Key Bank USA Complaint - Key Bank Limbo! - Excessive Over Draft Charges
COLONIE, NEW YORK -- My husband an I have a very successful Automotive Shop in Colonie New York.
Four years ago Key Bank cold call our business (in-person). Promising the world, showing all that they were capable of doing for us, proving that our current bank wasn't doing anything for us! So..Key Bank SOON HAD IT ALL.
WE HAD THE FOLLOWING WITH THEM:
-3 BUSINESS CHECKING ACCOUNTS
-2 INSURANCE POLICIES (1-500K 1-350K)
-LINE OF CREDIT 25K
-LEASING (KEY EQUIPMENT FINANCING)
WHICH IS THE ONLY GOOD PART OF KEY
-KEY MERCHANT SERVICES
ON THE PERSONAL SIDE:
-PERSONAL CHECKING W/ OVERDRAFT PROTECTION
-IRA'S MONEY MARKET ACCOUNTS,MUTUAL FUNDS
Let's talk excessive over draft charges. Our business incurred 14k worth of over draft charges just in 2007 with Key Bank.Thats not mentioning the expense of the bounced checks to all our wholesalers. Which trust me after doing business with them since 1987 proves to be quite the embarrasssment.All charges 2 tier $38.00 a pop. and after 4 a reoccurring over draft charge appears of $28.50. Key bank has us just about broke.Just how they like it.
So far this branch manager has cashed in my personal investments-I had to used all of the line of credit linked to this account.Went weeks/months without paying ourselves.Took cash out of my savings and personal checking to cover business over drafts. And I was also at the time trying to keep up on personal over drafts too. So, KEYS answer to all of this is.... THEIR EXCUSES>
I have to be careful what I give back, I don't want to get my hand slapped. They are watching me very carefully, I could loose my job.
This is what happens when you count on funds available.No one knows how long pending is?Our available funds are different then your screen available funds. Just because it says available doesn't necessarily mean its available. Your on line screen is different then mine.You made this mess not Key.You are spending more than you are making.(NO YOU ARE TAKING MORE THAN I AM MAKING)Fees-fees-and more fees. The harder & longer we work the more money they took.They have left us unable to pay our leases. I paid over 7k to be exact in 2007 all went to interest and penalties just on this Key lease.The end of February 08 the equipment lease on our ford pick up is in default. We can bearly pay our bills. Or our,taxes,mortgage and creditors.This is breaking my heart!And has caused more stress than you can possibly imagine.Many sleepless nights. I have worked this business since 1987 and the thought of lossing it is killing me. I have a customer base of nearly 4000 loyal people all neighborhood people they will all soon know what Key Bank has done.This has snowballed into me enduring countless phone calls day in day out from creditors,explaining why I'm behind in payments? why I'm bouncing checks to them after so many years?I hear add $25 -$35 and with payroll taxes $75.to the debt owed.How is this fair? Why is Key doing this? I just met with our Lawyer, his answer was because they can. Because to someone as small as yourself their corporate Lawyers would bury us alive in red tape and court fees. You will end up broke in the long run. So his advise, let dead dogs ly. My way is fight with all I have left in me.So now the last and final straw was when, after several attempts to save all.I decided to take matters into my own hands.And work out of an account that is possible to balance!My idea by the way. not Keys.I started to take my money out of my operating account and transfer it to my equipment account.All went crazy. I noticed that my account activity stopped dead. I called Key, they froze my accounts, business & personal, YES BOTH And after many unkind words passed between the two of us, And one very loud hang up by her.Do you know they never even notified me, no letter, no phone call nothing just the malicious act of taking with out permission.Reason, My account was in the black way to long for them.They needed to get me back into the red.Why else would they of done this? THEY CALLED WHAT I DID ILLEGAL TRANSACTION OF THE TRANSFER OF FUNDS.
Now mind you my 2 accounts are linked souly for this purpose. I was then asked if I knew what kiting was? NO? WHATS KITING? I can't tell you that! Then why would you mention it, Was my question! Her answer, just never mind! Just stop doing what you are doing she said.JUST STOP, -JUST STOP, IS ALL SHE KEPT SAYING.WE NEED TO MOVE FORWARD NOW.What does this person think I have been trying to do for one whole year? Let me get this straight, it's my money and I don't even have the freedom to move it around as I please.Just so I may stop Key from taking it? I have been leaving a very small amount in that account.Just to keep from further over drafting THE END RESULT.
I am suffering both business wise and personally now! Just as they wanted it to be. They build their Key branches off of the blood and sweat of small hard working business owners like myself. And so many that I have had the privilege of reading about on this site.
Our credit is in the toilet. Almost all of my wholesalers have us on cash!We work until 8-9-10:00 at night 6-7 days a week, to try to come ahead. I am in KEY BANK LIMBO.We have a very tough road ahead of us.
Please all businesses, big and small alike get out while there is still time. Save your selves.I plan on it.