I've been paying this student loan for 3 years now and recently started getting behind on payments because I wasn't making as much money anymore. I called in to see what my options were and was told by a Representative to ask someone I know for the money and that there was nothing they could do. I was still making payments but I was behind on some. My loan was being serviced by AES and they misapplied a payment and my loan went into default. Then Key bank tells me I have to pay in full or set up a payment schedule. They asked for $300-400 more than I was currently paying then lowered it to $10 more than my current payment. They are aware that my loan was charged off in ERROR of AES . Key bank knows all that is required of them to send my loan back out of this status is to send a letter with the Key Bank logo and fax number over to AES. I sent this information to KEY bank in December and multiple times in the beginning of January. Each time I was assured the letter had been passed along only to then find out on each follow up call that nothing had been done. I'm not even asking for lowered payments or anything just something sent with their letterhead on it and a fax number and they keep giving me the run around. The worst part is, is that I've been paying these loans on time and when i started to get behind aka paying a lower amount but still paying they are treating me as if I've never submitted a payment. I work to pay my student loans that is where all of my income goes and they treat me like a criminal. They are very rude on the phone. I told them that I was recording the call just like they were recording me so that I would have proof that they keep lying and they said they would end the call because no one is allowed to record them and that yes there is a double standard. Is that legal? How is that fair. Meanwhile my loan is in default status and they know its in error. They need to be reported to the BBB.
When I opened the account I was promised $200.00. The branch manager told me I would see it applied to my account within 30 days. When I didn't see it 30 days later, I called the branch and had to speak with another manager who got rude because I was asking questions! (I should have closed the account at that moment because that was a sign that I was lied to so that the branch manager could make her money!).
I called the 800 number and the rep at the 800 number tells me I will have my $200.00 in 60days. After 60 days still nothing! I called the 800 number again and this time I was told 90days. A week before they was to give me the money Key Bank would do all kinds of crazy stuff to my account: I woke up one morning and they had transferred money from my checking to my savings then charged me $15.00 for transferring my money back. I call the 800 number to figure out what was going on and Key Bank charged me $1.50 for calling customer service.
Now after 5 months of having the account open and meeting all the requirements still there was no $200.00 given! The branch manager who was nice when I set up the account didn't care anymore because she had made her money so she begin to tell me the truth. Nothing was told to me about all the hidden charges so because of this they denied giving me the $200.00! If you want to be lied to and scammed this is the bank for you! The people who working for this company must be trained to lie, know that this company is only out to get rich off of you even if it means messing up your credit and putting you more in debt. (The key on the red background means: unlocking the door to hell!). I wouldn't recommend this back to my worst enemy!
I should have listened. Before my wife and I opened up a Home Equity Line (and corresponding Checking Account), my brother warned me that this bank was not to be trusted.
Odd Quirk Re: Balances
So, you know how, when you receive your statement from your bank, it lists the transaction amount, and your balance? KeyBank won't show you your balance alongside the transaction. This, in itself, is reason enough not to use this bank.
What happened to my brother:
He had closed an account with KeyBank. A few weeks later, an automated deposit had subsequently been sent to his - now closed - account. KeyBank reopened his account without notifying him, then started charging him monthly $10 account fees, until the small deposit was eaten through. Then they started charging him $10 plus overdraft fees. It wasn't until he received notice on the overdraft fees that he had any idea that he even had an open account with them.
What has happened to us:
In the past several months, KeyBank has done everything they can to extract overdraft fees from us, with no improper action on our part.
We have had a recurring deposit from another bank (BECU) into KeyBank to cover the payments to the HELOC. There has never been a problem with the BECU account transfers, and BECU is a highly respected credit union. Recently, they started "holding" our transfers to BECU. They had never done this before, and had no reason to suspect that there were any problems with the account, but in holding the balances, our loan payments overdrafted the checking accounts (two payments per month, two overdraft fees). We've since had all of the fees rescinded, but I'm sure they were hoping that we wouldn't notice, so they'd be able to get us for more fees.
I have absolutely no faith that this bank has my interests in mind, and if it didn't cost thousands of dollars to apply for a loan elsewhere, we would be out of there in an instant.