Answers to top questions you may have

We have matched your account to the People’s United Bank account with the most similar features, benefits, and comparable pricing and interest rates. See the listing on pages 16-17 for the name(s) of your business account(s) at People’s United Bank as of July 27, 2019. Please review the Business Account Disclosure Booklet, for terms and conditions that will apply to your converted account(s) at People’s United Bank.

Please note that for new accounts opened or accounts that convert to a different business account type, on or after July 27, 2019 different service charges and interest rates will apply.

For cash management services, please see the Treasury/Cash Management Services section on page 13 of  the Business Account Disclosure Booklet,

Your transactions will be re-ordered at the end of the business day to post your deposited items before your withdrawals to help prevent Overdraft Fees. To view the posting order, please see the Business Account Disclosure Booklet.

Overdraft/Unavailable Fund items and applicable per item charges will be assessed based on end-of-day balances, not at the time of occurrence. Reg E Opt-ins are not supported for Business accounts.

If you have payroll or other funds deposited electronically to your account, these direct deposits will continue without interruption, as will any automatic debits from your account.

Account numbers will remain the same for the great majority of our customers with business checking, money market, savings, and CD accounts. If you currently have checks with your account, you can continue to use your existing supply until they run out. When you re-order checks, they will include the People’s United Bank logo as well as your new Routing Transit Number.

If your account is one of the few being assigned a new account number, you will be notified in a separate mailing prior to July 27, 2019.

Existing ATM and debit cardholders will receive new People’s United Bank cards by July 23, 2019. Credit cardholders can continue to use their existing Belmont Savings Bank Business credit card.

At People’s United Bank, we are proud of being the official Bank for Commonwealth of Massachusetts, demonstrating our proven track-record of safeguarding public deposits and supporting the financial needs of our residents and communities state-wide and beyond. While we are unable to participate in the Depositors Insurance Fund (DIF), as a nationally chartered bank, People’s United Bank provides you with the security of knowing that your money is FDIC insured and on deposit at one of the country’s strongest and best capitalized regional financial institutions.

The standard insurance coverage amount is $250,000 per depositor for each deposit account ownership category.

For more information on specific coverage, visit www.fdic.gov.

Interest rates on Certificates of Deposit will remain the same until the CD matures. All remaining interest bearing business deposit accounts will convert with the effective interest rate being paid on the account on July 26, 2019, with the exception of Escrow Business Savings which will pay a rate of .05% and Treasury Repurchase Investment which will pay a rate of .15%. Note that rates are subject to change.

IMPORTANT: While your account will earn interest July 27, 2019 through July 29, 2019, your interest rate will not appear in People’s United Bank systems, including business online banking, until July 30, 2019. Your APY will appear in business online banking upon your first statement cycle.

New Routing Transit Number (RTN)

The People’s United Bank RTN is 221172186. Use this new RTN for new check orders and when setting up new recurring payments on or after July 27, 2019.

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