KeyBank has grown to become one of the top 20 banks in the United States based on their total amount of deposits and assets. Even though, Key Bank is a relatively young bank, being just 15 years old, there are clearly many individuals who feel banking with KeyBank is a good choice and in this review we will try to help you better understand why and if KeyBank is the bank for you.
About KeyBank
KeyBank’s headquarters is located in Cleveland, Ohio and employs approximately 15,424 people across the United States. They have $92 million in assets, 1,531 ATMs and 1,033 full service branches. Through their different outlets of ATMs, online banking, branches and their toll free number, KeyBank is available 24 hours a day. KeyBank offers accounts for personal, business, corporate and private banking. They also offer accounts for everyday banking, loans, credits, investing and insurance. This review will focus primarily on the personal banking accounts.
Everyday Banking Needs
KeyBank offers different checking accounts to fit your needs. Each of their checking accounts comes with free online bill pay and online banking. The only account with a fee that is unable to be waived is the Key Coverage Checking account. This account has a $10 monthly maintenance service charge. The monthly fees on the other accounts can be waived by making deposits of a minimum balance, making a certain number of transactions or keeping a minimum balance. The amounts and number of transactions needed depend on the account you choose. You can apply online for every account, except the Key Checkless Access account. This account needs to be opened in a branch, has no minimum balance or fees, but doesn’t come with a debit card like the other accounts do. This account is good if your employer offers direct deposit, you don’t write checks and don’t want to balance your checkbook.
KeyBank offers savings accounts and CDs. One unique thing about KeyBank’s CDs is that they offer CDs with terms lasting only 7-31 days, 31-59 days and other terms lasting less than six months. The downfall of these accounts is they don’t offer a good interest rate or APY, but are available if that suits your savings needs. The minimum amount needed to open any CD is $2,500. The interest rates and APY of the CD accounts vary on where you live, how much money you can invest, and how long you of a term you select. KeyBank does offer a great chart to compare all the different CDs they offer to find which one is best for you. The same goes for their different savings accounts. The Key Saver account is their basic savings account, but their other two accounts offer better options on interest rates and APY, but also require a high balance be kept in the account. As with the checking accounts, there are ways to avoid the monthly fees on the savings account. KeyBank does include a savings account for children under 18 years of age which has no minimum balance or fees, and doesn’t require a set balance to open the account.
Loans and Credit
KeyBank offers loans on mortgages, home equity, automobiles, motorcycles, boats and RVs. Through each of these accounts, there are options KeyBank offers to provide you with the best possible option for your needs. KeyBank can help guide you through the decision making process of figuring out which loan is the best fit for your needs. To get any type of a loan, you must be 18 years old and pass the credit approval. KeyBank only offers loans in certain states for some of the smaller loans, like boats and motorcycles. If you are looking to open a personal credit loan, KeyBank has loans ranging from $5,000 to $30,000.
Investing and Insurance
KeyBank’s philosophy on investing is that it is never too late. The sooner you start, the better, but also it is better late than never. KeyBank offers a variety of different accounts when choosing which is best to help you save for your retirement. Some of the accounts include IRAs, Mutual Funds, HSAs and the previous mentioned CDs and savings accounts. KeyBank offers a traditional IRA and a roth IRA. There are differences between these two IRAs, but the best thing when deciding how to invest is talking to a KeyBank financial advisor to figure out which plan is the best option for you. KeyBank offers investing plans that are FDIC insured and others that aren’t. With many different plans to choose from, you can compare the plans online at key.com. If you don’t feel qualified to make this decision alone, you can visit one of their 1,033 full service branches around the United States to get the help needed to start you on your way to retirement.
If you are looking for a new insurance plan, KeyBank also offers insurance. You can get a free quote from eHealth Insurance in just a few minutes. They offer options for health insurance, long term care, accidential death and dismemberment, and accident disability. KeyBank also offers insurance for auto and life insurance, as well as health discount program including medical, dental, vision and hearing. If your insurance premiums are getting to expensive to pay, consider looking at what KeyBank offers.
Other Benefits
The review on the above accounts are part of the personal banking options offered through KeyBank. Don’t forget though, that KeyBank also offers business banking, corporate banking and private banking for your other financial needs. KeyBank can keep you on top of your accounts through online and mobile banking. You can sign up for text message to be notified when important activity occurs in your account, to make payments, transfer funds and view your account balances. Customer service is available through online access, mobile banking, their toll free number or by visiting one of their branches. The interest rates and APY on KeyBanks accounts are all different, but if other features about KeyBank sound like they fit your needs, then check out their website and see if something works for you.
KeyBank,
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October 16, 2011 at 1:41 pm
Every week there were new forms to be signed and new documents to be provided – new hoops to jump through. They provide a website to track the status of your loan – what documents you still need to get to them and what they still need to do before you can close. I applied for the loan 7 weeks prior to the date I wanted to close. I provided all requested documents promptly. Four weeks after I had first applied and three weeks before I was supposed to close I called to inquire about the numerous red flags still showing up on the website. Many of these flags were items I had provided weeks ago; others didn’t make any sense; still others they had never even asked for. The agent in their mortgage “service” center assured me that that would all get taken care of soon. The loan should come out of processing any day now and when that happened the flags would all get cleared up. He seemed quite irritated that I had even called to ask. Two days before I was supposed to close I called him because I still didn’t have final numbers. He said it should be done “today”. One day before closing he called me to request yet another document and – in passing – mentioned a “small” issue with the home owner’s association. But, still it should be done “today”. 3 hours after I was supposed to close the local mortgage specialist called me to tell me that there was an issue with the HOA and they needed a letter that the HOA was not providing to them. Both she and the agent in their central mortgage service center were actively hostile when I put the blame on Key for the loan not closing on time – they had had 7+ weeks to get it done. Both blamed the HOA, my Realtor, and the seller’s Realtor for the delays. I was especially upset at their refusal to take any of the blame because everytime I spoke with them I was assured that everything was fine and they always made it clear that I shouldn’t have been bothering them with these concerns – the loan would close on time.
The issue with the HOA that was revealed 3 hours after the closing should have happened was with the delinquency rate on HOA fees; it required an exception through Fannie Mae to get the loan approved and that would cost me $200. In addition to costing an extra $200, it was also going to take at least a week to get the exception. I was very upset about this because everytime I asked about the status of the loan I was assured everything was on track – right up until the closing time came and went without closing! She informed me that I didn’t have to go for the exception; of course if I didn’t the loan was declined. In my mind that’s really not a choice. Just like when your computer crashes and says I’ve lost your data, press OK. No, it’s not OK, but I don’t have any other choice!! She refused to acknowledge that the “choice” she was giving me was really no choice at all. The only good thing I have to say about Key comes here – the exception got approved very quickly. They turned it around in less than 1 business day! But, from what I’ve seen of their business practices at the last possible moment is the only way they do things so I guess they’ve gotten quite good at it!
I could go on and on and list the numerous other things that they got wrong throughout the process, but I hope by now I’ve convinced you to take your business elsewhere. Their fees were lower than other lenders, but you get what you pay for. And many of the fees they advertised at the start of the process ended up being much higher in the end (those are the numerous other things I could go on and on about; suffice it to say the “surprises” added up to about $700 in extra fees by the end). I’ll never get another mortgage through them; not even if they paid me!
October 6, 2011 at 4:20 am
Very unhappy with Keybank Business Service or lack of service.
September 23, 2011 at 9:29 am
We had been with Key Bank for some years now, but we closed our account this week because of poor customer service and the prepayment penalty clause which was not disclosed to us verbally on a commercial loan. Also the loan was not set up to receive the 1098 automatically even though it was a mortgage loan. It is very hard to get issues resolved in a timely manner. It takes sveral phone calls and emails for every small thing. If you do business with Key Bank, please be sure to read everything, as the most important things are not disclosed verbally at the time of closing.
June 9, 2011 at 9:37 pm
I just checked KeyBank’s Jumbo CD accounts and unless you are investing over $100,000 for over 9 years, their rate does not even compare with a regular savings account! I use Ally because they have the lowest withdrawal fees and highest rates: http://banktruth.org/category/best-cd-rates/
June 8, 2011 at 1:38 pm
what is your CD rate for 2 year and 5 year …jumbo and non-jumbo
May 19, 2011 at 10:16 pm
Very good review. I bank with KeyBank and love it. They offer very competitive products and some that I have never seen at other banks. They also often offer really good promotions for opening checking and savings accounts.