KeyBank is one of the largest retail banks in the country and offers an array of products on both its deposit and loan sides. It maintains up-to-date web-based and mobile platforms for easy account management, including online banking via an award winning website. Headquartered in Cleveland, Ohio, it services its customers through a very large network of branches and ATMs.
One of KeyBank’s popular depository products is a reward checking account that often offers a cash bonus for new account openings. It also features hundreds of ‘Tiered’ and ‘Jumbo’ CDs and IRA CDs with various terms and requirements. KeyBank’s checking and savings account offerings usually offer lower than average interest rates. The bank also partners with Quicken to offer financial management solutions to both individuals and businesses.
KeyBank customers can earn Relationship Rewards points by opening a new account or performing everyday banking activities such as Bill Pay, automated debits and credits, and debit card purchases. These points can be redeemed through the KeyBank rewards catalog, which features a variety of products and merchandise. KeyBank online banking provides customers with an easy-to-use system for managing their accounts.
KeyBank was originally organized in 1865 as the National Commercial Bank of Albany. It merged with First Trust and Deposit a century later to become First Commercial Bank before finally changing its name to KeyBank in 1979.
KeyBank’s extensive focus on meeting the credit needs of underserved communities has earned it numerous “outstanding” recognitions by the federal government for its performance in this area. It does this by offering nontraditional banking products and services like low fee check cashing, free financial education, checkless checking, and short-term lines of credit.
I opened up an savings and a checking account with Key bank a few years ago when I moved into the area. There was not wait time and the lady who helped me out was very nice. There's never a long line and the tellers remember who you are and genuinely seem to care. I've had all my questions answered promptly and correctly. I even opened up a separate savings account for kids. Their web site is excellent and I'm able to do whatever I want and not have problems. There are enough locations around my area that there isn't a problem going to the ATM or talking to a person in real life. I've had good luck with their other products, like CDs and loans, and they've been on par with other banks. I've been happy these last few years and I'm hoping that will be the case going forward.
I enjoy working with key bank. I like that as long as I keep my account active they waive the monthly maintenance fee. I do however wish that they offered free checks for the account that I have. The mobile site is easy to use to set up online bill pay.
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.
Key bank allowed an unknown person to access my business checking account by way of paypal to transfer multiple transfers on the same days for a period of about 9 days to paypal until 6000.00 was taken. When i called and reported the fraud Keybank required 10 days to post a provisional credit in this amount and that the account would be closed which did happen. Today I received 4 letters stating that paypal transactions were not fraud and Keybank immediately posted a negative balance on my other business account. This is terrible Keybank authorized these transactions from some person that is not in anyway associated with my business account and never was but this is not fraud. ( ARE YOU KIDDING ME ) now they over drew my other account and i was forced to transfer money from a line of credit to cover the overage and charges associated with fraud transaction.
This is all on Keybank they allowed an unknown person to open a paypal account linked to my business account and verify it. meaning they had to log into my bank account to get the deposit amounts from paypal (Does this sound like it could be an inside job?) Well it does to me. but as of now im out 6000.00 plus overdraft and now they are charging my line of credit interest to correct the mistake. I AM LEAVING THIS BANK THIS IS THE FINAL STRAW. They have been horrible since they bought out FIRST NIAGRA and lost all of my account info. They promised this was just merger issues but obviously the bank has some kind of bad apples somewhere and they need to investigate and find out where it is.
STAY AWAY FROM THIS BANK
DEPARTMENTS DON'T COMMUNICATE, BRANCHES CAN'T DO ANYTHING YOU ALWAYS NEED TO CALL CUSTOMER SERVICE AND THEY CAN'T DO ANYTHING
|FDIC Certificate #||17534|
|Return on Assets - YTD||1.29%|
|Return on Equity - YTD||11.25%|
|Annual Interest Income||$3.93B|
|Assets and Liabilities|
|Assets||Q3 2019vs Q3 2018||$145.2B$136.9B|
|Loans||Q3 2019vs Q3 2018||$94.37B$91.06B|
|Deposits||Q3 2019vs Q3 2018||$116.1B$109.1B|
|Equity Capital||Q3 2019vs Q3 2018||$16.85B$15.18B|
|Loan Loss Allowance||Q3 2019vs Q3 2018||$903.9MM$901.0MM|
|Unbacked Noncurrent Loans||Q3 2019vs Q3 2018||$783.6MM$811.0MM|
|Real Estate Owned||Q3 2019vs Q3 2018||$50.6MM$37.8MM|
Rates for KeyBank are currently being reviewed.