September 22, 2004

People's Bank To Rebate Out-of-State ATM Charges

New Account Will Help Commuters and Travelers .

BRIDGEPORT, CONN. - People's Bank announces a new account that rebates out-of-state ATM charges to People's customers who use ATMs outside of People's 240-unit network in Connecticut.

People's Advantage Plus Premier ™checking account will rebate up to $10 per monthly statement for fees imposed by other banks when People's customers make cash withdrawals at those banks' out-of-state ATMs. In addition, People's Bank does not charge any of its own fees to Advantage Plus Premier customers for using another bank's ATM - whether in Connecticut or anywhere in the world.

Most banks charge an average of $1.50 per transaction to non-customers using their ATMs. For example, a People's Advantage Plus Premier customer who works in New York City, Massachusetts or Westchester County and makes 6 cash withdrawals at ATMs in those locations could be charged a total of $9.00 by the banks that own those ATMs. With this new account, People's will rebate to its customers that $9.00 in fees, even though they were assessed by other banks.

"We take pride in being a Connecticut bank, but know that many of our customers work and travel out-of-state regularly," said Peter Scotch, senior vice president for Consumer Deposit Products at People's Bank. "In a mobile society such as ours, it is important to have access to your funds free-of-charge wherever you may be. In Connecticut, with almost 90,000 of our residents commuting out-of-state, free access to more than 380,000 ATMs nationwide is a valuable benefit for banking consumer. Even those who are only occasional out-of-state travelers for business or pleasure can benefit from this account."

To qualify for People's Advantage Plus Premier checking, customers must have a combined average balance of $10,000 or more in personal deposit accounts at People's Bank and/or investments with People's Securities, Inc., a subsidiary of People's Bank.

People's (peoples.com) is a diversified financial services company providing commercial, consumer, insurance, retail investment and trust services. Founded in 1842, it is the largest state-chartered bank in Connecticut with assets of $11 billion, 155 branches and more than 240 ATMs. People's is a leader in consumer and commercial banking, residential lending, insurance sales and supermarket banking. People's subsidiaries offer brokerage services, asset management, equipment financing and leasing, and insurance services.