From Sara Longobardi, SEVP, Retail Banking, People’s United Bank
Your business is important to us, which is why we want to communicate a recently announced change that will impact our branch and ATM locations in Stop & Shop supermarkets in Connecticut and New York.
People’s United Bank has made the decision to exit from Stop & Shop locations. Importantly, there will be no current impact to you as our exit will not begin immediately and is anticipated to occur over several years. As additional details on the exact timing of the exit are finalized, we are committed to sharing with you well in advance.
Although the Stop & Shop relationship has provided meaningful value to the Bank and our customers over the years, customer banking preferences and retail shopping behaviors have significantly evolved. Our goal is to continually personalize the banking experience across the channels through which you may interact with us. The exit will allow us to further invest in our digital capabilities and strengthen our traditional branch network, as well as enhance the tools bankers use to tailor the customer experience, for both retail and business customers.
What will remain constant is our commitment to our relationship with you. You will continue to see many of the bankers with whom you are familiar, and once the exit is complete, in most cases you will maintain the same convenient access to a nearby traditional branch generally less than five miles away from the Stop & Shop location.
We will provide a minimum of 90 days’ notice prior to the branch closure. Once the exit is complete, we will further evaluate our presence in those regions where access to a near-by branch may be impacted. As a reminder, you can conduct many of the same transactions as you would in a branch from our mobile app and online banking including depositing checks, opening an account and applying for a loan 24 hours a day. View our how-to demos online to learn about our many online and mobile banking features. To identify nearby branch and ATM locations please visit our branch locator.
Should you have any questions related to our future exit from Stop & Shop, please do not hesitate to reach out to our dedicated customer service line at 1-877-972-2244.
Although People’s United Bank is reducing some locations, their commitment to time, date and weather extends back to 1971 when this number was introduced: 203 366 4242 .
Thanks for the memory local eyes. I’m pissed. It’s bad enough that they continue to red line Bridgeport. Here’s an another bank to take the spaces at the supermarkets being vacated. Now where the hell we are going to park when all the people go to north and park for example? Saving money to fatten the pockets of investors.
FOO HAHA
It is a shame but it’s not the same People’s anyhow. I have had some very bad experiences with Peoples lately so this may be the impetus to switching banks.
Not being one to correct LE but I believe it was well before 1971 that you could call People’s for the time and temperature. Maybe 1971 was when LE discovered it but I remember just calling FOO-HAHA. And they dropped the use of alphabetized numbers long before 1971.
But who am I to correct the all-knowing LE.
The all-knowing Bob Walsh is my stubborn fact-checker and 1971 was when I discovered it. (ugh)
But I still have the fastest synapse in the history of neurons.
I was lamenting to Judith that it seems more and more companies are using COVID-19 as an excuse to get rid of personalized contact and turn more and more over to the internet / web based solutions. Make the consumer do more and more of our work and have less and less real contact with the customers.
I hope some bank step up to the plate and suddenly leaves Peoples high and dry.
Bob Walsh knows nothing.
Besides a few regionals, there are only four banks in America.
Since 1999, the number of Banks has declined dramatically.
I’m a self-styled expert on Bridgeport’s banks.
More importantly, the other banks want People’s to survive, not fail.
Can one of the State Reps or State Senators let us know how to lodge a complaint with the State Banking Commission.
I open my first saving and checking account with Peoples in 1958, I use the satellite bank at the (Hood) Stop & Shop on Fairfield Ave. for the past 25 years.
This bank is Flucking up peoples lives for no good reason!
@Jimfox
Actually they are closing the branches for a valid reasons.
#1 They are not profitable
#2 Many people bank by phone, app or computer
#3 They can’t maintain social distancing in tight quarters, especially when you need to meet with an officer to apply for a loan, etc. (inside a tiny cubicle).
#4 They have no Drive Through lanes, especially needed during the Pandemic.
Retail banking is dying.
Here in Trumbull, we have lost 7 brick and mortar banks in the past 6 years. The People’s in Stop and Shop is in the same shopping center as a full branch and is not needed.
The Supermarket branches no longer have the 7 day per week pre-Pandemic schedules.
Retail banking is retrenching all over. Chase in Monroe is not open Saturdays anymore, Bank of America in Monroe and Fairfield cut days and hours recently.
The harsh reality is get use to it, especially since Covid when people avoid using cash. I don’t remember the last time I paid cash money for a transaction. My income is direct deposited, I pay bills on line and send money at no charge with Zelle. If a receive a check in the mail, all I have to do is take a picture with my phone to deposit it in my checking account, no visit to a branch needed.
MM, the voice of reality.
Those Redding and Trumbull Elitist!
I better cash my welfair Checks.
Jimfox,
There is nothing elitist about this.
People’s didn’t say they are closing branches in city Stop and Shop locations and leaving them open in the suburbs.
As for your WELFARE check, it is available in the form of a Debit card/EBT card for convenience. No check to cash, no visit to a teller needed.
Your bigotry/jealousy (take your choice) is unwarranted.
There are people who can’t even operate the teller machine. Park and North has Parking issues. Eventually we all gonna have to rely on a PC, LAPTOP, Device. Thereby, a need for internet connection just for banking and before you know it you don’t need any of them because one can’t afford it. And of course, a bank robber would no longer have to walk in the supermarket to conduct their banking business.
*** THATS TOO BAD FOR WORKING FOLKS WHOM DO THERE BANKING & FOOD SHOPPING @ S & S.***
There is much hidden value to both institutions involved in the SS/People’s bank locations… There are customer-recruitment synergies, for starters, as well as the obvious sales synergies (pick up some peas while you check on your loan and ask some banking questions from a real person with real-person knowledge)…
And then there is the invaluable training (people-skills, on-the-feet-thinking, question-prompted learning) that the in-person locations offer in regard to banker-training that is unique to the SS branches (where the pace and need for independent thinking by trainees is more intense than a standard branch).
Application of advanced AI to the banking experience will not be able to serve as a full-value replacement of the supermarket branches — even when calculated only in terms of personnel efficiencies. Customers will seek out convenience and service elsewhere, resulting in significant business losses… (The growth of People’s would certainly appear to have been given significant momentum through the type of innovative thinking reflected in the establishment of their SS branches.)
If People’s goes through with its withdrawal, an institution, such as Webster Bank, will probably take advantage of the opportunity(ies) presented in that business model.
Automation/AI will continue to make inroads in all areas of business and life, but the sense of well-being and trust involved in business dealings will always require a significant degree of direct human contact in areas where financial and personal well-being are involved.
If People’s and SS are smart institutions, they’ll find a way to maintain their SS-based bank branches.