- Report: #1493488
Complaint Review: M&T Bank - Stroudsburg Pennsylvania
Reported By:
2BAnon -
East Stroudsburg, Pennsylvania, United States
Submitted:
Updated:
-
Author Confirmed
Why?
M&T Bank
900 N 9th St Stroudsburg, 18360 Pennsylvania, United States
Phone:
(570) 421-6050
Web:
https://www.mtb.com/
Categories:
Business Rating:
(0)
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M&T Bank M&T Bank Corporation Manufacturers and Traders Trust Company René F. Jones Richard S. Gold Closed all personal, business accounts, and spouses accounts, during Covid crisis, leaving us fending for our two children Stroudsburg Pennsylvania
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As their stock prices are dropping, so are their customers, and not by choice. Something is very strange with M&T Bank. My branch is the one located in East Stroudsburg, Pennsylvania. One of the last days that I was in there, before they had drive-up service only, there were people in there pulling out their entire savings. An older woman, in front of me, was pulling out her money and they were trying to convince her not to. When I finally got to the bank teller, with my own issue, they referred me to a manager. M&T had closed all my business accounts and personal accounts. No reason was given on their letters, and all my lines of credit, which I had never used, were also closed. 
The market bank’s value has fell approximately, as of March 23rd, 8.5-billion dollars, nearly halving the banks value. While other banks are feeling the same downward pressure, is this a sign that M&T cannot handle its downward turn in stock value and is cutting accounts with credit attached to them, because they are concerned about their customers inability to pay it back? What happens if in a few months M&T were to close its doors? How long would it take to have FDIC insurance kick in and have the Fed reimburse their customers, if they were to fail?
Maybe this older lady was right, but I still can’t understand why they closed all my accounts without reason. I called my attorney and he said, this is not the first time he is hearing this and not to take it personally. Another complaint, on their Google link, shows another customer, two weeks before, had his accounts restricted “during a crisis” [Covid]. For the last 10-years, for me, it’s been paychecks going in and bills auto-debited out. No one can give me an answer on why my accounts were closed.
How does a bank close accounts in the middle of a pandemic, when money is needed for food, and no other banks are available to open new accounts? Something isn’t right. Within a few days, I will have whatever cash I have on hand to feed my family. My business, because of them, will come to a grinding halt, because without a business account, they’re basically bankrupting me. Since I am no longer their customer, and if you have an M&T account, you may want to keep close watch, ask questions, and have a fallback bank, in case this happens to you too. Up until the day Bear Stern went under, they were taking in money, and it took forever to get it back, during the 2008 crisis. You must go with your gut feeling, because blind trust in any company, can put you in a position, similar to my own. Do your homework.
I will try to attach their letters, if this site allows it.
2 Updates & Rebuttals
Ash
New Jersey,United States
Don't take it personally, they did it to me too
#2Consumer Comment
Wed, April 08, 2020
About a month ago I got a letter that said they don't want to do business with me anymore. Then covid-19 hit and it became a problem. Try calling their 800 number. Good luck. Calls get dropped or the simply say they can't handle the call volume and disconect. If you fill out their mortgage relief form, because you lost your job temporarily, the warning on the bottom says this is an attempt to collect a debt.
I only see that with collection agenices. I didn't fill it out because I want to talk to the bank. Not to a collection agency. The poster is right. Don't take it personally, it's just a bad bank. Wilmers was much better at the helm than Jones, in my own opinion. Their move to technology is laughable because they can't even get a 100 year old technology, a telephone, working where you can get through to someone.
Jim
Anaheim,California,
United States
Closing the Account Has Nothing to do with COVID - Seriously
#3Consumer Comment
Mon, April 06, 2020
The reason the value of the bank has dropped 50% is obvious - the market has dropped that much due to the virus shutting down businesses. So why did the bank close your accounts? Simple. They don't want your business. Every bank, regardless of who they are, has the right to terminate your relationship with them for absolutely no reason and you generally have 30 days, unless of course you can get it extended, which I had to do for a client a couple of weeks ago when City National gave them notice.
The difference between now and the 2008 financial crises is obvious: Banks are far more sufficiently capitalized and run quarterly tests to insure their capitalization is sufficient; they do things like this to make sure 2008 doesn't happen again. What happened in 2008 will not happen here and the situation isn't comparable. At the end of the day, you ask what's so strange? NOTHING is the correct answer and all of your speculations are worthless. The reason they closed your account is that they don't want you as a customer. That's all this is. You are overthinking this and taking this personally. Nobody cares. This happens all of the time. Go to another bank and open an account, and leave your speculations elsewhere.
