Changes will provide more support to help consumers manage their finances
CLEVELAND, April 26, 2022 /PRNewswire/ -- KeyBank (NYSE: KEY), a long-standing leader in helping clients move forward on their financial journey, announced the elimination of non-sufficient fund fees, a reduction in overdraft fees, and other steps to help clients manage their finances. Initially discussed at KeyCorp's Investor Day on March 1, 2022, additional details are being released today. These changes, expected to be offered beginning in late 2022, also include enhancements to products to make them even more convenient and flexible for clients.
Currently, KeyBank offers the KeyBank Hassle-Free Account®, a Bank On certified product with no overdraft, monthly maintenance service charges or minimum balance fees. Changes being announced today and taking effect in late 2022 will apply to KeyBank's other checking and savings accounts and include:
- Elimination of non-sufficient fund fees;
- Introduction of a $20 de minimis threshold, where clients won't incur overdraft fees for negative balances below this level;
- Reduction of overdraft fee to $20 per occurrence;
- Institution of an overdraft fee cap of three per day
- Provision of $0 Overdraft Protection for all linked accounts.
"KeyBank remains committed to providing our clients a competitive range of products and services to meet their individual needs. These changes to our overdraft policies - combined with our existing Hassle-Free checking offering which does not charge overdraft fees - will provide our clients the tools and support they need to manage their finances effectively," said Victor Alexander, Head of Key's Consumer Bank.
Alexander added that KeyBank also plans to introduce additional options that will offer expanded access to liquidity to help clients further take control of their finances. These options will follow at a later date and include:
- Early wage access, giving clients access to their direct deposit paycheck up to two days early;
- Immediate access to mobile-deposited funds1; and
- A new small dollar lending product, which will provide clients short-term liquidity.
As the changes are implemented, clients will be notified in advance about the details and effective dates. For now, current product offerings and fee structures remain in effect. These changes and additions to the product suite build on KeyBank's demonstrated support and commitment to the consumers in its footprint, including offerings such as the Key Secured Credit Card, which provides eligible clients with simple access to credit, while also helping them develop good spending habits and an educational foundation for future credit cards, KeyBank Loan Assist, which helps clients establish and demonstrate a satisfactory credit history, and the KeyBank Hassle-Free Account® mentioned above, of which 20% of Key's consumer checking clients are currently enrolled and which does not allow an overdraft to occur.
1 Fees may apply
All credit products subject to credit approval. Key.com is a federally registered service mark of KeyCorp.
About KeyCorp
KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $181.2 billion at March 31, 2022.
Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC. Copyright © 2022 KeyCorp®. All Rights Reserved
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SOURCE KeyCorp