Just moved into the area after college and was looking for a new bank. What I didn't realize was how time consuming being a customer at Key Bank would be. When they tell you that you only have to have 5 transactions a month to stay away from service charges, or that to have a savings you need to take $20 from your checking to your savings, you think “Sure, I’ll be able to do that.” Let me tell you that is not as easy as it sounds, especially when you are young and trying to save what little money you have. Sure you can shuffle things about, but who really has time in their busy lives to play that game month after month? Also their fees for this and that are ridiculous. There’s a charge for having an ATM card, but NOT for a debit card, a fee for not keeping up with your accounts, a $12 fee for paper statements (which I needed when I first moved out here when I didn’t have internet access. And there’s even a $25 fee to close EACH account that you have with them. I’ve only been at Key for 6 months and I’ve already lost over $100 thanks to their endless games and fees. Not to mention that their customer service is unhelpful and they accused me of not being responsible with my money when I went to close my accounts. Stay away from these vampires if you value your money, it’s safer to keep your money in a coffee can buried in your back yard then to trust this bank with your livelihood.
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.