Key Bank USA Checking Accounts

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Posted by Papa on 10/10/2005
WASHINGTON -- After depositing well over $1,000 within a one week period and spending $585.00 for rent and another $150 for gas and groceries, I found my debit card all of a sudden was being "revoked" for overdrafts?? I immediately went to my local Key Bank branch only to learn that my account was a shocking -$20.00 overdrawn. I question the teller on this, only to learn that they had been holding every one of my paychecks until they cleared my employer's bank! This created over a $420.00 overdraft accumulation against my account over a 2 week period. Man! did I EVER get ripped off! They held my paycheck deposits longer than a 4 day period, claiming "the check had to clear before Key Bank would recognize it as a legitimate deposit". In the meantime, I was completely gouged for $420.00 in overdraft charges unjustly (my paychecks were in fact "legitimate") and I am looking at another bank to deal with. Key Bank stinks and are guilty of highway robbery!

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Posted by KeyBankSux on 2006-09-29:
You are not alone. Thats how they make up for being a poorly managed multi-national cock-up. If they can't make enough off their investments, they take it out of the little guys who have no way of getting any help. I will never do business with Key again.
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Save your time and money!! Don't bank with Key Bank!
Posted by JessicaE on 01/15/2010
FLORENCE, KENTUCKY -- I have been in the banking industry for 6 years now and I have NEVER been involved with a bank this terrible. I should have stayed with Fifth Third! I left Fifth Third because I am an employee and that meant no one could view my accounts but myself--which can be an issue if there is ever a problem with fraud, etc. When I initially opened my account with Key, I did it online. I never got a confirmation number or a phone call or anything. So the following day I went into the Houston branch myself to see if the online service had actually worked and I ended up being in there for 2 hours!!! Their systems kept going down and they couldn't tell me whether or not they had put begun the process of debiting my old Fifth Third account with an automatic transfer. I ended up leaving after they "fixed it" but I felt very uneasy--and I should have gone with my gut instinct. Recently (it's now 2010) I received a call from a woman at the Houston Rd. branch (Amy) and was rudely told that Fifth Third Bank had reported negitively to ChexSystems that I had NSF activity on my old account. I assured her there must be some mistake and that my account with Fifth Third had been closed and I left in good standing. She rudely just repeated again that I had to close my account or I would have to have my check and debit card privileges revoked and they would start charging me fees for my direct deposit. I immediately contacted Fifth Third and was assured that they had not reported anything to ChexSystems and that all my accounts were closed and in good standing. The manager at Fifth Third even gave me a notarized document to take to Key telling them that I was a good client and that I was in good standing. I brought it to Amy at Key immediately. I didn't hear back from her until a few days after. She again rudely stated that I needed to close my account or revoke privileges. I asked if the problem with ChexSystems was still not cleared up and she said she hadn't run the report again, but because my account went overdrawn by $4--even though I immediately deposited plenty of funds (CASH) to cover it--that I had to close it. I tried explaining to her that the deposit would have been made the night before the check that caused the overdraft posted, but by the time I reached the bank they had closed for the night (they have highly non competitive hours and BAD hours for those who work 9-5). She simply said, "sorry." The following day I saw where they hit me with two $33 overdraft fees!!! They had posted both overdraft fees FIRST, then an item for $16 that had been memo posting for OVER A WEEK, and FINALLY my cash deposit showed. Most banks do process the highest debit amount first, but in this case, they should have posted my cash deposit because cash is INSTANT. This account never should have been charged a fee especially because the deposit was made at 9am the morning of the overdraft. Most banks give you until 1pm to get your deposit in. I have NEVER been treated like this in my life. I had been banking with Fifth Third for 10 years and I should have stayed with them. I never had issues like this with them. There are PLENTY of other banks out there and I highly suggest if you are looking for a SAFE and RELIABLE place to keep your money--you AVOID Key Bank!!
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Posted by goduke on 2010-01-15:
Fifth third does the exact same thing when posting debits/credits.
Posted by Anonymous on 2010-01-15:
So while you were trying to convionce them that you didn't overdraw at 5/3, you overdrew your new account, and blamed it on them because they don't stay open long enough for you to cover the items you wrote before there were collected funds in the account? I just want to make sure I get this straight.
Posted by Anonymous on 2010-01-15:
You might want to pull your own chexsystems report. I think this event would entitle you to a free report. Good luck.

Posted by Anonymous on 2010-01-15:
Yep Ken, seems that way. The OP needs a lesson in using a check register. Youre the one who overdrew your account, not the bank. So the manager of the bank was going to revoke your priveliges, and you bring a document from a friend from the bank you used to work at showing you were in good standing, and then overdraw on your new account anyway? Wow. And youre blaming the reason you got the overdraft fees is because they closed early? lol what a ridiculous complaint. Its like someone complaining to the judge that its not fair I got a speeding ticket. Yeah I was speeding, but if the officer wasn't watching my speed to begin with, I wouldn't have gotten the ticket. Does it make it right? absolutely not! people in this country need to TAKE RESPONSIBILITY FOR THEIR ACTIONS AND STOP TRYING TO BLAME OTHERS FOR THEIR OWN NEGLECT!
Posted by Anonymous on 2010-01-15:
"I left Fifth Third because I am an employee and that meant no one could view my accounts but myself--"

Really? That's kinda dumb. Most banks, if you're employed by them, you *couldn't* access your own account (to view or anything)... only other employees. Anyways.

"should have posted my cash deposit because cash is INSTANT."

Yes, it is instant. But, working at a bank you should know it also depends on when you make the deposit. You say you made it at 9am, that day. You mean the day that you discovered that your account was in the negatives? Or the day before things were going to post that would put you in the negatives?

Posted by Ytropious on 2010-01-15:
Before I moved to a Key Bank-less area and switched to fifth third I loved my local Key branch. They were all so nice there and recognized me, and the bank manager knew my family by name. I'd go back now that I'm back in a Key Bank area but I've got no complaints with fifth third either.
Posted by Anonymous on 2010-01-15:
BKK, I believe the OP is correct. In my experience, an employee is allowed to view their accounts, but never transact on them. Because the employee has the same rights to privacy as other customers, generally, other employees cannot view their accounts. Commonly, when an employee depsoits with a teller, the receipt won't even print the balance like it does for everyone else. Even with all that, it's not a great idea to bank where you work.
Posted by Anonymous on 2010-01-15:
Ken, I wasn't saying she was wrong about that. I was merely saying it was a dumb thing.

And, I do know, for a fact, some banks do not allow employees to look at their own bank accounts (via the tools tellers use to look up information about accounts and transactions), let alone do transactions for themselves. It all depends on the bank.
Posted by Anonymous on 2010-01-15:
Entirely possible BKK, there are a bazillion different banking systems out there, I'm sure they don't all work the same way.
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Please Read This If You Check Your Account Online!
Posted by Varekai on 02/23/2010
SEATTLE, WASHINGTON -- I am retired and check my account many times online everyday. I'm lucky that I have the time to do it as most people don't. Sorry for the long post but this should help anyone doing their check balancing online:

Thursday 5 days ago I made a (in person) debit card payment to my doctor's office for the past couple of months of co-pays for my wife and myself. Let's just say it was a little over $100.00. The next day (Friday)it posted as pending and did show it subtracted for available balance. I had enough to cover it and today (Monday)it is gone from the listing and they have added it back as though and my account balance is now $100.00 over my own calculations. Nothing shows pending so if I wasn't careful I could overdraw my account thinking my balance was $100.00 more than it really is. They do this on Fridays just before the weekend so people will think they have more in their account when they don't. They hide under "We are performing maintenance" or some other excuse and purposely take out your already listed highest purchase and then tonight they add it in a second time and you just hope you have not made an easy mistake of forgetting your current balance because theirs is wrong and for a good purpose.

I know my balance is $150.00 but after posting and removing my highest payment show me to have $250.00 after they already received the payment. This happens too often and mostly on Fridays ("We're performing maintenance and all of your transactions may not be shown")This is after I had seen it on Friday morning after paying (debit card) the doctor's bill on Thursday. If you are not careful and overdraft on Friday and don't check your balance for a few days you will then have your overdraft fees automatically pushed into the second tier for more charges. I know, make sure you have enough money to cover but no matter how high or low my account is I shouldn't have to be subjected to this abuse. I am in the process of getting my Pension & Social Security auto deposits into a local bank here.

Tomorrow morning they will add in the $100.00 payment again just like Friday and deduct it from anything that was written or charged over the weekend. Even though it was processed last Thursday and was listed online as pending on Friday morning. UPDATE: Today is Tuesday (12 hours later) and sure enough the $100.00 shows up deducted from my balance when it showed NO Pending Charges last night and my balance was $100.00 more than this morning!
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Posted by Anonymous on 2010-02-23:
I have a better idea......don't ever check your account online and use your check register to balance your account against the statement you receive from the financial institution. It's antiquated but it's the only thing that is a non-miss. Checking online, even daily, will not solve anything.
Posted by yoke on 2010-02-23:
When you checked online and saw the balance was $100 more than what it should be did that also happen in your check register? Was your checking register also down for maintenance?
Posted by Anonymous on 2010-02-23:
They drop the hold if the merchant does not submit the charges within a certain number of days and that amount is added back to your balance.When the charge comes in, they take it back out. It is called authorization.

I hear a soundtrack of spy music in the background. Why is it always a conspiracy when people don't understand how something works?
Posted by tnchuck100 on 2010-02-23:
What is wrong with you people?

This OP did nothing wrong. He was NOT irresponsible. He was simply pointing out how deceptive on-line balances can be.

Try actually reading the review and pay attention to what is written instead of attacking the poor guy for trying to be helpful.
Posted by Anonymous on 2010-02-23:
tnchuck.....I read the review. I took it a step further and said checking online balances is useless. Read the responses first before lumping them all together, please.
Posted by tnchuck100 on 2010-02-23:
Judge, if you had read it you would have noted he was already using your "better idea".
Posted by yoke on 2010-02-23:
I did read the post. The OP makes the same mistake that many who bash banks do. They do not keep a check register. They go by what is online. The OP saw that his balance went up $100. If your balance goes up $100 and you did not deposit $100 then I would not spend the $100 until I checked with the bank to see why the $100 was there. If an accurate check register is kept the $100 would not have shown up there.
Posted by tnchuck100 on 2010-02-23:
yoke, if you read you did not comprehend. The OP did NOT make a mistake. He DOES use a check register. Read, pay attention, understand.
Posted by Anonymous on 2010-02-23:
I read it twice more and I have to say, I'm just not seeing where the OP says he uses a check register. I see where it says "over my own calculations" and "I know my balance is...." but I'm overlooking where it says anything about a register. Oh well...must be time for a beer.
Posted by tnchuck100 on 2010-02-23:
"...as though and my account balance is now $100.00 over my own calculations"
"my own calculations" seems to imply that he does use a register. He just did not use the term "register". At least he does not RELY on the bank's mis-leading information.
Posted by yoke on 2010-02-23:
Judge it does not say "in my check register". According to his caculations he had $100 more than the day before and nowhere does he state that he made the $100 deposit.
I understand what the OP is saying, but you can not rely in online banking balances and as a responsible person if you saw you account go up $100 and you did not make a deposit you do not spend the money.
Posted by Anonymous on 2010-02-23:
I guess we're just splitting hairs. Whether or not he uses a check register, it's good advice not to use the online numbers AS a register. Kind of what most of us here have been saying for quite a while.
Posted by tnchuck100 on 2010-02-23:
Judge, get me one too.
Posted by Anonymous on 2010-02-23:
Good man...you must go by my motto. It's noon somewhere. For me though, it's almost 730pm. You have to be just waking up.
Posted by goduke on 2010-02-23:
I'm sorry, but I'm just not buying the cow. If you don't understand how a chainsaw works, you shouldn't use a chainsaw. If you don't understand how online balances work, yhou shouldn't rely upon online balances. No bank anywhere has ever told customers to rely upon the online banking as a substitute for a check register or as a substitute for keeping track of your bank account.

And the OP may have used the debit card, but he used it as a credit card, which means that the MD ran an authorization. Authorizations drop off. Key Bank is not being deceptive by dropping the authorization, that's how authorizations work. A lot of MD offices batch their payments once a week or once every couple of weeks.
Posted by PepperElf on 2010-02-23:
cows & chainsaws...

my imagination is having a LOT of fun now. >:-)
Posted by tnchuck100 on 2010-02-23:
Pepper, it is nothing more than a representative example of those who ignore the OP's posted facts and insert their own.
Posted by goduke on 2010-02-23:
Oh, please, chuck. That's just not true at all. I am no morem aking up facts than you are. If the OP was keeping his own register, he would have realized that there was a $100 charge out there that was neither in pre-auth or cleared. He just assumed that because it didn't appear in the online portal, he no longer owed that money to anyone.
Posted by PepperElf on 2010-02-23:
tnc - don't ruin my mental sick fun.

Posted by Anonymous on 2010-02-23:
I'm tending to agree with tnchuck more and more. Folks, the OP isn't saying he forgot about it or overdrafted. In fact, he said he was fully aware of the 100+ bucks being posted as pending then dropping off and adding back in. He is not saying he spent it again. He is merely saying, I guess, don't use the online numbers as gospel.
Posted by goduke on 2010-02-23:
He's characterizing it as deception, which is my beef. It's not deception. It's how authorizations work when you use the debit card as a credit card. They appear as a pending auth. If it's not closed out as a charge in a specific amount of time, it drops off. The person who ran the card, however, can still tag the money.
Posted by tnchuck100 on 2010-02-23:
goduke, you are still missing his point. I have a bank who does exactly as the OP describes. Items will turn up missing in the evening only to reappear in the morning. It has nothing to do with authorization drop-offs. It IS deceptive.
Posted by yoke on 2010-02-23:
Nothing is deceptive if you keep a check register. Once the money is gone it is gone. It does not matter how many times it appears and then disappears online. The money is not there to spend. To many people don't understand that and then want to blame the bank and say the bank is being dishonest.
Say you have $50 in you account. You make a debit for $20. You now have $30. That night your account says you have $30. The next morning you check again and it says you have $50. Now common sense would tell you that sinse you did not deposit $20 that the balance online is wrong and you really only have $30 to spend. Later that day you look again and have $30.00. Fast forward to the next day and you look online and you again have $50. Does that mean that you get to spend $50 or do you still only have $30. Some people will tell you that since the online balance said $50 then they have $50 and then when something bounces it is the banks fault.
Posted by goduke on 2010-02-23:
Just because I don't agree doesn't mean I'm missing the point, or that I can't read, or that I'm stupid. It means that I don't agree.

Again, online banking is to facilitate the reconciliation of your own bank records. It is not to be used as an online check register. No bank has ever represented it as such. If you have a record of your spending, as all banks tell you that you are supposed to do, it doesn't matter squat if it disappears for an hour. You still made the charge or wrote the check, and you still owe it to the merchant.

How would a bank know which particular charge to make disappear in order to cause overdrafts? Anything over $100? Then it would be all charges over $100. Every 10th, or 72nd or 83rd charge? You are suggesting that the banks can see what you're going to charge tomorrow before you even charge it. Doesn't make sense.
Posted by Venice09 on 2010-02-23:
As I was reading this review, I too found what transpired to be deceptive. I think the OP did a good job explaining his theory, and it actually makes sense. I think he is honestly trying to warn others and is not just complaining. I also think he keeps a check register or some other kind of record of his own.
Posted by redmx3racer on 2010-02-23:
It's not deceptive if you know how much money you have to begin with. In fact, I have Key Bank, I don't keep a register (shame on me), and I have never had an issue with items just disappearing and showing up online. Yes-on rare occasions they do have "site maintenance" and you can't see your pending transactions (credits or debits). But they are not doing anything to decieve anyone as far as I can tell in the 8 years I have had them. And that seems to be the OP's complaint/conspiracy theory.
Posted by Anonymous on 2010-02-23:
Thank you, Varekai, for your review. While I do not use my bank's online register to manage my accounts, you have shared an interesting observation I am sure many people who do never take into consideration.
Posted by Anonymous on 2010-02-23:
I'm like Chuck did y'all actually read the review? The OP is not complaining about getting an OD fee and also obviously does keep track of his checking account. Oh well there's no sense in letting the facts of this review get in the way of anybody's rant.

These banks either purposely obfuscate online balances or like I said before Oklahoma banks have super duper computers and turbocharged merchant networks. I for the most part never write a check so all my transactions are deposits or debit card. My online balance is always balls on accurate. If I go the 30 yards downstairs to get a misty morning hop-a-pop on my debit card by the time I make it back up stairs that transaction shows up on my online banking as does all my other debit transactions. I've never seen a transaction go from pending to disappearing online then posted later. It doesn't happen with my bank. Hmmm, Wonder why? Oh yeah it's that technically superior Oklahoma information super highway. Incredible.
Posted by goduke on 2010-02-23:
Stew, just because we don't agree doesn't mean we didn't read, or have limited understanding.

I'm not sure why we're so keen on the idea that it's the bank's job to give me a minute by minute completely accurate picture of how much I can spend. I don't think the banks signed up for that.

I have seen for a fact that gas stations where I live are rarely showing up as pending authorizations any more. I don't think it's my bank, as gas charges when I travel out of the area do. I also know that my doctor often doesn't clear charges on my check card (used as a credit card) for a month or so. But I write it down, and it's no big deal.
Posted by Fufu487 on 2010-02-23:
Actually the banks SHOULD be able to give you a minute by minute accurate picture of how much you spent. The technology is out there and been used for years, real-time purchasing. You make a purchase, BAM, the funds are out of your account.
Posted by yoke on 2010-02-23:
there is the technology out there so you know exactly what you have spent and how much you have left. People have been doing it for years, much before computers and online banking. It is called a CHECK REGISTER.
Posted by Anonymous on 2010-02-23:
goduke, I would never claim anybody on here has limited understanding because most of y'all are pretty sharp. We all talk from our own experiences. My experience with my bank is that the online balance reflects the true balance. I just question why it can work that way in Oklahoma but not the rest of the country. Sure, it's a given Oklahomans have higher IQ and BMI numbers but still that's no reason the rest of the country can't catch up.
Posted by MissMae on 2010-02-23:
Varekai, thanks for the VERY informative review of Key Bank. I'm not sure why you got such a beat down for not keeping track of your own records, because when I read your review, it sounds like you are quite meticulous. If you're planning on changing banks and it sounds like you should, look into Banner Bank in your area. Or one of the many Credit Unions.

Fufu487, best answer! I've said it a thousand times...in fact, I can't remember which CU does it, but I've seen advertisements where someone is at a coffee shop and they buy coffee and BAM there is the transaction on their online statement. The whole commercial is about how convenient it is to have instant transaction history online. So yes, it can be done.
Posted by goduke on 2010-02-23:
I think some of it may be the merchants. Like I said, gas charges are no longer showing as pre-auths up here. They actually never show as a preauth and hit the account a few days later. When I travel out of yankee land, don't seem to see that.
Posted by goduke on 2010-02-23:
If you use the bank check card as a debit card, it does appear immediately. If you use the bank check card as a credit card, it works just like a credit card -- the merchant runs a pre-auth and has to close the transaction for it to actually hit the account. The bank can't close it and have it hit your account without the merchant taking some action.
Posted by MissMae on 2010-02-23:
Goduke, the OP used ran a debit transaction. And, I'm afraid you are wrong. When I use my bank card, if I run it as a debit it is immediately deducted from my balance. If I run it as credit, it shows in pending status until it's been rectified. When I look at my online statement, I have an Account Balance and an Available Balance. The Available Balance shows anything that's pending. So yes, it can be done.
Posted by Anonymous on 2010-02-23:
I agree with MissMae. I never ever do PIN based transactions because I only get golf ball points when I do signature based. My signature based transactions show up immediately.

Holy smokes only on my3cents would you find claims that pen and paper is superior to tracking numbers than a computer. Ring, ring, ring -- The year 2010 is holding on line one.
Posted by goduke on 2010-02-23:
I'm not entire sure the OP ran a debit transaction. Just said he used his debit card. My doc runs my debit card as a credit transaction without asking me. They don't have the ability (or desire) to take it as a debit transaction.

I don't think what I said was wrong. I was speaking only of actualy balances, not available balances. The pending authorization would obviously affect the available balance. It cannot, however, affect the ledger balance until the merchant takes action.
Posted by yoke on 2010-02-23:
MissMae, yes it can be done, but in the same respect the consumer needs to take responsibility for their accounts. If they know that they had $250 in their account and then spent $100 they know they only have $150 to spend. It should not matter how many times the bank removes and adds the same $100 to the account, the money is no longer there to spend.
Posted by MissMae on 2010-02-23:
Then we are arguing a moot point, really. The point is if SOME banks are responsible enough to post both the Available balance, and an overall Account balance, then they all should. Obviously the technology is there, as Fufu pointed out earlier. I use a check register for one thing..checks, because I am smart enough to know that a check will not instantly show up. Everything else I rely on my online statement. And I don't overdraft.

And Yoke..the OP never said he overdrafted. He pointed out a tactic that Key Bank uses that is misleading. He was responsible, because he was keeping meticulous records. Say what you will, it's misleading.
Posted by yoke on 2010-02-23:
yes Stew this is 2010 and some still can't figure out how to balance a checkbook. They think a computer will do it for them.
Posted by goduke on 2010-02-23:
My bank shows both available and ledger. And I know for a fact the credit auths at some gas stations aren't showing up (even as the $1 ghost charge to check the card). Doesn't appear my bank is doing anything wrong, as other credit charges are appearing. I also am not accusing my bank of deceiving me by refusing to post them.
Posted by Anonymous on 2010-02-23:
Yoke, I'd wager most paper check book registers are loaded with mistakes whether it be arithmetic, transposing numbers or forgetting to write down an auto-pay. Them there computers are really good at ciphering.

So goduke what I'm hearing you say is that when you get gas the gas station doesn't authorize the transaction? Just submits it blindly with the hope of getting paid. Wow, that's pretty trusting. When I get gas at the OnCue the signature based authorization for the exact amount shows up immediately. I don't understand why in 2010 everything doesn't work that way. It's just nuts.
Posted by Anonymous on 2010-02-23:
As GD points out, there are two electronic channels in which these transactions can be processed. One shows an immediate transaction, and one shows an authorization followed by a later posting. In some cases the consumer can control the method, in some cases they cannot. Unless you are completely aware of which channel was used, and can identify what might not yet be posted, it is suicide to rely on online balances. There in nothing deceptive, or misleading, it is all in the mechanics of the system.

The way it should work is that you check online and see a balance of $250, you check your register and see a balance of $220, look a little further and see that you $30 gas purchase hasn't posted yet... and bang! Your account balances and you know what you can spend. Unfortunately, too many people see the $250 and go out and spend it, then whine about the OD charges.
Posted by MissMae on 2010-02-23:
Maybe Stew and I have the only banks in the USA that can and do immediately post all pending transactions, down to the exact penny. It is crazy that in 2010 ALL banks can't do this.
Posted by Anonymous on 2010-02-23:
Oh BS. More than one person has posted on here that there online balances are very accurate. That no matter the channel of the transaction they sill immediately appear online. The common denominator of those making these claims is that they use local credit unions or local community banks. As they say the proof is in the pudding. These corporate banks have already shown their ass in the last couple of years. There is nothing these creeps won't do to shove a fee up their customer's hind end. Defending this insanity is well just insane. When will people learn that the Key Wests, BoA, Chase, Wells Fargo and the rest of the clan of thieves are predators and the customer is the prey. Eh, I'll stick with my community bank who seems to have supernatural powers when it comes to my online banking.
Posted by goduke on 2010-02-23:
Stew, that appears to be what is happening. I haven't really done a great deal of investigating because it keeps working o.k. It could be that they have a way of checking the validity of the card without running the mini-auth. I can't explain why, but I can absolutely swear that there's no auth showing. I usually just chalk it up to being a yankee thing. I know companies up here aren't nearly as techno reliant as they are in other parts of the US.
Posted by Anonymous on 2010-02-23:
All banks *can* do this, it is the merchant more than anyone else who controls the process. Of the two systems, one is better for the merchant, one is better for the bank. The merchant tries to steer you to the one best for them, but I can tell you with 100% assurance that not every transaction you make is immediately posted. Check the next time you use the debit card in a restaurant and see if it is pre or post tip amount, and it it shows as pending. Everyone with a debit card uses both channels at one time or another.
Posted by goduke on 2010-02-23:
And when I say yankee thing I mean it in the most loving and respectful way.
Posted by yoke on 2010-02-23:
My online balance is up-to-date, except for outstanding checks and it balances to my check register. There are some out there that can not comprehend that once you spend the money you can not continue to spend it until the bank catches up to it online. There are some that feel that since the bank did not take out the $30 debit right away it gives them the right to spend it again and again and again and then are mad that the bank then gives NSF's.
Posted by Anonymous on 2010-02-23:
I ate a late dinner at Pelicans last night. The authorization showing up on my online banking is for the post tip amount. Must have been a midnight seance at First National Bank last night. Spooky.
Posted by MissMae on 2010-02-23:
KenPopcorn, if what you are saying is true, that it is merchant dependent, then explain why I don't see this happening with my account. Not when I travel, not when I shop local, not when I purchase gas, not when I shop online. How is it possible that my bank can and does post everything either immediate or pending (again, I have an Available balance and an Account balance showing on my online statement) and yet you say it is merchant dependent? I don't get it.
Posted by goduke on 2010-02-23:
Is this where we get to make cracks about backwoods oklahoma folks practicing dark magic?
Posted by skelly39 on 2010-02-23:
I'm coming in late here, but I agree with Stew and tnchuck. The banks make up their own dang rules on when things appear and disappear. I bought a plane ticket online with my card. The authorization went through and it was pending that night and the next day. Then it magically disappeared the following night. So it was on my account for about 24 hours before it dropped off. Luckily I knew it was still hanging out there, but I'm kinda sick of hearing about this 3-day hold rule that only exists at certain times. Sometimes it's three days, sometimes it's one. What's the criteria? Ok, so we're all responsible for our money, but the banks don't make it easy to keep track.
Posted by Varekai on 2010-02-23:
Hi! I am the one that posted this complaint! I do keep a check register and check my account online. I was sharing my experience for this reason: If the online account doesn't line up with the check register and I know my register is correct it still bothers me to the point where I question if I made the mistake. I do make them and try to use both forms of a register and a online check. Remember, it is their numbers that determine if I overdraft and if they make a mistake I still have to spend the time to help correct it. My frustration is the charge is listed/showing online Friday morning and will disappear after it is in the pending process Friday evening. Then it is added back my account only to be subtracted again Tuesday morning (today) and sure enough it was. This is just a warning for a lot of people that are not aware of this. I know I wasn't at one time and I'm lucky I carried enough of a balance to not overdraft.
Posted by Soaring Consumer on 2010-02-23:
Voted helpful, good job Varekai for pointing this out.
Posted by Anonymous on 2010-02-23:
Varekai, I agree with Soaring --- Good review! Good comments as well.
Posted by Anonymous on 2010-02-23:
Agree with Chuck. The OP wouldnt be able to do his own calculations if he wasn't somehow keeping track, on his own, of what his balance truly is vs. what it shows online.
Posted by goduke on 2010-02-23:
If you're keeping meticulous records of your own, why does it matter what the online balance says?
Posted by Anonymous on 2010-02-23:
Mae, here's the difference. If your transaction comes through the ATM switch, it hits your account and is deducted immediately. If it comes through the POS switch, it is a pending transaction, which does hit your account immediately, but may not be for the exact amount of the purchase. Further, if the merchant does not submit the debit immediately, the pending transaction times out, and drops off your account, and your balance goes back up. When the transaction is presented, it will post to your account and your balance will drop back down. So, if you don't have a check register to verify against, do you think you can rely on that balance to always be true? As I have said at least 900 times, it is intended to be a tool to help you verify your register, not the balance to live by.
Posted by jktshff1 on 2010-02-23:
Seems like another old person who uses commen sense and calculations to verify what is going on with the account.
does seem like a way for the banks to "scam" an overdraft or another fee into their pockets.
Posted by madconsumer on 2010-02-23:
"Actually the banks SHOULD be able to give you a minute by minute accurate picture of how much you spent. The technology is out there and been used for years, real-time purchasing. You make a purchase, BAM, the funds are out of your account."

if this was the case, there would be more denial of charges.
Posted by Anonymous on 2010-02-23:
And there will be Mad, come July
Posted by MissMae on 2010-02-23:
Ken, I am sorry you've had to explain this 900 times now. I won't keep asking. I don't know how it works, all I know is that I've banked with Banner Bank for over 8 years now, and my pending transactions always show up in the exact dollar amount that I've charged. I checked today and I have 4 pending transactions. They equal the 4 receipts sitting here at my desk, down to the penny. One is for gas, one is for a grocery store, one is from Walgreens, and one is for stamps at the post office. I don't get it, I'm just going to be thankful for my banking choice.
Posted by Anonymous on 2010-02-23:
That's not surprising Mae, you probably patronize the same places, and they do the same thing. The point is that you cannot depend on them being the same. The best example is gas stations, typically they hold either a dollar (to verify the account) or a maximum amount like $75. I think GD noted today that his ga station doesn't hold at all.

The way these items post doesn't have much to do with the banks, they all use the same networks, and pretty much the only variable is the number of days before they drop a pending transaction. Other than that, they all hit the accounts exactly the same way.
Posted by Varekai on 2010-02-23:
Why do I check my register and online account? In the past year I was double charged on one item from a well known department store and it took 15 days to reverse it. The company admitted the mistake and said they would pay for any overcharges. They suggest I contact the bank and the bank said take it up with the company! I never would have caught this until my bank statement came in the mail. Another time I was charged the wrong amount (overcharge) from a restaurant and when I contacted them they said no problem it will correct itself. 2 weeks later after repeated attempts I corrected it dealing with the restaurant and the bank. Even if a business makes a mistake the bank doesn't care who made the mistake. I always carry a plus balance and glad I did. By checking the online account I could get on the problem instantly instead of waiting for the bank statement to show up. Even when the business says no problem we'll pay any overdraft charges it doesn't make it right as I have to go through the time and effort to fix their problem which becomes mine instantly. My register was right all along but if I didn't have a plus balance I would have suffered the overdraft mess. I'm glad I could check the online account and see the wrong charges. My frustration is the disappearing pending charges come and go. That is why I use both register and online accounts to at least have the best information available. Myself, businesses and banks make mistakes! I have to get involved regardless of who makes the mistakes!
Posted by tnchuck100 on 2010-02-23:
Varekai, many here could use lessons on how to make proper use of on-line banking information. You properly track your transactions and are always aware of what SHOULD be in the bank. That way you can spot bank or merchant error BEFORE it can snowball into a windfall for the bank.

As you can see there are many diverse opinions about your post. Some get it. Some don't.

Excellent review. Plus your comments have added even more value as well.
Posted by Venice09 on 2010-02-23:
Excellent explanation and examples, Varekai. If more people paid that kind of attention to their accounts and their money, there would be a lot less problems with banking. You are obviously a well-spoken, detail oriented person who takes his banking seriously, and I learned something from your review.
Posted by MissMae on 2010-02-23:
Agree with tnchuck and Lost, very good review and very good responses, Varekai.

I'm very curious why a pending transaction would ever drop off at the end of the day, and then put right back on the next day. Can anyone explain that? I don't need to hear that it doesn't matter how many times a transaction drops off and on as long as I keep a check register, I would like to know what logical reason this would ever happen.
Posted by tnchuck100 on 2010-02-23:
MissMae, it is entirely a bank processing thing. Each bank may do it slightly differently. In this case (I have a bank that does this as well) the bank does maintenance and reverts back to some previous point in time an shows static data for a time and then updates their system and restores items that occurring since that static snapshot. It's not simple to explain but each bank may have a variation on their update process.

At any rate, you can bet the larger banks full well realize the problems this may cause their unsuspecting customers and benefit greatly from it.
Posted by Anonymous on 2010-02-23:
It drops off, Mae, because it has reached the end of whatever timer the bank has set, then is back the next day because the debit has been presented by the merchant.
Posted by MissMae on 2010-02-23:
Thanks tnchuck, that makes sense. So when my bank does maintenance, they post a statmeent saying "Scheduled maintenance from such and such to such and such time. During this time you will not be able to access your online account..." This is usually posted 3-4 days before the maintenance period. Now it makes sense why they block accessing the online account during this time.

And Ken, I understand that, but both the OP and tnchuck stated their banks do this often, and I can't really see too many merchants letting the pre-auth time period lapse, most reconcile same time, every day, well before banks close so your example should be a pretty rare thing to see.
Posted by tnchuck100 on 2010-02-23:
Ken, just for the record in my case (and I think the OP's as well) my bank will drop a pending transaction a 6:00PM and you will not see it again until 7:00AM the next morning and it will reappear still as a pending and does not post until later. Now this does not happen all the time. Maybe 4 or 5 times a month.
Posted by Varekai on 2010-02-23:
Thanks to everyone for their input! You won't believe this! It has to do with the double charge from the department store on a pair of shoes. I notice the same charge was duplicated the minute I got home. I call the dept store and they said no problem they'll cancel it. I asked is there anything else I need to do and they no it is cancelled right now. How long before the refund? 2-3 business days. Great! 4 days later it was still deducted from my account and I called the bank to see if they could help. I was told incorrectly from the dept store the bank has to act as they (dept store) had reversed the charges. The bank said no record of it. Back and forth and 15 days later it was taken off. This is my example of what could go wrong and I had done nothing to do with it. I asked the manger what do I have to do to get this charge off my account? The manager at the bank said, "Sometime reversal of charges just kind of float in no man's land and suddenly it will disappear". It is somewhere between the dept store and the bank. My only option was to keep enough in my account to cover it for 15 days or the whole mess would start up again. I never did find out who was holding up the process. Didn't really matter as I was the one with the problem for 15 days. I knew I was in trouble when the store said check with the bank and the bank said check with the store. Needless to say you can now see why I use the online banking as well as the register to try and make some sense out of this and now it is time to move to a credit union or local community bank. I know these are extreme examples but they did occur.
Posted by eschev on 2010-02-23:
Where I live, when I use my debit card at a gas station and scan it as a credit card, a $1 debit will show up right away from my bank account. The remaining amount will show up a few days later. So, obviously, transactions and how they are handled vary from bank, credit union, and type of business. IMHO, the best thing is to keep track of your accounts is online and with a check register. (and, of course, never spend more money than you have!) :)
Posted by dianelh on 2010-03-15:
I am waiting for Key Bank to "assess" (unfair) overdraft fees to my account. My online account indicated on Saturday, all funds available, nothing pending. This morning, Monday I am overdrawn and they've put a "hold" on a corporate/local check I deposited on Friday. My online statement did not indicate anything as being held or pending, it indicated that all the monies deposited had become available. The check deposited was from a major corporation with a local bank and I just figured, that's why it was immediately available. This stinks and I see I'm not the only one who has had a problem with Key Bank's online banking.
Posted by Anonymous on 2010-03-15:
"they've put a "hold" on a corporate/local check I deposited on Friday."

What time did you deposit it? If a teller doesn't tell you your check is on hold, chances are your receipt will tell you what they aren't.

"My online statement did not indicate anything as being held or pending,"

A reason to not rely on what it tells you online... because it doesn't show everything.
Posted by yoke on 2010-03-15:
I used my debit card for gas this morning. Now my online balance states I have $1,291 available. I know I wrote a check for $566 on Thursday and the amount for gas was $45.00. Now do I have $1,291 to spend or do I have $680 to spend? Depending on who you talk to the amount will be different because if you go by the online balance, which many do, I have much more to spend then I have available. I know I have $680 to spend but it amazes me how many would actually say they have the full amount since the bank did not post them transacations yet.
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Deposits wait, instand check clearing
Posted by Amazon3607 on 12/24/2007
PORT CLINTON, OHIO -- Do not use Key Bank for your checking account if you keep a very close balance. If you always keep at least one paycheck cushion, Key should be fine.

Key Bank waits 24 hours minimum to post funds to your account (even your paycheck) it will let you use these funds, but you will be charged a fee for using your own money too soon!

Key Bank will charge overdrafts for all checks that bounce because of this 24 hour wait period now too. So, if you get paid on Friday, and you set up topay bills on Friday, these checks will bounce.

Key has strategically thought out how to get the most in fees and charges from its customers. Be very careful when you deal with this bank.

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Posted by Anonymous on 2007-12-24:
This is pretty much what you will find at any bank. Payroll checks have no special magic, they have to be collected just like any other check. If you don't get paid until Friday, why schedule payments for the same day? You haven't given them a chance to post your deposit before you are hitting it.
Posted by tnchuck100 on 2007-12-25:
Remember when we (the customers) used to "float" that check occasionally. We would just make sure we made a deposit BEFORE that check found its way to the bank. Now, with electronic processing they can clear that check almost real time. So, to "get even" with us they get a law that lets them hold your deposit a few days. It really is the reverse float. When we did it it WAS technically illegal. But when they do it they get a law that says it's OK for them to do the same thing.
Posted by Anonymous on 2007-12-25:
Well actually, chuck, banks always had theright to hold deposits. In fact, it was their abuse of this that led to a law being passed back twenty years or so ago, that limited the length of time that they are allowed to hold. Most bank software is just set to automatically place the hold to the specifics of the law, meaning you encounter pretty much the same holds in any commercial bank.
Posted by amazon3607 on 2007-12-26:
I had been a Key Bank customer for years, and this was a new policy that started in the fall of 2007. No other banks in our area have this policy. Long term customers left Key in droves over this.

Woodforest bank is open 365 days a year, free checking with interest and free checks too if you are over 50. Internet banking is the same screen for customer as the bank uses. All of next days banking business that will go through is posted to you online. It is the BEST bank for people who are working on a tight budget. Key bank is for the rich, not for working people who are trying to survive.
Posted by Miss Misery on 2008-02-23:
I have found out that most banks will lift the deposit hold time if you request it (if you have been a steady customer) - especially credit unions. Unfortunately, Keybank is not one of these institutions.
Posted by Bonzo on 2008-03-13:
Hi, I support the initial post and had a very similar experience with KeyBank that has triggered a severe period of debt for the last three months. These other comments, about the fact that "all banks do this", well, that may be true. But do all banks charge a $36.50 overdraft fee?
I am a recently graduated college student with a part-time job. Obviously, Key Bank is for upper middle-class people and small business owners. I agree with the original assessment and implore that all poor people leave KeyBank immediately and join any credit union you can.
I also liked whoever clarified that some bank policy in the fall of 2007 triggered this. It makes sense because this is when my problems with the account started. I won't go into details but I will say this: I've spent my whole life proud of the fact that I avoided owning a credit card and to find out my checking account got turned into something far worse than a credit card (can a cc company steal directly from your paycheck?!) is extremely disheartening. I again urge all poor people to leave KeyBank.
Posted by Miss Misery on 2008-03-16:
Bonzo - You are right regarding Key Bank's customers - they have to be wealthier than most. Actually, in this economic time, I am curious who doesn't live cheque to cheque? Be aware that my3cent posters will occasionally throw out lines like..." banks always had the right to..." but you won't see any supporting documents. So don't believe that garbage. Banks do not hold all the rights - we do. After all, it's our money they're playing banker with. Good luck.
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KeyBank Closed My Account for No Legitimate Reason
Posted by Kinglj20 on 01/20/2012
CLEVELAND, OHIO -- I opened an account on January 17, 2012. Two days later, the personal banker called and told me that she had to close my account because she said that I was on ChexSystems. So, I went to another bank local immediately after notification of my account closure with KeyBank to see if the same thing would happen. I found out that I was not on ChexSystems. I was able to open an account with another bank without any problems. My information was ran and verified with both ChexSystems and Equifax at the time that I applied for the account. Ultimately, I was clear with both agencies. It is odd that a bank would tell one this two days later. Besides KeyBank, every bank that I have ever used in the past has been able to verify me with ChexSystems at the time that I applied to open an account. I signed up for direct depisit on the date that I opened the account. Because KeyBank inconvenienced me by notifying me two days later that my account was closed, I had to wait an extra week to get paid. The lady who opened my account was not nice and isn't good at dealing with people, but rather arrogant and snobbish. KeoyBank is said to be the worst bank in Columbus, according to a recent survey. This explains why KeyBank doesn't have many customers and people don't keep accounts there long. Like my coworkers, I highly recommend that You stay away from KeyBank.
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Posted by Aklinowski67 on 10/24/2011
DENVER, COLORADO -- Started charging a $5.00 "maintenance" fee on my account because I was not using it enough. CHarged me another $5.00 when I closed the account, but only informed me of that when it was too late to waive the fee. Essentially stole $10.00 from me for doing absolutely nothing and then justified it by saying other banks charge more. I don't care what other banks are doing if I am not their customer. If I could charge someone $5.00 every time I hit enter on the keyboard I would be rich by now. Rip off! Too bad they can't maintain good customer relations!
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Posted by Anonymous on 2011-10-24:
I agree. Too many credit unions or regional banks that don't charge any fees out there to choose from to pay any bank a fee to be their customer. Good review.
Posted by At Your Service on 2011-10-25:
It's been in the news recently and there are credit unions that aren't charging the fees. I agree it's ridiculous, but I would just about bet you were informed of it coming.
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Not everyone is equal when it comes to receiving the iPod touch through Key Bank
Posted by KeithGormezano on 11/10/2010
CLEVELAND, OHIO -- I think that Key Bank has mishandled their whole iPod touch promotion. If you opened up a new checking account and complete certain requirements, you would get an iPod touch device from Apple in return.

Nowhere in Key Bank's promotional materials does it state what generation (2nd, 3rd or 4th) of iPod touch you will receive.

When I got mine, a second generation 8 GB iPod touch (about two-three years out of date), I complained to Key Bank via the Better Business Bureau (after getting no response from them three times) that since the 3rd generation could be purchased when I signed up, that should be what I would receive as that would be a reasonable consumer expectation.

In my opinion, Key Bank declined to make things right. Key Bank's position was that they promised an iPod touch and that was what I received. The equivalent would be winning a car but receiving one that was 10 years old.

Key Bank also said that they bought all the iPod touches at the beginning of the offer and therefore, it didn't matter when you qualified that everyone would all get the same. That is not the case.

Unfortunately, today I found out that people who had signed up with this Key Bank promotion after me were receiving the new 4th generation iPod touches instead.

Apparently, they ran out of the older models. I am not very happy with Key Bank about this. I think we all should have gotten screwed equally, smile.

Or everyone who asks for an upgrade gets one.
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Posted by Fufu487 on 2010-11-10:
Banks give things FREE now? And you actually RECEIVED it? *round of applause* this should be a compliment :D
Posted by tnchuck100 on 2010-11-11:
Personally I hate gimmicks. Keep your iPod, SkyMiles, cash back, "free for 3 months" and all that other seductive sucker crap. Just give me good customer service and not nickle/dime me to death unexpectedly through the back door.
Posted by unhappy999 on 2010-11-11:
I agree with FuFu. You got what they promised you since they never said which model you would get. I would be happy with something free.
Posted by momsey on 2010-11-11:
You got a free iPod, which is what you were promised. Honestly a 2nd generation vs 4th generation iPod touch is not enough of a difference to make a big deal about, especially when you're getting it for free. I have an iPod Nano that I received as a gift from my employer almost four years ago and it still works great. We got my sister-in-law an iPod over five years ago. Yeah it's an old model, but she still uses it all the time and it still works great.

My point is, it is a great product, whether it was from last year or this year
Posted by GenuineNerd on 2010-11-11:
I'm still using a 4 year old 30GB iPod and a 2 year old 8GB iPod Touch. They still do the job of taking music on the go, as well as be able to keep up with my e-mail using the Touch. The newer generation iPods have features that the older ones don't have, but they still do their basic job of downloading music to go. To me, free is free.
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Overdraft Ripoff Scheme and Threats Made in Person on on Phone
Posted by Hardworker15 on 11/10/2010
$34.00 that is what this is all about. Prior to the bank closing on Saturday a deposit was made. Some bills were paid on Monday, but the check was applied after the bills despite an overdraft account. I checked Monday everything looked fine. I checked Tuesday---an overdraft fee--when according to my statement and online register---BOTH--- I never went negative. I call the 800 number and they said go talk to the branch manager. I did. He was very mean and acted like a cartoon villain as he explained they can put deposits and debits in any order they want. I asked about another bill that was due to come out on Monday but hadn't, and he said he hoped they would put it in on Monday, so he could charge another overdraft fee retroactively, and as many other fees as he could find for my account. Then he realized my account opened in 1983 was with a branch five miles away. I had to contact that bank. I did by phone and was told she was out of the office for the day, and that they would monitor my account for anything odd. The original manager called me at work reissued his threat, and claimed to have spoken to the other manager.

I called his bluff and he admitted he had not spoken to her. I told him not to call again, or I would consider it harassment. This morning the assistant called and said that they could not reverse the fee according to their rules. I have not been able to speak to the manager who was more than happy to speak to us when my daughter and partner opened accounts with her. In NYS they say on the banking complaint website that most National banks apply deposits first, but they don't have to. Since 1983 I have only been charged two overdraft fees one was reversed. I am very upset that the bank manager did not speak to me personally. Conclusion: Key bank is not as nice to work with as they used to be.

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Posted by Anonymous on 2010-11-10:
Wow, sounds like that manager was being a prick. If I were you, when all of this is said and done, I would go BACK to the branch with the nasty manager and tell him you want HIM to close your account, and tell him why. Put your money somewhere where you are appreciated, because obviously that manager doesnt want your business.
Posted by trmn8r on 2010-11-10:
Aside from the odd interaction with the manager, the processing and overdraft procedure is as described to you at many banks.

I always keep a buffer in my checking account, so that I am not on pins and needles hoping not to overdraft. It leads to a more stress-free life for me. I don't keep a check register. But I saw all the stress keeping a register and resolving discrepancies caused my mother. If I did keep one, I probably wouldn't need the buffer.
Posted by Anonymous on 2010-11-10:
pins and needles,
needles and pins.
It's a happy man that grins.

Posted by hardworker15 on 2010-11-10:
I received an apology.
Posted by hardworker15 on 2010-11-10:
Listen Obs. It did happen. Maybe he was having a bad day. The whole was way more personal than I let on here. It was a case of a young man treating a middle aged woman like an idiot,and he even inquired about my recent trend downward in my finances for one was a huge school tax bill that I paid in full, according to the tax collector one of the few. I was waiting for some payments that have not come in, so there was some expectation that it would not go to this. Including one reimbursement check I received today and $6800 I am waiting on, not to mention my paycheck. It makes me angry to think that men always assume that it is the woman's fault. It is time for women to expect respect from men. I am intelligent, well respected in my field, and was shocked by this behavior as were the four tellers who expressed shock as I left the office, and I went up to the window to cash and deposit more checks. But no worries by next week I will have about $7000 in the account, more per usual, but do I have to explain this to a person with such disregard. They refunded the overdraft, and apologized--corporate did, not the manager. So keep the rude assumptions to yourselves please. I think overall they handled it with grace and fairness.
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Key Bank removes on-line statements after closing an account
Posted by No Honor Among Thieves on 10/07/2010
CLEVELAND, OHIO -- Six weeks ago I tried to transfer money from Key Bank to a different (better) bank. It took them more than 3 weeks to give the bank my money. They removed all on-line information, but my calculator told me I had been short-changed by $25. They sent a check to me which I deposited in the new bank; then Key put a Stop Payment on the money. I still do not have the funds and I still cannot move them to a new investment because I want to move ALL the funds not partial (and pay extra fees). So I closed out the Key checking account, also. I cannot see if they will charge me any new fees because they shut off the on-line statements when the account was closed. No money. No statements. No proof I had an account. Threats of fees to be charged. Excuses of why they made mistakes. I cannot believe the incompetence. I tried to speak with a supervisor but no one from Key would speak to me. I see My3 Cents has an email address- I will hang on to that for future reference. This nightmare is not yet over.
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Posted by Obsfucation on 2010-10-07:
mmmm...if you close the account, you close your access to online. How would they give access to a non-depositor. The presumption is that you have printed or archived your statements BEFORE you close the account. The statements aren't gone, you just no longer have access to the bank's online site. They can provide them at a cost, and I suspect if you request a closing statement from them, they will print and mail you one at no cost.
Posted by leet60 on 2010-10-07:
@obfuscation is right that it is normal for them to cancel your online access if you close the account.

As for your situation you might want to write them (I would send it certified mail with return receipt) and ask for statements and discuss the issue with your funds.

Key Bank
Client Relations, Department
Laura Karter, Client Relations, Manager, AVP
127 Public Square. OH 01 27 5601
Cleveland, OH 44114
Posted by No Honor Among Thieves on 2010-10-11:
I asked for a statement before I closed the savings account, but when the payment came, 3 weeks later, the payout was $25 short of the sum!!! There is nothing in writing to say why. Key was hoping I could not catch the error because I had no statement. I requested a statement and received one for one month BEFORE I closed the account!!! Two weeks ago I closed my last account with Key, a checking account, after removing most of the money. I have yet to receive a final check or a statement of what it will be. It is easy to LOCK up the account after it is closed and keep the monthly transactions visible so the user can recheck the numbers. To say the on-line service must take down the account is obfuscation if you ask me. I still do NOT have final statements for either of these accounts. The first one was supposed to close in mid-August and I am still working on it.

Posted by No Honor Among Thieves on 2010-12-06:
Key Bank - so a few days ago I finally got a statement re: the checking account I closed back in Oct. (I keep my own handwritten records because I know all problems will be mine, not the bank's.) I NEVER got a statement of any kind about the CD that I closed and that was charged $25 for no good reason. It took them 6 weeks to return that money. Meanwhile, the stock market went up and I missed the opportunity. I guess I lost at least $3,000 because they are so slow. I finally got an apology. Have you ever tried to take an apology to the bank?
Posted by Fufu487 on 2010-12-06:
I feel your frustration. However, the bank cannot be blamed for your 'missed opportunity' at investments. It was $25, correct? Couldn't you just invest that with your own funds? I'm happy to hear you got your money back, but I don't feel your missed investment has anything to do with the $25. Am I missing something?
Posted by Inat on 2010-12-09:
hey, you should let us all in that secret of turning a $25 investment into $3000.
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A bunch of thieves. Horrible service.
Posted by Maui911 on 06/26/2010
Over $300 in fees for overdrafting $30. I signed up for overdraft protection ( which was a rip-off at $50) when I first opened my account. When I asked them about why my account overdrafted, they said I never activated my overdraft protection, even though the account showed up in my online banking. No one told me I had to activate the protection, and since I saw it online, I figured I had it. No mercy was shown. They refunded two fees, but still charged me over $300 for the debit card swipes. Criminal IMO. Stay away from Key.
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Posted by yoke on 2010-06-26:
Did they actually take the $50 fee out of your account?
Posted by maui911 on 2010-06-27:
When I gave him my initial cash deposit to open the account, they said they were going to take it out for the overdraft protection. About a week later, I got my first direct deposit from work, and didn't pay much attention to see if it was taken out. I don't meticulously balance my checkbook, hence the overdraft protection. I've always had it no matter who I bank with. I just have a rough idea on how much is in my account. Anyway, I went back almost a year when I opened the account and saw they never took the money out because I "never activated" the overdraft protection. Why does the overdraft show up online if I didn't activate it? It looks like you have it, but apparently you really do not. Very shady in my opinion. After reading the reviews, I think one thing is very clear...key bank is set up rake in exorbitant fees, and screw their customers over. They have intentionally created their system of banking to take advantage of people. They are not out to be consumer friendly thats for sure.
Posted by soccerguru on 2010-07-10:
I work at Huntington so I am use to bank complaints and I do feel for some people but most I do not. OD protection is worth the $50 annual fee b/c if you overdraft twice @$25-$39 you already made up for it....Ive seen accounts where people have 10k in OD protection and use it alllllll up within a month. And this may be news: BANKS MAKE MONEY ON FEES....SHOCKED? Always know and always ask for disclosures and explanations and always remember banks work off fees..if they didnt,there would be no banks.
Posted by maui911 on 2010-07-11:
Wow, I'm totally shocked, banks make money on fees. Really? More like banks rake customers over the coals by how they charge for their fees. It's no surprise the recent laws passed to curb rediculous bank fees. I think it would be fair if they charged a % of how much you overdrafted. Getting charged over $300 for overdrafting a little over $30 is comical. I hope all these big banks go bankrupt, with no more government bailouts. How many wouldn't be around today if the taxpayers didn't bail them out for making horrible decisions. From now it, a strong credit union is the way to go. Guess what, they link my savings account to my checking in case of overdrafts, and the best part...its FREE. Service is so much better as well.
Posted by maui911 on 2010-07-11:
Also, banks don't need to rip customers off to make money or exist. They should make it off the loans they create. I wish I could borrow money at near 0% from the FED, then loan it out at 6 percent or more.
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