Washington (September 29, 2022) — Senators Edward J. Markey (D-Mass.) Richard Blumenthal (D-Conn.), Patrick Leahy (D-Vt.), Elizabeth Warren (D-Mass.), and Bernie Sanders (I-Vt.) issued the following statement after M&T Bank responded to the Senators’ letter demanding compensation for customers who were affected by conversion failures during the transition of People’s United Bank accounts to M&T accounts.

“M&T Bank’s commitment to compensate customers who were adversely impacted by the conversion – whether missing payments or denied access to their money — is a welcome step toward making things right,” the Senators said. “We are encouraged by M&T Bank’s prompt action in response to our letter, but will continue monitoring the situation to make sure M&T follows through with their promises. Consumers need swift relief and remedy now for the hardships and stress the conversion failures caused.”

In a letter released on Friday, the Senators called for M&T bank to financially compensate all customers who were unable to access their funds during the conversion and those who incurred fees as a result of missed credit card, utility, or other payments.