KeyBank Introduces New Key Coverage Zone(SM) for Clients to Avoid Overdraft Fees

Rhea-AI Summary

KeyBank introduces Key Coverage Zone to help clients avoid overdraft fees for amounts of $20 or less. Effective September 16, 2022, the changes also eliminate non-sufficient funds fees and lower overdraft fees to $20. Overdraft transactions are capped at three daily, and transfers from eligible credit products now incur no fees. These updates reflect KeyBank's commitment to enhancing customer experience and financial flexibility.

Positive

• Introduction of Key Coverage Zone to help clients avoid overdraft fees for $20 or less.
• Elimination of non-sufficient funds fees.
• Reduction of overdraft fees to $20.
• Capping overdraft transactions to a maximum of three per day.

Negative

• None.

Key Coverage Zone^SM now helps clients avoid overdraft fees if they're only overdrawn by $20 or less at the end of day, as new terms begin

CLEVELAND, Sept. 19, 2022 /PRNewswire/ -- KeyBank (NYSE:KEY) is committed to helping clients move forward on their financial journey, and today announces changes to overdraft and NSF fees. Initially previewed earlier this year, new terms have gone into effect for Consumer and Small Business checking and savings accounts beginning September 16, 2022. The updates, meant to offer clients more flexibility and convenience and help them stress a little less about their finances, include:

• Key Coverage Zone^SM: Client accounts overdrawn by $20 or less at the end of day won't be charged KeyBank overdraft fees. Clients are in the Key Coverage Zone.
• Eliminated fees: Eliminated charges for non-sufficient funds (Returned Items)
• Overdraft Protection Transfer: $0 Overdraft Protection transfer fees are being expanded to include transfers from eligible credit products (credit cards and lines of credit).
• Reduced overdraft fees: Overdraft charges outside the Key Coverage Zone^SM and Recurring Overdraft fees are now $20.
• Capped overdraft transactions: reducing the maximum number of transactions that would incur Overdraft charges from five (5) to three (3) at the end of each day. Remember, overdraft fees are incurred only when outside of the Key Coverage Zone^SM.
• Streamlined customer experience: simplified transaction posting order that is more intuitive and easier for clients to understand when monitoring their accounts.

To read more about these changes, visit www.key.com/odchanges

"We took time and care listening to our clients' feedback and studying industry best practices to develop this program. We know that unexpected overdrafts can happen and are proud to introduce Key Coverage Zone^SM as a safety net for our clients," said Daniel Brown, Director of Consumer Product Management at KeyBank. "In addition, eliminating NSF fees, along with our other overdraft enhancements, serves as the next step in creating greater flexibility for our clients. Our updated program reinforces our commitment to helping our clients take control of their financial journey."

These changes complement current tools aimed at helping clients make financial progress, including Key Secured Credit Card, KeyBank Loan Assist, and the KeyBank Hassle-Free Account^®.

 "We're excited to take the next steps in making banking easier - and better," said Brown. "We're a relationship bank and strive continually to enhance our programs to deliver the superior products and services that our clients deserve."

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 $187.0 billion at June 30, 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. CFMA #220913-1718229

 

 

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SOURCE KeyCorp

FAQ

What is KeyBank's Key Coverage Zone program?

KeyBank's Key Coverage Zone allows clients to avoid overdraft fees for amounts of $20 or less.

When did KeyBank's overdraft changes take effect?

The new overdraft changes took effect on September 16, 2022.

What fees has KeyBank eliminated for clients?

KeyBank has eliminated non-sufficient funds fees for its clients.

How much are the new overdraft fees at KeyBank?

New overdraft fees at KeyBank are reduced to $20.

What is the maximum number of overdraft transactions allowed per day at KeyBank?

Clients can incur overdraft charges on a maximum of three transactions per day.