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Tuesday, September 6, 2011 - 2:01 AM
(2 stars)
Annoying Practices And Not Small Business Friendly
KeyBank (2 stars)I have banked with Key Bank for almost 20 years and have found them to be mediocre at best and recently to have gotten signiificantly worse. As other reviewers of this bank have noted, they have one of the worst and most arbitrary policies regarding funds availability of any bank. None of their funds availability policies make any sense, and appear to be determined by who you are talking to. I was closing on a house and had a cashiers check for $100,000 from another bank, which Key Bank said would take 4 days to become available. The issuing bank told me it should be hours, or at the most 1 day, and said "no bank in the country will hold this over 1 day." Recently, I brought in a check for $4500 from a mutual fund company with well over $15,000,000,000 in assets. The Key Bank clerk fumbled around and then gave me a written notice that the funds would be available in 4 business days.
Even worse, they claim to be small business friendly. Guess again. After giving a detailed business plan to three business bankers at Key Bank to get a loan to expand my business, including to Key Bank's head of SBA loans in my region, and being told by all three that this was "the best proposal I've seen in a year," Key Bank corporate turned it down totally. I guess, like many banks, they had better things to do with TARP funds then invest it in the expansion of small businesses, including on a proposal that was felt to be "the best in a year" by three of their own business bankers. None of these three bankers would discuss Key Bank's decision with me (I guess because they were so embarrased by what they had said). I have a friend who was a senior VP at Key Bank who left them and told me it was the best decision of his life to get out of Key Bank.
Like many national banks, Key Bank is beaurocratic, inefficient, unfriendly, arbitrary, and not conducive to consumers or small business. Find a different bank. Maybe companies like this partly explain why the US economy is falling behind.
Even worse, they claim to be small business friendly. Guess again. After giving a detailed business plan to three business bankers at Key Bank to get a loan to expand my business, including to Key Bank's head of SBA loans in my region, and being told by all three that this was "the best proposal I've seen in a year," Key Bank corporate turned it down totally. I guess, like many banks, they had better things to do with TARP funds then invest it in the expansion of small businesses, including on a proposal that was felt to be "the best in a year" by three of their own business bankers. None of these three bankers would discuss Key Bank's decision with me (I guess because they were so embarrased by what they had said). I have a friend who was a senior VP at Key Bank who left them and told me it was the best decision of his life to get out of Key Bank.
Like many national banks, Key Bank is beaurocratic, inefficient, unfriendly, arbitrary, and not conducive to consumers or small business. Find a different bank. Maybe companies like this partly explain why the US economy is falling behind.
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