KeyBank has a long history of offering checking account bonuses. Have you participated in a past KeyBank promotion? If you have, did they pay the the bonus as promised? Please take my poll to answer this question.
Since KenBank continues to come out with new promotions, I decided it would be useful to have a poll for readers who have participated in past KeyBank promotions. It asks if the bank has paid the bonus as promised. If they did pay, did you have to call or visit a branch to get the bank to pay? If they didn’t pay, was it the bank’s fault for not paying (You think you should have been paid since you met all of the bonus requirements.)
The results of this poll should help readers decide if future promotions are worthwhile. If many people report not receiving the bonus, you might not want to waste your time on the promotion. It’s common for readers to leave comments when the banks didn’t pay, but it’s less likely for those who did receive the bonus to comment. Hopefully, the poll will encourage both sides to respond.
One potential issue with KeyBank’s checking account promotions is that they typically require direct deposit. According to KeyBank, "direct deposit transactions are limited to payroll, Social Security, pension, and government benefits." Banks often don’t distinguish between ACH transfers that you initiate from another bank and real direct deposits. However, if KeyBank does identify a deposit as an ACH transfer rather than a direct deposit, and if that disqualifies you from receiving the bonus, you shouldn’t consider that the bank’ fault.
Even if you receive the bonus at KeyBank, you may not come out ahead in the long run. You have to be careful that you avoid monthly service fees. All of the qualifying checking accounts have potential monthly service charges. Nevertheless, if you’re careful, these bonuses can be good deals.
To view polls of other banks’ reputations with honoring bonuses, please refer to this list of bank promotion polls. These include banks like Chase and Bank of the West.