Maximum Contribution $5,500
- Additional Catch-up Contribution for Individuals for age 50+ is $1,000
- Tax-Deductible Contributions
- Minimum Required Distribution (MRDs) age 70 ½
- Minimum Age to Take Withdrawals Without Penalties is 59 ½
- Federal Income Tax-Deferred
- No Annual Fee
- 10% early withdrawal penalty may apply for withdrawals taken prior to age 59½ if no exceptions apply
- Penalty-free withdrawals for first home purchase and certain college expenses
- Annual Maximum Contribution $5,500
- Additional Catch-up Contribution for Individuals age 50+ is $1,000
- No Tax-Deductible Contributions
- No Minimum Required Distribution (MRDs)
- Minimum Age to Take Withdrawals Without Penalties is 59
- Federal Income Tax-Deferred
- No annual fee
- credit bureau notification
- credit card replacement
- an ID Theft Affidavit
The Bad
- Requirements for opening a checking account
Requirements to Open a Checking Account
Customers should not be "forced" to open a savings account when opening a personal checking account. On one hand, if a customer wants a personal checking account, then getting a free savings account as an automatic feature may be a good thing (if they don't have a savings account already or are first time account holders). However, the stipulation is that this savings account has a monthly fee (albeit waived when linked with a checking account) but there is a $50 opening balance requirement that isn't waived, neither is the $250 minimum balance. It also applies the other way around. If someone only wants to open a savings account, linking it with a personal checking is the only way to avoid fees. It seems unfair to have to shoulder the responsibilities that come with a savings account if a customer doesn't want to.The Bottom Line
Was this content helpful?
Yes
No
Be the first to
leave a review
.
