M & T Saving Bank Hackettstown Closing

M & T Saving Bank in Hackettstown closing October 29, 2020, it's posted on their door.


Is it closing for good or closing for renovations?? I read an article that they were going to close some for renovations! I can't remember where I read it


Unfortunately for good.


Which branch -- or all of them?

happiest girl
2 weeks ago

That is our family bank and I have not heard a word.


I use it too, not a word.

Strangerdanger Strangerdanger
2 weeks ago

Just called...they are indeed closing and the closest M & T Bank will be in Randolph. We also bank at Bank of America so guess I will have to make a appointment to get everything there now. Yikes...


Wells Fargo is closing as well.


Thank you M&T for disregarding your loyal bank customers, some of which have been with The Orange Savings Bank, then Hudson City Savings Bank, then M&T, and not even a letter, a phone call, NOTHING. You have all our info but I guess you figure word would get around. Totally unacceptable and I too will be looking elsewhere. I am not driving to Randolph.

justwondering justwondering
2 weeks ago

Wells Fargo says it's closing their High Street branch (across from m&m) so the closest Wells Fargo will be the Mansfield location by Walgreens.

summerrain1 summerrain1
2 weeks ago

Just opened an e-Mail offering for an M&T credit card. Amazing, they had my e-Mail for that. No thanks.

justwondering justwondering
2 weeks ago

I heard nothing from M&T but I did get notice on the Wells Fargo branch on High Street closing in October.


There are M&T branches in Mansfield (near ShopRite) and in Chester (also near ShopRite).


Both of those branches are closing too, Lena. Closest for us is Randolph.

justwondering justwondering
2 weeks ago

Just a thought - closing on Oct 29 iis 92 days away. I would think that they have a few more days to issue a timely notice.


I saw the notice posted yesterday at the drive threw. The M&T bank is still opened, you have to go to Randolph. The teller said the only ATM is at speedway. Just what we “all” want to do, drive to Randolph. :( I still have the original savings passbook from orange I opened as a kid. The teller said the decision was made because there was not enough bank traffic. I can only imagine what’s going to go in there now and how long will it sit empty. I hate 2020. Can we have a do over??


Rockaway was also recently closed. Not sure about Denville?


We bank at two banks in town. M & T will be closing and I would like to transfer my SS check which goes there each month to the other bank in town where we have a established account now... and decide later what I want to do with my savings at M& T down the road. How do I do this?


is the M&T bank in the Shop Rite mall closing on Rt. 57 ?

Hackresident Hackresident
2 weeks ago

Yes @ Hackresident..


“Drive threw” good one auntiel. Now that’s contactless banking!

If they have no traffic, and we all seem to use them, what does that say about us ;-).

I have closed most of my timed accounts since post Hudson, they were not competitive and extremely tedious to work with. I would be all gone if not for c19. Sad, I even owned stock for awhile; a Warren Buffet company.

Joyful; I am betting you can do that at the SSA website. Good site to have pw for anyway. I set mine up there, online, no paper.

Strangerdanger Strangerdanger
2 weeks ago

joyful you will need to contact SS and change the bank routing number and account number for your check deposit.

It does make it trickier to change things around for your savings when you can't even go inside :-(

hktownie hktownie
2 weeks ago

Thank you...Hktownie..


I was inside M&T In Hackettstown today. I had an appointment which you need to have to go inside the bank since the doors are locked. I closed an account. The M&T's in Hackettstown, Mansfield and Chester are all closing as I was told by the bank manager who helped me today. As I was told, Randolph will remain open. I don't think any of us want to drive that far. I think the # I called was (908)852-5900.

Mrs. Pipes Mrs. Pipes
2 weeks ago

Well, these branches just got the notice of closure, so it was a recent decision not to transpire until October 29.
I propose we write letters to the Chairman & President of M&T.

We can stress all the customers they will lose as I would think most if not all customers will not drive all the way to Randolph. We can propose they keep one of the branches open -- I would think the small one in the Shoprite Mall might be the most efficient to run, although I'm not sure of this.
Perhaps if they get enough letters they might consider keeping one branch open.
STRESS in your letters that you will close all accounts with M&T if there is not one local branch.

[ Chairman & CEO -- Rene Jones ]
[ President & COO -- Richard Gold ]


Rene Jones, Chairman
M&T Bank
One M&T Plaza
8th Floor
Buffalo, NY 14203
USA

Richard Gold, President
M&T Bank
One M&T Plaza
8th Floor
Buffalo, NY 14203
USA

Send a letter to both of them. Spread the word.

happiest girl
2 weeks ago

I have been banking there since it was Orange Savings Bank. Sorry to see them close up.Banks these days seem to have no respect for their customers.Very sorry to see that the nice people who worked there will be gone.


Joyful, not certain, but if you have an established account with social security on-line, you might be able to change your bank routing & account numbers yourself. Give yourself enough time to make sure it took effect before M&T closes.

Lonesome Dove Lonesome Dove
2 weeks ago

It is my understanding that only the drive thru at M&T bank is open now and no one goes inside except by appointment. Is the walk up window on the side of the bank available for use or just the drive thru??


I’m pretty sure you can change ssa accounts online. And it’s a good site to access.

Strangerdanger Strangerdanger
2 weeks ago

Happiestgirl banks are the business to make money. If a branch is not bringing in revenue then there is no financial reason to keep it open yes they will lose customers but how much revenue are those customers bringing in. Let’s say you have $30k in savings there, they aren’t making money off that $30k. Banks make money from loans, credit cards and fees.

They’ve already done the calculations of how much in deposits are at that branch and x amount of it they expect to lose.


Trying to do that, strangerdanger. tried calling as well...they make it difficult with no one answering phones to get information. Like where do I find a banks routing number on my statement or checks??? I have my account numbers but they need the bank routing number too. Anyone??


Re: M & T Saving Bank Hackettstown Closing

Joyful- here is a cheat sheet


Jim L

Where do you think the money they loan comes from? The money tree?..obviously they use money in savings accounts to make money...hence the interest


https://www.aba.com/about-us/routing-number

That link shows you where in your check you can find the routing number. Make sure it is the 9 digits between the colon looking symbols.


Thanks, Nosila. I gave them the first few numbers already on my checks and she did not accept it when calling SS as that is what I thought it was too. Guess I have to call the bank to make sure...(if I can ever get through)..


Apologies, Nosila...got through to bank and those are the numbers. Wondering why SS was not accepting them when I called. Will try again..You HLers are the best!!!


Joyful, it may not be the first numbers on your check. Look for the colon like symbols and the routing is the 9 numbers between them.


Bug3 --- you are so correct.
Jim L doesn't understand that every dollar you have in the bank profits the bank. Your deposits are used for loans, charging people more interest than it pays you for things like home mortgages, credit cards, auto loans. Banks make money thru the fees they charge you, and interchange fees. They use your money for investments.

happiest girl
2 weeks ago

Thanks, Jnnjr...those with the colon like symbols are the first 9 group of numbers on my checks...


Yea thanks I work for a large bank I know how deposits work. Once a bank has a certain amount in deposits there’s really no profit in the little savings accounts most people have. Most customers cost banks money rather than bring in profit. Closing a few grand savings account isn’t going to change a bank’s bottom line. So if they close this branch even if they lose a few hundred thousand in saving deposits it is worth it to them since that saving account money isn’t bringing enough revenue to cover the cost of having the branch open.


What are some other banks in town good to deal with?

Outdoors Women
2 weeks ago

Jim L

Thats why I do my banking at a small bank


Agree that small banks are the way to go. We banked with Investors Savings Bank and now Affinity Federal Credit Union. Both are good options...

friendly mcface friendly mcface
2 weeks ago

@joyful - M&T Bank NJ routing number is 022000046 according to Google search.
https://www3.mtb.com/help-center/top-banking-tasks/find-routing-number


I was always under the impressions that banks made most of their money playing the markets using your "digital money" in your checking or savings account.


Thanks, Lena...I appreciate all of your help. With M & T and SS the problem for me trying to transfer my SS deposit to another bank was not so much in not having the right routing number but with the bank...I had accounts way back with Orange Savings, and Hudson and currently M & T...and all three with different names than currently. They wanted the routing number I had when I had accounts with Hudson and no longer had that infoThe first girl I spoke to with SS would not accept the current routing number of M and T( I did give her the right one initially and then went fishing with other numbers).. when she saw the routing number from Hudson...(long story).. would not accept it. Hope no one else has that problem. Had a sharp man help me from SS on second call... and we got it all straightened out this morning...Thank you to Mark from Social Security..


Outdoors Women,
I've been a customer of Peapack Gladstone Bank for as long as I can remember (and my parents for many years before that). The closest branch would be either Long Valley or Chester depending where you are, but with mobile deposits, etc., I pretty much never have to go there. Also, they do not charge you to use other bank's ATM's. (You would have to pay if the ATM's bank puts on their own service fee, but I think there is a checking account program that would even refund those fees, but not 100% sure if that program is around any more.) They have been a great bank to deal with, I've never felt like just an account number, and I can call and talk to someone (most likely in Bedminster) if I need to.

On a related note, PGBank was HUGE for the business community when it came time to process PPP loans. Unlike the major banks (and even a lot of the smaller banks), they were processing loans for anyone that needed the help (didn't matter if you were an existing customer, or how much the loan was going to be for). They really stepped up to the plate to help small businesses when Covid hit. It was nice to see them do the right thing instead of some of the crap I heard other banks try to do.


I've had an account with First Bank of Hope and Affinity Federal Credit Union forever.

I dont walk into a bank very often but I like the option if needed and that is why I kept my First Bank of Hope account open.


joyful: if you can handle a pc, log-ins, passwords, and have a phone that texts; go to the SSA site and create a profile: https://www.ssa.gov/site/signin/en/

It's called My Social Security and you not only can do everything you want; it's very safe IF you have a phone that can text message. Even if you think you have completed your mission, you can use this site not only to verify, but to change it again when "that other bank" goes belly up.....

The reason for the text phone is that you can use two-factor authentication where after you log in, they text you a code to the phone that you enter for very safe access. To access your account, someone would have to have all your codes PLUS your phone, Figure by that time you've been kidnapped and who cares about SSA :>)

Once you join, you can see your history of payments, where things are being deposited, and they will send you any and all updates. Since they deal with us oldsters, it's pretty easy to use. And yes, you can change your checking account for direct deposits in two winks of a cat's eye.

Jim L: to be more precise:

Banks make profit by loan interest, excess reserve interest, investments, fees, commissions and service charges. In 2017, BOA made about 50% in loan interest (after paying interest to depositors) and the other 50% in equities/fees/charges/commissions.

The amount they are allowed to invest in securities is a moving target, perhaps someone else knows the current rate, so I have not looked at it here.

For every dollar deposited, Banks can loan out close to 90%; the other 10% is the reserve requirement (call it FDIC insurance). The 90% loaned out, after depositor interest is extracted, returns about 4 times the interest they pay out making it a pretty good deal......for the bank. Like we pay you 1% for banking with us, and we charge you 5% for your loan. This is called the spread as in: "hands up, sucker, spread em."

Basically, until 2008, banks would loan out anything they could lay their hands on. However......in 2008, with the crash, the Fed began paying interest on excess reserves, and as I have ranted often in the past, the reserves held back by Banks bear risk-free interest and reserves have skyrocketed since then. What was around the 10% mark, about $1T in excess bank reserves will top $3.2T next month or so. Where we paid zero interest for excess reserves in the past, taxpayers now pay .1%. Sounds like chump change but it's over $3B a year in tax dollars and banks get this risk-free profit for parking taxpayer savings on the taxpayers dime instead of doing their job to loan money to those who need it.

Average bank profit margin is over 20%; the rest of world under 10%.

strangerdanger strangerdanger
2 weeks ago

First Hope Bank in Hope, NJ is the best. They also give interest (very small BUT interest) on their checking and savings accounts.

Look into them if changing Banks.


Like jnnjr said Peapack Gladstone Bank is terrific. The nearest branch is in Long Valley but there are also branches in Oldwick, Califon and Peapack Gladstone...convenient if commuting.

OnTheEdge OnTheEdge
2 weeks ago

more than happy for years with PNC - did my mom's banking with them in her "later" years - great online site


Joyful, had the same problem. You have to ask for the routing number that was in use before M T took over. I spoke to Anne Marie from bank branch, and she knew exactly what SS wanted.
SS wants to verify your current account, and then the routing # along with the account # from the new bank account.
The routing # is the first set of numbers on a check. But call your new bank to make 100% sure.

USAfirst USAfirst
2 weeks ago

Joyful,
You should be able to change the SS to the other account without going to either bank. You just need the M&T routing number and your other routing number to give to SS. I've already made an appointment at another bank to change everything over.


I spent all morning with SS, Magpie but finally got just my SS direct deposit going to another bank where we have a established checking account. The first few calls I did have trouble with the routing number and the many bank change of names and mine on other accounts...Finally have that done. Now have to decide what else to do with the savings and checking account still there. I know I will also miss the girls that work in the Grand Avenue branch. They are the sweetest and most accomodating group you could ever want to meet. The other bank here in town where it looks like we will be exclusively banking.....not so much..I agree....some banks "Get too big for their Britches!"...


Visions Federal credit Union by the target. Interest on checking. CD rates (they call them Share Certificates) are ok..they went down after this covid crap but a 5 yr is 1.97...picatinny credit union is half that. Worth checking them out

Itiswhatitis
2 weeks ago

+1 Itiswhatitis ---- thanks, I did not know about the NCUA being the same sort backing as FDIC but for credit unions. And those rates may be low, but they are very competitive and beat Ally hands down right now with Ally being at 1.0%. Weird, never seen anyone beat Ally for a straight up Federally insured CD.

Thanks, will check them out.......someday....

strangerdanger strangerdanger
2 weeks ago

The rates are a bit better in 'normal' times and they have CD specials here and there that are good. Loan rates are fair from what I've seen on the past

Itiswhatitis
2 weeks ago

Itiswhatitis: Do you know what the CD interest rate is for 1 year @ Visions Credit Union?

If you had a 5-year CD, and had to break it 2 years into it, what kind of penalty do they give you if the interest rate is 1.97% ?

Thanks.

Hackresident Hackresident
1 week ago

Good question since IMO, at these rates, early redemption penalties are critical. Your answer: .85% and 6 mths interest. Pretty standard penalty. Plus its still tax deductible I think.

When interest hit 3%; I broke a lot of 1 and 2% ones. Feel pretty good right about given they would have redeemed into this mess.

At 2%, 6 months penalty = 1%, meaning one extra point has a one year breakeven and 4% profit. Something to think about. Two points equals 8.5% profit, no brainer.

Strangerdanger Strangerdanger
1 week ago

Rates sure changed over the year. Last June I got a CD rate of 2.80% locked in for 25 months.

happiest girl
1 week ago

Navigate the website rates are listed

Itiswhatitis
1 week ago

Yeah, just remember they are called Share Certificates, not CDs, and the link for rates is inside the description. "Navigate" is aptly put.

Started by four IBMers, 50 branches, 3 states, 210k users, and 4.5B in assets.

Compared to Hope, 6 branches, 531M assets, 1 state, ??? users.

Really looks worth getting into.

strangerdanger strangerdanger
1 week ago

No complaints with Visions so far (except not always opening the second drive through LOL) and yeah the rates are better when times are better and the special rates on CD'S (Share Certificates) are nice when you get them. They had an 18 month at a 5yr rate nice when you don't want to lock up a chunk for that long..

Itiswhatitis
1 week ago

Joyful,
Glad you got the SS taken care of. As for the workers at the Grand Ave. branch, you're so correct. In the fall they worked with me getting all the info that I needed to get a parent onto Medicaid in a nursing home. They couldn't have been more helpful and I was in there several times a week for about a month or so.


I. would suggest using PNC in Mansfield on rt 57. I have been using them for many years and they are very efficient and are helpful even when I call with a question.


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