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Key Bank / Excessive Fees & Overdraft Charges

1 Arlington, WA, United States Review updated:

Key bank has crafted rules and regulations attached to their checking accounts to charge customers radical overdraft fees. On Thursday January 7th I deposited a paycheck into the ATM machine in order to cover a check that I knew would be drafted on my account. As it turns out Key Bank changes their business day at 7pm on the west coast. My deposit was made at 7:17pm. Due to the day being closed I incurred $222 in overdraft fees. If you do the math that works out to over $800 an hour! Sounds like organized crime to me. On two other instances I was charged an "excessive phone balance" checking totalling $18 in one month. Needless to say it overdrafted my account by .28 cents which resulted in several more charges. I personally run about $10, 000/month through my account; however, it appears that it is not enough for Key to pay attention to me. I have spoke with their executive branch and have filed a complaint; however, I have not heard anything in return. Every time this happens they explain that I have violated another one of their rules for their checking account. Before you open an account there READ THE FINE PRINT because they are legally stealing from their customers!

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Comments

  • Ti
      16th of Jan, 2010
    -3 Votes

    If you had made the deposit BEFORE you wrote the check, you wouldn't have overdrawn your account. What's so hard to understand?
    An honest person doesn't have to read any fine print at all to know that you don't write checks against money you don't have in the account.

  • Ho
      7th of Jul, 2010
    +2 Votes

    I'm fed up with their fees as well! First of all, we are living in the 21st century and computers "DO" have the power to make our banking precise from the moment that card is swiped through the credit card reader. Computers also have the power to decline a transaction if there is non sufficient funds in the account and not force an overdraft charge. All these rules and fine print they come up with are garbage to get you to pay them money that they haven't even earned. The most interesting thing that I've found when watching my checking account online is that aside from tips being added to a bill at a bar or restaurant (which can take a few days--I still don't know why it doesn't charge the full amount), gas stations such as BP and Marathon, that I have purchased gas from recently, their charges do not appear at all on my account at least for 3 days maybe more and in the mean time, you're reading an incorrect balance. When the card is swiped, it checks the bank to see if the funds are available to be used for your purchase. If they are not, the charge should be denied. The time that it takes for me to go up to the corner, pay for gas with my debit card, and drive home and check my account online, should have accurate information for my balance. There is no reason that makes sense to explain why this doesn't or as they would have you believe "can't" happen. If you can explain otherwise, please enlighten me.

  • Ti
      7th of Jul, 2010
    +1 Votes

    You also have the power to keep track of your own spending. If you're too lazy, don't [censor] about paying the fees for it.

  • Sp
      26th of Feb, 2011
    -1 Votes

    Key bank has been terrible to us. We work on two continents: North America and Asia. As such, we rely on the online banking to know what is happening before we make a purchase with a debit card or make an ATM withdrawal. UNLIKE EVERY OTHER BANK, Key will post an ATM transaction online, but if it's foreign, it will be deleted from the online system and will come back as available funds the following day - making it so that you cannot see the ATM withdrawal. So, your partner overseas withdrew $100 at an ATM (for example), but you can't see it. WHY WOULD THEY DO THAT? Here's why: You think that you have more than you really have, so you use the debit card at the office supply store because you think you have money and the debit card transaction is APPROVED, reinforcing the idea that you are still clear. Now, go look online and see the debit card transaction post, THEN the missing ATM transaction comes back on and... wait for it... BANG! Overdraft fee of $37. When asked why they do this, they say that if an electronic transaction is approved, it shows - but if it doesn't post - it is reversed back off so that the funds are still available. Sounds reasonable except for one thing: WHEN DID AN ATM TRANSACTION EVER NOT POST? NEVER!!! It will always post! A hotel reservation or a simple authorization at a rental store, maybe. But an ATM transaction? It's a predatory practice and they know it! My advice: DON'T BANK WITH KEY BANK! Even Bank of America is cheaper and more efficient.

  • St
      25th of Mar, 2011
    0 Votes

    The Gardens of Havana Key Bank branch had a special back in November 2010 for new clients. If you opened a checking account and did one of two things either have 2 direct deposits of more than $200 or make two online payments within the first 6 weeks of opening the account then you would receive $150. After my husband made two online payments he checked with the bank to make sure he was eligible for the $150 at which point they assured him he would be getting the $150 but it would take up to 8 weeks for the money to be applied to his account. 8 weeks later he had still not received $150 so he calls Key Bank and they tell him now the money won't be deposited directly to the account but he would receive a debit card with the $150, no later than February 12th (Keep in mind this would be 12 weeks later at this point) Once again February 12th rolls around and still no money received so we go to the Key Bank Branch off of Colorado BLVD to see what's going on. They claim they are having a system wide issue, that he is still eligible for the $150 but it would take two weeks at the most to work out the "system issue" so now, March 25th 2011 he calls again to check on the $150 and the teller at the Gardens of Havana location claims that the bank had deposited the $150 directly into his account on November 24th. This is ridiculous, how can a bank be so completely petty and misleading over $150 dollars. The ONLY reason we have not cancelled this account is because we are waiting on the money that he deserves and was promised at the time of opening the account. You better believe I will be reporting Key Bank to the better business bureau and all of my friends and family have already been warned to never do business with this bank in the future.

  • An
      16th of Apr, 2011
    -1 Votes

    I had transactions post on April 12th that brought my account to a balance of $30.12. I'd forgotten about an auto-payment for a service I use that was $39.99, which posted on April 14th and brought my balance into the negative. That was MY fault and I take full responsibility for that ONE overdraft. But was that it? Nope! I got THREE overdraft charges because they said that other payments, that I'd actually made on the 8th but didn't post until the 12th, came in AFTER that one so those made there be 3 charges. Then, to top it off, if you don't make your balance back positive within a few days, they'll charge you even more. $38.50 is highway robbery in itself, but to charge another $28 later? Ridiculous! I let them know that I have placed the EXACT dollar amount in the account to bring it to 0 and I'm not paying a dime more, and the account is being closed. I'm through with their games and lack of assistance.

  • Ks
      5th of May, 2011
    0 Votes

    The haters on this board are employees of Key Bank. Pretty obvious. I agree 100 percent with you. I have found the employees of Key Bank are rude and don't have good customer service. I had one employee push me into getting a checking account cuz she convinced me I had to have it in order to have the savings. Then later, another employee told me that that wasn't true and I didn't need the checking. On top of it blaming me saying it was 'miscommunication' when that first employee was pushy and clearly stated I had to have the checking. Pfft. Then, to close the checking account they said it's a $25 fee. Yes, blame the customer then make them pay for a 'mistake' (crime?) that you made. Good job Key Bank.

  • Do
      24th of May, 2011
    0 Votes

    I couldn't agree more. I have been on numerous boards regarding Key's predatory practices. And one thing is for certain: The same kinds of posts putting people down, telling them it is their fault, etc...Haha...obviously plants. I am sure not all of them, but the majority. Keeping a ledger will do nothing for you if KeyBank re-orders credits, deposits, etc... Let me explain: If your ledger shows that you overspent and you know you are on the hook for 1 overdraft fee, you can prepare for that right? Now what happens when KeyBank decides to re-order everything to capitalize on that new found overdraft? What WAS in order in your ledger is now NOT in order and you find multiple overdraft fees. Just change banks, seek class action law suits, there are plenty going on at any given time for this bank and a few others. Don't let people tell you that the bank's have already won. It is a lie, they are constantly being challenged and recently have lost in discovery motions set forth in a Florida court. Keep on Keepin' On...

  • Co
      22nd of Aug, 2011
    +1 Votes

    I have not overdrawn my account, but I'm still sick and tired of fees, and rule changes. Not what I signed up for, and I DO read the fine print. My money will be elsewhere from now on.

  • Sj
      1st of Dec, 2011
    +1 Votes

    I am an investigator with the law firm of Meyer Wilson. We are investigating a case regarding a financial institution and alleged fraudulent overdraft and other banking fees. If you feel you have been wrongly charged fees, and would like to assist or learn more about our investigation, please contact me at 614-384-7030 or [protected]@meyerwilson.com.

  • Ka
      4th of Sep, 2015
    0 Votes

    I've been dealing with their inconsistent and underhanded banking for 13 years, always swearing that each time they blame me for overdrafts, that I'm switching banks. They lie and they manipulate the timing of deposits and withdrawals to their advantage. I was told early on that at the end of the banking day they log in all credits first, then debits. That's a lie because they are debating and crediting all day and over draughts are immediate. We live in Hawaii and rely on online banking. Every Friday I transfer money to another bank, where it shows up on that account Friday morning. Back on Key Bank's online banking it does deduct it from my account until the following Tuesday or Wednesday which has cost us thousands of dollars in relying on their accurate and CURRENT electronic records. 2-3 business days later?? Overdraft protection? Apparently are credit isn't good enough for them. After 13 years, and threats to get an attorney, they finally agreed to deduct from our savings account in the future! 13 years of many $100's of over draughts!! That's extortion and a crime!!

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