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

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.