I have been banking for 30 years and have never been treated so poorly or been charged so many fees. Ever. Any time you put money into your account, unless it is with a teller and all cash, you must wait at least one business day for it to clear! BUT -- checks and other debits clear on weekends and holidays. They process checks before deposits and can give no explanation for why you are charged overdrafts when clearly they had possession of your money. I am closing my account and never setting foot in a KeyBank again. Oh, and on top of the fees, all I get is lectures from managers on how to manage my personal finances. Insult to injury. Cold-hearted, money-grubbing corporation.
I have experience over 10+ years with virtually every aspect of Key Bank, including personal accounts, loans, business accounts, small business line of credit, and home loan line of credit, and they are consistently substandard in every department. Avoid this bank at all costs! We only used them because the larger business I was originally part of as one of 20 partners used them, so we virtually were forced to use them as well. When I formed my own business, I banked with another bank who was then bought out by them. Fortunately we were able to use yet another bank for half of our business activity, and the difference with Key was 100%. Key has the worst funds availability policy of any bank I have ever seen, is amazingly beaurocratic and slow, is unwilling to help with any issue, consistently makes horrible mistakes which it never acknowledges, and never gives any good advise. They have caused my businesses at least half a dozen major problems. It is amazing this bank has any customers based on my long term experience, but I think much of their business is because they acquired other banks. I am not surprised that every review on this site is very negative. Theses reviews jive with my extensive and repeated experience with Key Bank. Do yourself and your business a favor and do not bank with Key Bank.
I opened a checking account online with $50 initial deposit from another bank. A week later, they closed my account without any notification. I called and Carol, who is in charge of my online account told me there was a problem with the initial deposit. She can't tell me if I had entered the wrong account information, so I have no idea if it was my fault, my bank's fault, or Key. She told me to just go ahead and open another account. I did and funded it with my credit card instead. A week later, they closed my account again without any notification. I called and was told that I had a negative relationship due to the earlier initial deposit problem so they closed my account. Why didn't they give me a chance to remedy the first problem before they close my account, or let me know about the negative relationship issue so I can remedy it before applying the second time? Very frustrating.