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  • Report: #373158

Complaint Review: Key Bank

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  • Submitted: Monday, September 15, 2008
  • Last Posting: Wednesday, March 11, 2009
  • Reported By: — Denver Colorado
Key Bank
3300 E. 1st Ave, Denver Colorado 80206 U.S.A.

Key Bank Stealing from customers by using flexible date and time standards Denver Colorado


1Author 4Consumer 0Employee/Owner

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Key bank uses flexible time stamps based on east coast time to accept deposits, thereby collecting huge overdraft fees. When questioned a branch manager replied very flippantly, "To bad, it isn't our fault."

Keybank sux
Denver, Colorado
U.S.A.

This report was posted on Ripoff Report on 9/15/2008 4:24:36 PM and is a permanent record located here: http://www.ripoffreport.com/bait-and-switch/key-bank/key-bank-stealing-from-custome-dga78.htm.

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REBUTTALS & REPLIES:
1Author 4Consumer 0Employee/Owner
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#1 Consumer Comment

Account must be overdrafted...

AUTHOR: Edgeman - Chico (U.S.A.)

SUBMITTED: Monday, September 15, 2008

You wouldn't get overdraft fees if you had funds available for your transactions.
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#2 Consumer Comment

This is a true report

AUTHOR: Scorned Consumer - Denver (U.S.A.)

SUBMITTED: Tuesday, March 10, 2009

Edgeman, you missed the point. The funds were probably there, but Key's messed up time-stamping system skewed it so the acct appeared to not have funds. The same thing happened to me, and I got the same response. Key is a greedy company profiting off of it's consumers misfortune. Besides, can't these overdraft fees, if you need them SOOO bad, be taken out of the $1.6 billion in bail out funds that Key received? It's total crap.
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#3 Consumer Comment

Yes..But..

AUTHOR: Robert - Irvine (U.S.A.)

SUBMITTED: Tuesday, March 10, 2009

Yes they base their deposit cut-off time on East Coast Time, and that makes it really early in the day for the West Coasters.

BUT if you have an account with them you agreed to abide by their terms. This includes their cut-off times. Just because you don't like the rules, does not mean that you can spend the money before it is actually posted to your account. If you spend the money and overdraft that IS your fault and you will be charged Overdraft fees.

If you don't like it you are free to take your money to a bank that has later cut-off times.
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#4 Consumer Comment

No, I do get the point...

AUTHOR: Edgeman - Chico (U.S.A.)

SUBMITTED: Wednesday, March 11, 2009

Scorned,

I actually do get the point and I stand by my prior post. One must wait for the funds to become available before using them.

From the original post:

"Key bank uses flexible time stamps based on east coast time to accept deposits, thereby collecting huge overdraft fees."

Firstly, using east coast time does not cause overdraft fees. It certainly hasn't generated any overdraft fees for me.

I'll bet you a Klondike bar that this person made a deposit after the cutoff time and didn't realize that this deposit would have been considered part of the next business day's transactions. He or she then went off and spent money before the funds were available.
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