ANCHORAGE, ALASKA -- It seems to me that when applying for a loan the bank and its customer are entering in a kind of unspoken contract. The bank has agreed to loan the requested money to the customer under the qualifying circumstances and the customer agrees to take the loan if they qualify. This unspoken contract is to ensure that each party is not wasting each other's time and not putting the other in a bad situation. Key Bank violated that understanding. We qualified but for some reason they did not want to do the loan. We provided all the documentation to prove we qualified but the bank kept dragging things out and then further.
We applied for a boat loan. We gathered all the documents together to prove we qualified, not a small amount of work at that. After almost three weeks Key Bank asked for something that was kind of outrageous. They wanted to know how much Alaska Mining and Diving paid for the boat we were purchasing. The only thing the bank should be concerned with is how much the boat could be sold for if we defaulted. It seems clear now what Key Bank was trying to do was create circumstances in which the loan could be denied because not many dealers would be willing to provide such documentation and for understandable reasons. Unfortunately for Key Bank Alaska Mining and Diving did provide the documentation.
Almost immediately after AMDS provided the documentation we got a disturbing call from our loan officer, luckily. Angelina is the kind of person you want as a loan officer. She told us that after almost three weeks of work and working exclusively with Key Bank, keeping with our side of the contract, the Bank was going to take at least two more weeks to decide if we got the loan. Based on her tone of voice, apologetic and embarrassed, and answers to my question it was apparent that the Bank did not want to do the loan for some reason but could not deny us based on our qualifications.
In essence, they were telling us to go away but could not muster up the courage, integrity, or legitimate reasons for doing so. Instead, they were putting us in a situation in which we could be denied the loan just a couple of weeks before we were to take delivery. We were forced to go elsewhere and are now scrambling just a month before we are to take delivery to get financing elsewhere. Almost nine months before we had been insured by Jake that we were qualified and would get a loan, unless, of course, we were lying about our income and so forth.
Luckily we applied much earlier than Jake recommended. Jake was not our loan officer but a manager as I understand it. We were lied to. Key Bank is not an institution of integrity. Legitimate businesses simply do not treat customers like this. Managers do not lie to customers and under circumstances like this would at least go to bat to make things right. I have not heard a word from Jake. I have only had profuse apologies from Angelina. Skip this bank and save yourself the headache.
Key Bank is a poor example of a bank and is only focused on making a profit over customer service. On the 26th, I realized that if my pending charges posted, of $42.07 and $2.17 were to post that day my account would be overdrawn by $1.71. I quickly made a small deposit of $2.00 just to cover the fee to keep it positive. They held that deposit and did not post it until the next day. And although the two charges had not posted at the end of the day, I was charged an overdraft fee of $32.00 anyway.
At the close of day on the 26th, my actual balance (not available balance) was positive, but less the $32.00. I called to complain about my deposit not posting on the 26th and was told I missed the cutoff time. They agreed to reverse the fee. But the fee reversal did not post until the 28th. So when those charges came through on the 27th, for which there would have been enough money to cover them if not for the overdraft fee, I was charged two more overdraft fees - a tier 1 of $32.00 and a tier 2 of $37.00. My account is now overdrawn by $68.66 due to $69.00 of overdraft fees. They refuse to reverse the fees.
I will be closing my account tomorrow after my paycheck posts and I pull my funds out. I'll have to pay their $25.00 early closure fee but it will be well worth it to never have to deal with this bank again. Stay away if you value your time and money. For purposes of helping people out - overdraft fees are charged based on your available balance. Pending charges affect your available balance but pending deposits do not when calculating overdraft fees. And even though the pending charges were included when they initially calculated the overdraft, you can be charged again for these when they actually post to your account.
PENNSYLVANIA -- I have been trying to make a payment for 6 days!!! Cannot add the checking account since it is a business account and this is supposed to be a business loan but for some reason is showing a personal auto loan. Tried to make the payment over the phone and first customer service was not available till after 12:00 PM!!! Talked to one person who put me on hold for over 10 minutes and another that could barely speak English!!!! TO MAKE A PAYMENT!! I have never had so much trouble making a payment in all my life and would not recommend this bank to ANYONE!!!
BAINBRIDGE ISLAND, WASHINGTON -- I join the one-star folk here. Recently went into a Key Bank to withdraw $20 from its machine. Bad move. First, the bill that came out had about 20% or more torn off. Second, upon seeking to return it to the clerk for another, there was initially some reluctance to do so. THEN, when I decided I simply didn't want their service and asked for a refund of the $4 charge for it (compared to 4 banks around it charging only $3), this was denied all the way to the Executive Office of the President of Key Bank! Bad move. Should have never walked thru that door. Certainly won't in the future!
I've been a Key Bank "customer" most of my adult life. Truth be told, the account I had there was not my primary checking account, but rather my extra account I used for specific purchases related to my job. While making one such purchase one night, I checked my last statement to see what my balance was. I don't use the account very often, so that was a normal practice.
To my surprise, I noticed that there was a $2.00 fee taken from account for sending me a Paper Statement in the mail. EXCUSE ME? Two dollars to send me a piece of paper in the mail? I don't think so. I started going through my previous statements, and sure enough there were fees going all the way back to September, in all about 12 or 14 dollars worth.
The next morning, I took the statement to the local branch, wanting answers and a solution. I was calm and collected, but inside I was fuming. The teller couldn't help me, so I had to wait for the manager.... for an hour. I explained my frustration when I was finally acknowledged. My frustration and dissatisfaction was met with "Well sir, it is Key Bank's policy that customers are responsible for looking at their statements. They ARE providing you with a service after all. That service costs money, and like it or not sir, all banks are instituting these fees."
Jerry Springer was talking me down in my head. Remaining as calm as I could, I cracked a smile and politely said, "You've got to be kidding me. Ma'am, that's ridiculous. I signed up for a free checking account for a reason. I understand that it's not you, at this level (the branch), and that this decision comes from the top of the company, but where's the loyalty? It's not the amount of money, it's the principle of the situation. I'd appreciate you refunding my money and cashing out my account."
She replied with "Since you're closing your account, I'm not authorized to refund you more than one fee. If you were to choose our online option and keep the account open, I could refund all of them." "Nope. No thank you. Give me my money and close the account." By this time I was starting to become visibly perturbed. Her keen senses picking up on this, she said, "Well, I can manually credit up to 60 days worth of fees, so I can give you an extra 2.00 fee back." "Whatever. Just get it done."
As she was running the transaction, she messed something up with the computer, to my advantage, giving me another extra 2.00 back, but forcing me to digitally sign for money twice. Her response to this was "hey, at least there's no paper or ink to keep track of." I was so put off that all I could do was chuckle. I said "Yep, and now you understand why I didn't want to rely solely on your online option. Thanks a lot."
After doing some research around my local area, I found that the local credit union doesn't charge people for any of that stuff. No hidden fees, no minimum checking balance and absolutely no plans to do so at any point in the future. All I have to do is use the account once a year and keep at least five dollars in a connected savings account. No problem. Moral of the story: Banks suck. Go local. Use your credit union.
CLEVELAND, OHIO -- Every week there were new forms to be signed and new documents to be provided - new hoops to jump through. They provide a website to track the status of your loan - what documents you still need to get to them and what they still need to do before you can close. I applied for the loan 7 weeks prior to the date I wanted to close. I provided all requested documents promptly. Four weeks after I had first applied and three weeks before I was supposed to close I called to inquire about the numerous red flags still showing up on the website. Many of these flags were items I had provided weeks ago; others didn't make any sense; still others they had never even asked for.
The agent in their mortgage "service" center assured me that that would all get taken care of soon. The loan should come out of processing any day now and when that happened the flags would all get cleared up. He seemed quite irritated that I had even called to ask. Two days before I was supposed to close I called him because I still didn't have final numbers. He said it should be done "today". One day before closing he called me to request yet another document and - in passing - mentioned a "small" issue with the homeowner's association. But, still it should be done "today".
3 hours after I was supposed to close the local mortgage specialist called me to tell me that there was an issue with the HOA and they needed a letter that the HOA was not providing to them. Both she and the agent in their central mortgage service center were actively hostile when I put the blame on Key for the loan not closing on time - they had had 7+ weeks to get it done. Both blamed the HOA, my Realtor, and the seller's Realtor for the delays.
I was especially upset at their refusal to take any of the blame because every time I spoke with them I was assured that everything was fine and they always made it clear that I shouldn't have been bothering them with these concerns - the loan would close on time.
The issue with the HOA that was revealed 3 hours after the closing should have happened was with the delinquency rate on HOA fees; it required an exception through Fannie Mae to get the loan approved and that would cost me $200. In addition to costing an extra $200, it was also going to take at least a week to get the exception. I was very upset about this because every time I asked about the status of the loan I was assured everything was on track - right until the closing time came and went without closing! She informed me that I didn't have to go for the exception; of course if I didn't the loan was declined.
In my mind that's really not a choice. Just like when your computer crashes and says I've lost your data, press OK. No, it's not OK, but I don't have any other choice!! She refused to acknowledge that the "choice" she was giving me was really no choice at all. The only good thing I have to say about Key comes here - the exception got approved very quickly. They turned it around in less than 1 business day! But, from what I've seen of their business practices at the last possible moment is the only way they do things so I guess they've gotten quite good at it!
I could go on and on and list the numerous other things that they got wrong throughout the process, but I hope by now I've convinced you to take your business elsewhere. Their fees were lower than other lenders, but you get what you pay for. And many of the fees they advertised at the start of the process ended up being much higher in the end (those are the numerous other things I could go on and on about; suffice it to say the "surprises" added up to about $700 in extra fees by the end). I'll never get another mortgage through them; not even if they paid me!
KENMORE, WASHINGTON -- Key Bank is one of the biggest SCAM institutions I have EVER encountered. They set up promotional cash incentives for opening accounts and then will find any loophole possible to avoid paying you. They have countless hidden fees. Their customer service is a run around that spins you in circles but accomplishes nothing. Whatever you do, DO NOT BANK HERE! Save your time and money at all costs, literally and figuratively!!
AURORA, COLORADO -- I have not tried to access this account for a month, now I'm locked out because of too many attempts. I call and they CAN'T FIND THE ACCOUNT. Ask for supervisor and he finds it. Can't really explain why it happened, "must be the system upgrade". I wasted 35 min and am amazed that the quality of support was so low!! Been with them since 1981 and now only use this one account for credit card deposits. I have closed all other accounts. Sad.
COLUMBUS, OHIO -- Key Bank is a scam. They don't practice good business techniques and I am closing all 3 of my accounts down asap just as quick as I got them. I am always told different information but their posting policy is the worse. I would never refer anyone to have their money stolen. I am running so quick. I cannot wait until my next off day!
I received a call on my cell phone. It was an automated message stating that my Key Bank debit card had been locked for security purposes. As I do not have a Key Bank debit card, I assumed it was a mistake. The automated voice instructed me to press “1” to have my card unlocked or “2” to disconnect. Wanting to speak with someone, I pressed “1”. I was then prompted to enter my 16 digit debit card number followed by the “#” sign. Believing this to be a scam, I hung up.
When I called the number back, an automated voice said “no one is available to take your call” and hung up. I looked up the phone number on the internet and found that it is a number associated with a mortgage scam. As I do have a student loan with Key Bank, I feared that my information might be compromised. I called Key Bank and explained what had happened. The “customer service” representative requested my full Social Security number. I told him that I was calling to report a phone scam and asked what my social security number had to do with anything. He told me that he could not take my report unless I would provide him with my social security number.
Frustrated, I asked to speak with a supervisor. After reaching a supervisor, I again explained what had happened. He asked me for my phone number. I gave him my phone number and he stated that I didn't have a debit card with Key Bank. Again, I explained that I did not have a debit card with Key Bank, only a student loan, and that is how I knew it was a scam.
At this point he pulls up my student loan account and asks me if I'd ever filed bankruptcy! I explained to this idiot that I had indeed filed bankruptcy following my divorce, but asked him what that possibly had to do with someone running a phone scam, pretending to be Key Bank. Then he asked me if I had spoken with their legal department regarding my bankruptcy. Disgusted, I requested that he just transfer me over to the fraud department so that I could make a report. He did transfer me and after 15 minutes on hold, I hung up.