People’s United Bank Reviews
People’s United Bank is one of the deeply grounded financial institutes in the Northeastern United States. It presents a concise and intriguing case study in the whole world, that reflects its exceptional position in regional banking.
It first came into existence in 1842 and started working with numerous economic cycles. These cycles have evolved with a unique and highly advanced array of financial products and services.
However, like all other financial entities the People’s United Bank is governed with mixed reviews. Based on these reviews, we have attempted to present the most precise analysis for the concerned bank. So that one might seek a beneficial edge on the horizon of their financial plan.
Let’s dive into the details for further consideration!
People’s United Bank Overview
As stated above, the People’s United Bank started its operational work in 1842. It has been established as a broad spectrum community in the progressive years to focus on the financial needs & preferences of the individuals.
It further operated as a subsidiary for People’s United Financial, Inc., that is a financial holding company primarily available and headquartered in Bridgeport, Connecticut.
The bank is majorly famous due to its long-lasting and extremely diversified range of services. These services include commercial and retail banking options that can be done through a network of nearly 400 retail locations.
In addition to all this, the bank also stands with wealth management solutions and specialized commercial services for localized customers nationwide.
Furthermore, the People’s United Bank is known for its fine commitment to customer service and engagement in the communities. The bank is exceptionally backed by a high potential workforce that is more than 5,000 employees.
People’s United Bank Locations
In terms of physical presence, People’s United Bank holds almost 400 retail locations. This strategic location spreads all over the northeastern states in the U.S.
These locations are;
This extraordinary geographical spread is a prominent example of the robust coverage in these regions. Through the physical location and offices, the bank offers extra accessible banking services to a large audience. The branches of the bank work on the objective approach of both individual and commercial banking needs.
People’s United Bank Checking Accounts
People’s United Bank stands along the checking accounts that are very convenient to access by everyone in the community. The precise approach of the checking account is cleared from the table stated next;
The two notable and extra credible accounts include; the Advantage Plus Checking and the Premier Advantage Checking.
|Advantage Plus Checking
|Premier Advantage Checking
|Monthly Service Charge
|Maintain the balance consideration of $7,500
|Maintain a combined average balance of $75,000 or more in your eligible accounts.
|Direct Deposit Requirement
|Minimum direct deposits totaling at least $2,500 within 60 days of account opening.
|Minimum direct deposits totaling at least $2,500 within 60 days of account opening.
|May not be suitable for everyone due to the $7,500 balance requirement to waive the monthly fee.
|Requires a higher combined average balance of $75,000, which may not be feasible for all customers.
When it comes to the considerable choice of savings accounts, the People’s United Bank is popular due to its three types of savings accounts:
- Plus Savings
- Advantage Savings
- Premier Advantage Savings
All of these accounts are very approachable and the customers should require an opening deposit of only $50. With this minimum deposit, the accounts tend to offer an interest rate of almost 0.20%.
In the perspective of additional consideration; there are no monthly service fees. The interest rate option is not that competitive from the perspective of other relevant financial institutes.
CD Rates and Money Market Accounts
People’s United Bank stands by its exceptional three money market accounts. The minimum opening deposit requirement for the bank includes $2,500. These accounts further do not hold any monthly service fees.
Moreover, the interest rates are also significantly flexible. It clearly explains that higher balances can earn higher APY. No doubt, the interest rates are quite low initially but they can increase over time. The users can earn up to around 1.30% APY and more. It is only on a conditional basis.
For the CD rates;
Mortgage Loans and Significant Loan Products
For mortgage and other loan products, the People’s United Bank comprises unique featural support. These supports are available in the form of;
|Various mortgage products, including fixed-rate mortgages, adjustable-rate mortgages, FHA loans, VA loans, and more.
|Home Equity Loans and Lines of Credit
|Allows homeowners to borrow against the equity in their home. Home equity options show the fixed interest rate for the consumers, whereas lines of credit show variable rates.
|Unsecured loans for various purposes, including debt consolidation, home improvements, or major purchases.
|Loans specifically for the purchase of a vehicle, with various terms and rates based on the type of vehicle and borrower’s creditworthiness.
Comparison Overview with Other Institutes
|People’s United Bank
|Primarily Northeastern US
|Offers various types with different features and benefits
|Multiple options with various features; some with monthly fees that can be waived
|Several checking account options with different benefits and potential fees
|Offers savings accounts with competitive rates
|Savings accounts with various features; interest rates vary
|Standard savings accounts with tiered interest rates
|Competitive rates; terms vary
|Wide range of terms with competitive rates
|Offers a variety of terms with different rates
|Offers various mortgage products including fixed and adjustable-rate mortgages
|Wide array of mortgage options including standard and specialized loans
|Extensive mortgage options including special programs
|Mobile app available with comprehensive features
|Advanced mobile app with extensive features
|Robust mobile app with a wide range of banking capabilities
Pros and Cons Analysis
- It is credibly known to deliver exemplary & good Mortgage Loans. People’s United Bank delivers quite competitive mortgage loan options.
- The bank has an exceptional reputation for good customer service. It ensures a positive experience for its clients and investors.
- They offer convenient and user-friendly mobile banking options, with high-edge compatibility
- There is a lack of extensive customer reviews available, which makes it difficult to gauge widespread customer satisfaction or issues.
Customer reviews of People’s United Bank vary to a great extent. On Birdeye analysis, the bank stands with a rating of 2.1 stars based on 17 reviews. These reviews provide a mixed feedback approach from the customers. The customer’s reviews are mainly concerned with satisfaction and others potentially facing issues.
Final Personal Review – Services, Customer-Centric Approach
People’s United Bank is known due to its high-edge regional reputation. It contains a strong focus on customer service along with its range of financial products.
It comprises a deep commitment to its services for individual needs. The commitment is clear evidence of its strong customer-centric approach.
However, like any financial institution, the bank has areas that might require room for improvement. The overall quality of their mortgage loans and mobile banking options are their notable strengths.
There has been a significant lack of customer feedback for online accessibility. It is a sign that the potential customers are required to consider physical experience even more so that they can provide complete opinion points of view along with other recommendations more easily.
Also, there have been noticed limitations in accessibility. As the regional focus of the bank only falls on the Northeastern United States, that might be a clear restriction for consumers from other areas.
Taking the whole discussion to a summation level, the People’s United Bank is highly convenient in making it a choice. It is known for a broad range of banking products. These products are aligned with unique features and benefits.
Apart from all this, the interest rates on some products might be lower than the national average, and certain accounts might have high minimum balance requirements to avoid fees.
The bank’s service area is primarily in the Northeast, which may limit accessibility for customers outside this region
The most significant banking services at People’s United Bank include business banking, commercial banking, and wealth management. In terms of personal banking, the services are; checking and savings accounts, CDs, mortgage products, personal loans, and online and mobile banking.
Yes, People’s United Bank provides online and mobile banking solutions to consumers. Customers can effectively manage their accounts, pay bills, transfer funds, and other banking services easily with the help of a website, the bank, or a mobile app.
People’s United Bank offers various types and categories of mortgage products. These products include fixed-rate and adjustable-rate mortgages. The bank also provides options like FHA and VA loans to the consumers.
Opening an account does not require tough steps. You only need to provide personal identification details with your Social Security number. In addition to this, a minimum opening deposit is also required. Specific requirements may vary on the basis of the type of checking account.