KeyBank has 1002 branches in 15 states, and despite its size, it receives a below-average amount of complaints. The biggest problem I have with this bank is that they both show and hide their fees. They will happily show you the maintenance fees for their accounts, but they will not show you fees for thing such as having non-sufficient funds in your account. I had to contact their customer service department to find out their fees so that I could complete this KeyBank Review.

KeyBank Review – Benefits And Features

  • There is a rewards program where you earn cash back
  • They have free and paid checking accounts
  • There are free and paid savings accounts
  • You may have your fees for your checking and savings accounts waived
  • There are check cashing centers in six states

Checking Accounts

There are four checking accounts to choose from. You can choose the free KeyBank hassle-free account that doesn’t have a maintenance fee. There is a Key Express checking account, Key Advantage checking account and Key Privilege checking account.

The KeyBank hassle-free checking account doesn’t cost you any sort of fee, but you miss out on small perks such as a $6 rebate on ATM fees, preferred pricing on CDs and so forth.

The Key Express checking account costs you $7 per month. You can have that fee waived if you initiate eight transactions per month within the statement cycle.

The Key Advantage checking account costs you $18 per month. You can waive the fee if you have a combined balance between your accounts of more than $10,000. You can waive the fee if you deposit $1000 per month into your Key Advantage Money Market Checking account, but you must be a [email protected] program member. There is also another way of waiving the fee if you have a mortgage that you originated with KeyBank.

The Key Privilege Checking account will cost you $25 per month. You can have the fee waived if you maintain a $25,000 combined balance between certain KeyBank accounts. There is also a way of waiving your fees by using a [email protected] membership. You also become eligible to have the fee waived if you have a mortgage that you originated through KeyBank.

KeyBank Review checking account fees

What Is Their Relationship Rewards Program?

Enroll in the program and you have to pay an annual fee of $40, $30 or $0 depending upon the type of checking account you choose. You earn points with the program, and at the end of the year, you may redeem your points for cash.

It seems silly opting to pay an annual fee to receive annual cash back amounts, but you can make a profit if you use your account often. They have a rewards calculator that you may use to judge how many points you will earn over the year. For example, if you think you are going to pay more than 13 BillPay transactions with your account, then you are well on your way to earning enough points for cash back. Use the rewards calculator and try to estimate how many points you will earn before you sign up for the program.

If you have a Key Privilege checking account, then you should sign up for the rewards program right away because there is no fee for joining.

Savings Accounts

There are four types of savings account you can choose from. There is the Key Saver Savings Account, the Key Silver Money Market Savings Account, Key Gold Money Market Savings Account and a Health Savings Account (HSA).

The Key Saver Savings Account is a basic savings account where you must maintain a minimum balance of $300 in order to avoid the maintenance fees. Fall below that amount, and you must pay $4 per month.

There is a maintenance fee of $12 per month for your Key Silver Money Market Savings Account. You can avoid the fee if you have a minimum balance of $5000, or you deposit $25 per month.

You have to pay a maintenance fee of $18 per month for your Key Gold Money Market Savings Account. The fee may be avoided if you maintain a minimum balance of $30,000.

A Health Savings Account (HSA) may have certain tax benefits in your state. You can open and maintain an account if you put $500 in there. You may have a balance of less than $500 if you have a monthly direct deposit set up and you pay their $2.50 monthly fee. If you have a balance of less than $500, and you don’t set up a monthly direct deposit, then you have to pay the full maintenance fee of $5 per month.

Certificates Of Deposit

I didn’t take out a CD in this case, but from what I can tell online, they are of a high quality and people are happy with them. I must admit that the first time I saw their Certificates Of Deposit page, I was a little surprised that the minimum term for their Jumbo CD. Here is a picture of what I saw.

Certificates Of Deposit information

The two at the bottom make sense. They are part of the Relationships rewards program that you may join. The two rows at the bottom simply show that your CD counts towards the Relationship rewards program up to the amount of $10,000.

They have a short term CD is for seven days up to six months, and the Key Tiered CD is for six months or more. That is all fine, but then the Jumbo CD says you can have your money in there for as little as seven days. Surly there are not people who put in $100,000 for just seven days. The monthly APY rates depend on the state you are living in, which is a bit of a cop out for the bank.

KeyBank Review – Biggest Selling Point

Despite the fact that it is clearly in the bank’s interest more than the user’s interest, I am fond of their rewards program. However, their KeyBank Plus Check Cashing function is probably their biggest selling point.

KeyBank has KeyBank Plus Centers where you may talk to clerks and see which offers KeyBank has this week. For a fee of just 1.5%, you may cash your payroll check, tax refund check, or your government check. Plus, every fifth check is cashed for free.

My advice is to put your check into your bank and let it clear because you can do that for free. However, if you are in a rush and you need your money right now, then KeyBank Plus is the place to go. You will be hard-pressed to find a cash-checking place that only scrapes 1.5% from your check. The only downsides are that there is a $5000 maximum check amount, and there are only six states with KeyBank Plus Centers:

•New York

KeyBank Review – Fees And Charges

KeyBank have all their bank fees listed on their website, but it is hard work digging them out. They are not all in one place, you have to look on one web page for their NSF fees, and another for their checking account fees, and so forth. Some of their fees are surrounded by text, so you actually have to read a bunch of text to find out what the fees are.

$2.50 Non-bank network ATM
$10.00 Domestic inbound wire
$25.00 Domestic wire transfer outbound
$10.00 Return deposits
$34.00 Stop payments
$34.00 Non-sufficient funds pushing you into an overdraft
$0.00 Monthly maintenance fees for basic accounts

Their outbound and inbound wire transfers are extremely expensive. My current bank allows me free bank transfer and wire transfers both domestic and abroad, so why they hell is KeyBank charging such a big fee for inbound and outgoing wire transfers.

Grumpy Baby

Grumpy Baby is not pleased that he cannot find KeyBank’s fees. His diaper is filling with some uncomfortable questions for this bank.

KeyBank have not listed all of their fees on their website. You have to start the sign up procedure and get their e-paperwork. You have to search through their e-paperwork to find the fees. If the bank is not prepared to list all of their fees on their website, then they are hiding their fees, and for that, they deserve their poor online reputation.

Whom Should Take Note Of This KeyBank Review?

Below is an image of the USA, the greatest country on the planet, and the second most powerful after China. On the map, there are states that are colored in different shades of blue. If you live in one of these states, then consider an account with KeyBank.

Map of states with KeyBank

Don’t get an account with KeyBank if you have overdrawn in the last few years. Our KeyBank Review found that people who overdraw with KeyBank are the ones that have the most problems. The bank is not afraid to put holds on your checks because they don’t trust you with your own money. If you overdraw a few times, then they will punish you later down the line. It is not a bank for people who occasionally overdraw their accounts.

Conclusion – KeyBank Review

Our KeyBank Review shows that KeyBank is a fairly average bank, but they have a very poor online reputation. I have to say that their online reputation is deserved because the bank administrators are not brave enough to be upfront about their business. They hide fees away by not showing them on their website, and they punish people who overdraw by making future financial transactions more difficult. KeyBank is not a bad bank, but I do sympathize with their many customers who have complained about their services. Nevertheless, despite their size, they do receive slightly fewer complaints than other banks, so take from that what you will. If you live in one of the states in which they operate, then add KeyBank to the list of possible banks for you.