Complaint Review: KeyBank - Key Corp - Houlton Maine
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- Author Confirmed
- KeyBank - Key Corp www.key.com Houlton, Maine U.S.A.
- Phone: 800-539-2698
- Web:
- Category: Banks
KeyBank - Key Corp Shady Overdraft fees mean more money for the bank less money for me and you Houlton Maine
*Author of original report: Update
*Consumer Comment: Critical portion of Funds Avialability Policy omitted from poster's reply.
*Author of original report: Banking 101
*Consumer Comment: Check with your bank
*Consumer Comment: Deposits are always held
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First off I would like to state that I know what happens when you take out more money from your bank account than you deposit. I have no problem at all paying these "fees" when I make a mistake. The problem that I have is when no error was made on my part, but the bank sees an opening for some revenue. Second I would like to state that the local branch of KEYBANK is one of the best places to do business I have ever seen. My problem is with the corperate Customer "service" center.
As a wise man once said, the best place to start is at the begining, so here goes.
When I opened my "Express checking" account from Key I was told that transactions were processesed "Deposits first, then debits from largest to smallest". What I wasn't told was deposits could be held if the bank chooses. I deposited over $1200 and took my wife shopping,and out to eat. My balance was over $1300 and we spent less than $300 on shopping and dinner. The next morning when I checked my remaining balance on my account I saw that they had place a hold on the deposit I had made and started charging overdraft fees. I got slammed with seven $33 charges in one day.
I went into my local branch and asked what was happining with my account. The woman I delt with, Sherri, was kind, polite, and easy to talk to. She explained the change in the banks "Funds Avaiability Policy". When we were finished she refunded ALL SEVEN $33 charges. Sounds like I got what I wnated right? Wrong.
That night the bank startes changing the way they processed items to my account. They processed four transactions before they released the hold on the original deposit, so that I got slamed with four more $33 charges. The local branch had nothing to do with it at this point so I e-mailed the customer service center. I explained that the only reason the account went into the negitive was becase of an error at the local branch. The Customer Account Representitive who called me was named Dave. Dave, like Sherrie, was kind, polite, and easy to talk to. After two phone calls, one to the local branch and one to me. The four $33 charges were again refunded to my account. Good deal, right? Wrong AGAIN.
The very next morning I checked my balance on-line, at the ATM, and at the local branch. All of the balances were the same as my register. That afternoon for no reason at all I was slammed with five more "Overdraft" fees.
Five fees assesd to an account in good standing, sounds fishy to me. So once again I called the customer service center. I was shocked at the attitude that I got from the rep on the phone. She was rude, crass, and sounded like she had been pulled out of the ghetto, handed a script and left alone on the phone. After being called stupid(I am not), and asked if I understood basic math(I do), I asked to speak with with her supervisor. A man name Aaron got on the phone and proceded to read the same script, with the same attitude. I was on the phone with Aaron for over an hour. He re-read the same lines from his script over and over again. When I asked to speak with his supervisor, he told me he didn't have one. By the time I had conveyed to him what had already taken place, and he understood that he needed to call the local branch to verify what I had been trying to tell him, it was already 5:30pm EST, and the local branch closed at 4:00pm. I was told that there was no further option for me and I would have to "deal with it". I hung up the phone ready to pull my own hair out.
I checked my account balance the next morning and lo and behold there were new fees on my account for keeping the reps on the phone too long. There were also, are you ready for this, more "overdraft" fees resulting from the Excess Phone Use fee I was charged. I never agreeed to any Excess Phone Use fee. So the fees keep piling up and I refuse to pay them.
I guess we should have been told "Banker beware" not "Buyer beware".
So that is my story. I don't have a problem owning my mistakes. I do have a problem paying for someone elses.
J.D.
Houlton, Maine
U.S.A.
This report was posted on Ripoff Report on 05/09/2008 11:05 AM and is a permanent record located here: https://www.ripoffreport.com/reports/keybank-key-corp/houlton-maine-04730/keybank-key-corp-shady-overdraft-fees-mean-more-money-for-the-bank-less-money-for-me-an-331629. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#5 Author of original report
Update
AUTHOR: J.d. craig - (U.S.A.)
SUBMITTED: Monday, July 14, 2008
Just thought I would drop a line and let every one know that I got a call from the office of the President. The woman actuallylistened to me and agreed with what i had to say. ALL of my money was refunded. Thank you Key. It's nice to se that the people in charge still listen to logic and reason.
#4 Consumer Comment
Critical portion of Funds Avialability Policy omitted from poster's reply.
AUTHOR: Aaron - (U.S.A.)
SUBMITTED: Monday, July 07, 2008
"But I thought the Bank was accountable to their own policy. Section one of KeyBanks Funds Availibility Policy...
'1. Determining the Availability of a Deposit.
The length of the delay is counted in business days beginning with the business day following the day of your deposit. Every day is a business day except Saturdays, Sundays, and legal holidays. Deposits made after 7:00 p.m. local time on any business day at an automated teller machine (ATM) owned and operated by us will be considered received by us on the next business day. You can identify ATMs owned and operated by us by the initial screen message. Deposits made at an ATM not owned and operated by us will be available for withdrawal within five (5) business days.'"
You are leaving out the sections immediately following this section that make it clear that "received" does not equate to "available for withdrawal". The only types of funds that are available for withdrawal on the same day that they are received are direct deposits of electronic payments.
'3. Next-Day Availability. Funds from the following types of deposits and check deposits as described in the new section number 4. below are available on the first business day after the day of your deposit.
* U.S. Treasury checks that are payable to you.
* Wire Transfers.
* All checks drawn on KeyBank National Association. (In some instances funds may be available on the same business day of deposit.)
* If you make the deposit in person to one of our employees at one of our branches, funds from the following deposits are also available on the first business day after the day of your deposit:
o Cash
o State and local government checks deposited in that state into KeyBank accounts that are payable to you, if you use a special deposit slip which can be obtained at the teller window.
o Cashier's, certified, and teller's checks that are payable to you, if you use a special deposit slip which can be obtained at the teller window.
o Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders, if these items are payable to you.
If you do not make your deposit in person to one of our employees at one of our branches (for example, if you mail the deposit) funds from these deposits may not be available until the second business day after the day we receive your deposit.'
Note that even cash deposits are not available for withdrawal until the _next day_ after a deposit.
Also note that there are other areas of the Funds Availability Policy that clearly state that deposited checks may, depending upon the bank from which the check is drawn, take up to five (5) business days to become available for withdrawal.
#3 Author of original report
Banking 101
AUTHOR: J.d. craig - (U.S.A.)
SUBMITTED: Wednesday, May 14, 2008
But I thought the Bank was accountable to their own policy. Section one of KeyBanks Funds Availibility Policy...
"1. Determining the Availability of a Deposit.
The length of the delay is counted in business days beginning with the business day following the day of your deposit. Every day is a business day except Saturdays, Sundays, and legal holidays. Deposits made after 7:00 p.m. local time on any business day at an automated teller machine (ATM) owned and operated by us will be considered received by us on the next business day. You can identify ATMs owned and operated by us by the initial screen message. Deposits made at an ATM not owned and operated by us will be available for withdrawal within five (5) business days."
Plus I was told by an employee...
"When the pending activity is posted to your account it will do so with other transactions received on that business day. Not all transactions will appear as pending prior to posting. When we post transactions to your account we will always follow these rules:
1. The transactions are split into two groups of prior day activity and current day activity, the prior day activity will post first followed by the current day activity 2. Each group will then be posted in the order of deposits, then withdrawals, from largest to smallest."
So I should have been covered. In fact that is why I was refunded 11 "overdraft" fees.
John, please don't assume everyone is stupid. Unless you have somthing helpful to say maybe you should just keep comments like that to yourself. Sarcasam is difficult to express in writing.
#2 Consumer Comment
Check with your bank
AUTHOR: Nikki - (U.S.A.)
SUBMITTED: Friday, May 09, 2008
Some banks will post overdraft fees today for items that overdrafted yesterday. The fee usually gets tacked on 1 day later.
You were very lucky they refunded so many fees. Also, your latest fees may have been due to items that overdrafted the day before, but before you were refunded the other fees.
#1 Consumer Comment
Deposits are always held
AUTHOR: John - (U.S.A.)
SUBMITTED: Friday, May 09, 2008
a minimum of 2-5 days usually at all banks. Sometimes 7-10 days. This is banking 101. Just because you put a check in the bank does not magically make the money 'there' for you to spend immediately as you seem to think. You have to wait for the check to clear so your balance was not $1300. It was still whatever before you went to the bank plus $100 from the deposit. Thus, you spent money you didn't have.
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