topic Re: Keybank in Personal Finance

Keybank

Anonymous — Tue, 25 Jun 2019 17:16:55 GMT

I was thinking of opening a keybank deposit account. I’ve read many negative reviews on consumer affairs and I was wondering if anyone has had a good experience with them?

They are in the parking lot of the grocery store I go to almost daily so it would be convenient.

Re: Keybank

omgitsMatt — Wed, 26 Jun 2019 02:33:49 GMT

I had a checking account with them.

My wife had a
checking,
savings,
preferred line of credit for 7.5k
and CC for 7.5k and
a student loan.

I married into that relationship, my wife had all those accounts for 5 to 6 years a piece.

I won't froth at the mouth, that does no one any good, but I will say I strongly suggest another institution. Passionately, vehemently and dramatically suggest another one.

A few problems I've had,

- We used my wife's checking account mostly. So when my debit card details were illegally used to make a purchase, it caused me to overdraft. After 14 days waiting for it to be reversed, it took another week on top of it to get back the overdraft fee and the follow up "re" occurring fee charged too. I got a letter in the mail also asking me to fill out a form letter reaffirming the charge was being disputed for fraud about 2 weeks after I thought it was finally done.

- The preferred line of credit was discontinued, but no one told her. It had actually been discontinued for about 4 months when she tried to use it for something and she had to call to find out what was up. Discontinued product, no longer offered. All she got was her traditional statement up to then. Still in fact, that's all she gets, is just regular statements. I've called twice and showed up in person twice to ask four different ppl, its closed. I had to ask because it's still reported as open on credit report.

- When we stopped using the checking accounts completely and she got a fradulent charge that over drafted her, they took money out of the discontinued preferred line of credit to cover the over draft, then charged another $5 for the service which also came out of the PLOC. Took another 3 weeks to fix that.

- In spite, I closed all the checking and savings accounts and left open the PLOC and CC that was in her name. CC is at zero and the PLOC is about 7% utilization. Both are 6 yrs old and in good standing. The PLOC still has a balance that I make minimum payments on only, it has about 11 more left before its PIF. For whatever reason, its reported as an open line of revolving credit still. Is it discontinued or not?? Idk lol. But I took the time to make sure I was reading that correctly and it is still treated as active and open.
- The bank rep was very baffled and condescending when I patiently and politely told them we were closing our checking account BUT leaving open the CC and PLOC. As the PLOC was linked to the checking account. It was a lot of work for them to figure that out. That made me happy.
- Instincts told me there'd be trouble of some sort on making the next scheduled payment on PLOC. My wife doesnt like when I pay Bill's in advance, I kinda respect it too because she is right so I stopped doing that to such an extreme. That money might need to go somewhere else, but I digress. We paid minimum over KeyBank app with account from NFCU. Everything worked, it seemed.

I made a huge stink about it and how I wanted it done THAT day and not two weeks from then when it was due. I wouldn't budge.

We paid 23rd. Showed like it cleared and payment was received. 4 days later payment was reversed. No notice whatsoever either that the charge didn't go through. NFCU couldn't explain. Neither could KeyBank. Whatever, I just paid it in person with cash. Then took a receipt to prove it.

They're so predictably awful I managed to actually get ahead of that one, thank god.

Again, I keep the CC of 7.5k and 6yr and 1 month old open at zero balance. I run up 3 dollars of gas every other month.

The PLOC stays open too at about 521/7500 with payments in $50 increments.

I can't stress how appreciative I am of myFICO forums. I learned, through this very forum, don't make emotional or quick decisions.

I kept the large lines of credits open. Use them like a rented mule to keep our credit scores up while making active attempts to make them as little money off of me as possible.

Just before the PLOC is PIF, she'll apply for a line of revolving credit to replace that.

Had I not spent so much time reading so many interesting threads, including some from other jilted consumers using other banks, I would of PIF and closed everything.

Instead here I am begging you to walk a few more blocks to another bank!

Haha

Re: Keybank

omgitsMatt — Wed, 26 Jun 2019 02:35:38 GMT

Theres a few more interesting problems, but I have already sold you or I haven't. A ton more typing on my mobile phone won't make my plea any better lol

Re: Keybank

Anonymous — Wed, 26 Jun 2019 02:47:24 GMT

I have only been banking with them a few months. So far it has been great. I do all of my banking online. If I have to go into a branch it means something has gone terribly wrong. The website is great. The app is good, could be better. The placement of the ads (for other Key products) is a bit clunky. They keep pushing their “Hello Wallet” product. Which is AI based financial adviser product.

ACH transfers, both push and pull are super fast. Bill pay is also fast. Some banks take forever to pay the bill even if you schedule it for immediate payment. Everything is laid out in a logical manner. Lots of nested transaction detail but you can hide it or use a “simple” view.

They have a very easy to meet bank bonus too. My account was exactly one month old and I met the requirements and they paid out the bonus. I switched to them as my main bank. I resisted using an EWS bank for as long as could but more and more banks report to it now. I had a Discover bank account which also reports monthly balances to EWS. Key Bank like Wells Fargo, not only pulls and reports to EWS but they report every single ACH. My EWS report went from a few pages last year to over 20 pages now.

Re: Keybank

Save-n-Invest — Wed, 26 Jun 2019 17:56:40 GMT

I am a satisfied Key Bank customer. I get excellent service at the branch when I visit. My relationship is limited to checking, money market, retirement acounts and a MasterCard. I am not a fan or debit cards and don't use one.

I seldom visit a branch except to enter the safe box or pay real estate taxes at the teller window for the dated teller stamp.

I was aquired by Key several years ago during the merger times. The relationship is over 40 years old. I'm debt adverse. I have never applied for a loan. The MasterCard is a tricky as I get in the debt area.

If I am to post anything negative it would be the somewhat aggressive new kid who phones every six months. You know, the hotshot selling investments from the trunk of his car who will make me rich. That's annoying because you can't sign them off. I don't end calls abruptly unless is a telemarketer.

Re: Keybank

Save-n-Invest — Wed, 03 Jul 2019 01:47:16 GMT

I had a sort of negative experience at Key yesterday. I visited the branch to transfer funds from money market to checking and pay a real estate tax bill. I wanted to pay the bill that day so it may require a manager or supervisor override. Teller lines were long. I don't like to take a transaction to a teller that may delay other customers. I went to a personal banker. I was in there for about an hour as the kid tried to do the full colon on me. I don't like being sold--anything. This is not specific to financial products. I just don't like being sold.

The personal banker made the transfer. Then he launched into his shtick for selling stuff to a no-sale individual. It's been a long time since this happened to me. The woman who helped me just retired so I got hardsell guy. First he mocked my burb in reference to taxes. He made a crack that most of the tax goes to the schools "but you have that great garbage collection". Sort of an idiot comment. He told me where he lives. I would not trade places with him. That was the howdy do.

I think his deal was to try to confuse me with terms and sell me financial products due to confusion. I'm retried, funded and sitting on my backside. He's trying to hustle retirees. Kiddo should be taking notes.

During his morable spiel I don't remember hearing the word fiduciary. I remember him telling me I'll have to start taking RMDs from my Roth!!

His questions were goofy. Not certain if he was trying to be my new BFF to hustle me or just nosy. Maybe his dumb queston had a purpose. He asked me what the milage was on my car. You gotta love it.

I put my Key cc on his desk and asked him to PC to the cashback version. He didn't think they do that. He got the manager. Manager said they don't do it now but to get my info in case the start to.

When I escaped I went to the teller and paid my tax bill. I also deposited a check drawn on Huntington to replace the funds I just had transferred from my money market account.

Key definitely needs to pull back on the hardsell via alternative facts--RMD's from Roth. lol

There was a time I hated to enter a Key branch unless it was a straighforward teller transction. I'd forgotten about that. The woman who helped me for years is gone. She had some sense. I told her from the jump I was not interested in financial products. She respected that. I'll miss her.

In the fall of 2012 I went in to convert portion of what was a traditional IRA to Roth. The should-be used car salesman who eventually did the conversion tried to sell me on bond funds. He was trading on racism with a precuation as to how our economy would crash if President Obama was reelected. We were in a bull market then but why split hairs?

Key should work on ethics for their hardsell team. I'm comfortable handeling my own funds. Some people are not. My philosophy is that anyone who was shoulder to shoulder with me while the funds were being earned has a vote. Everyone else be cool.

Re: Keybank

omgitsMatt — Wed, 03 Jul 2019 02:09:09 GMT

I've also had frequent hard sells when visiting the branches in person.

Exclusively for credit related accounts.

Re: Keybank

Save-n-Invest — Wed, 03 Jul 2019 03:21:59 GMT

New guy wanted me to apply for the cashback cc. They pull Equifax. He wanted me to provide him with my pin to lift the security freeze. He would put my pin on the cc application as a service to me.

I must look like I just fell off a turnip truck. Lol

Re: Keybank

omgitsMatt — Wed, 03 Jul 2019 03:30:25 GMT

That's funny, because I fell off.

I let them pull 2 yrs ago for a Key2More Rewards card. Was counter offered a secured loan after the pull. I passed.

Excited about the HP falling off in a month entirely, it's not hurting anything anymore but reminds me of how little I knew 2 yrs ago.

Re: Keybank

omgitsMatt — Wed, 03 Jul 2019 03:31:50 GMT

I'm glad I didn't get a credit account with them. Got lucky.

Re: Keybank

Save-n-Invest — Wed, 03 Jul 2019 18:08:48 GMT

@omgitsMatt wrote:
That's funny, because I fell off.

I let them pull 2 yrs ago for a Key2More Rewards card. Was counter offered a secured loan after the pull. I passed.

Excited about the HP falling off in a month entirely, it's not hurting anything anymore but reminds me of how little I knew 2 yrs ago.

I doubt that.

I have the Key2More card. I'm an old Cleveland Trust customer. A few bank name changes have occured since then. I was surprised that he thought I was stupid enough to provide him with the security pin for a CRA. That was my reason for the turnip truck remark.

Re: Keybank

omgitsMatt — Thu, 04 Jul 2019 09:44:22 GMT

The very fact you had a security pin for a CRA should of clued him in immediatly you couldn't be sold on something you weren't already interested in. He's going to have to work on his sales if he wants to get anywhere.

What I mean to say was two years ago I probably would of given him my pin

My mother always said I fell off the turnip truck, that's how she got me. That and aliens.

Re: Keybank

Save-n-Invest — Sat, 06 Jul 2019 04:54:11 GMT

@omgitsMatt wrote:
The very fact you had a security pin for a CRA should of clued him in immediatly you couldn't be sold on something you weren't already interested in. He's going to have to work on his sales if he wants to get anywhere.

What I mean to say was two years ago I probably would of given him my pin

My mother always said I fell off the turnip truck, that's how she got me. That and aliens.

The last time anyone spoke to me the way this guy did I was buying a car.

<mod edit: No politics on myFICO. --UB> My assesment is that he tries to sell financial products by misleading and instilling fear, doubt. Not cool.

Key should work on the ethics of their personal bankers. This is not the first one with all the balderdash. I enjoyed several years without exposure to that until my prior apppoint person retired in May.

Re: Keybank

UncleB — Sat, 06 Jul 2019 04:54:49 GMT

Quick reminder: https://ficoforums.myfico.com/t5/User-Guidelines-General/5-Things-We-Don-t-Talk-About/td-p/336929

Re: Keybank

Save-n-Invest — Sat, 23 May 2020 16:19:33 GMT

Th purpose for this post is to update on more negatives for Key unfortunately. My reason for contining with them was good service in the branch. All lobbys are closed for an indefinite period. The website states that *most* night depositories are active. I tried to learn more specifics of most. I had a federal check and wanted to make certain it would not be lost in the shuffle.

Calling Key2You is a waste of time. The menu options have changed. Essentially if you are begging and bumming there is an option to assist. There is nothing else. The phone tree options continue in an infinite loop. Nothing for other customer inquiries.

The website also states that an appointment could be made with a banker to enter the lobby. There is no answer at the branch where I have a safe box.

To sum up Key is the slowest to update, pays the lowest rates and now makes lobby services unavailable. My oldest cc is with Key so I will continue with that. Real estate taxes are due in early July. Key is the only bank in the area that accepts those payments. The county does not honor postmarks so a telleer stamp is desirable.

This state is open fully from virus restrictions. It's time for Key to at the very least allow customers to know when they will open the lobbys.