KeyBank Introduces Products & Services to Help Clients Take Further Control of their Finances

Rhea-AI Summary

KeyBank (KEY) announced the launch of enhanced relationship benefits, Key Select CheckingSM, Immediate FundsSM, and Early Pay to enhance the banking experience for consumers. The new products and services aim to help clients thrive and offer an easier, simpler, and more rewarding relationship with the bank. Key also introduced a simplified Relationship program that offers better rates on eligible deposit accounts and 2% cashback on the Key Cashback® credit card without requiring enrollment. Key Select CheckingSM offers an Annual Cash Bonus of $100 for clients who make qualifying direct deposits over 12 statement periods.

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• Enhanced relationship benefits and new products demonstrate KeyBank's commitment to helping clients thrive and offering a more rewarding banking relationship. The simplified Relationship program and Key Select CheckingSM with an Annual Cash Bonus provide additional incentives for clients to engage with the bank.

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Launch of enhanced relationship benefits, Key Select Checking^SM, Immediate Funds^SM, and Early Pay helps move consumers forward on their unique financial journeys

CLEVELAND, Aug. 7, 2023 /PRNewswire/ -- KeyBank (NYSE: KEY) is committed to helping clients move forward on their individual financial journeys, and today announced new products and services to enhance the banking experience for consumers on their paths to progress. These enhancements come on the heels of recent upgrades to KeyBank's overdraft and non-sufficient funds fees announced last year to offer consumers more flexibility, more convenience, and help reducing financial stress.

"At Key, we are on a continuing journey to make banking better for our clients. Our new products and services reinforce our commitment of helping our clients thrive while offering an easier, simpler and more rewarding relationship with us," said Jeannie Fanning, Director of Relationship Growth at KeyBank. "We're excited to empower our clients with enhanced products and tools, more digital capabilities, and customized support that provides further control over their personal financial paths."

Simplified, enhanced relationship benefits help Key clients thrive                 

In July, Key launched a simplified Relationship program¹ that makes it easier for clients to receive better rates on eligible deposit accounts and 2% cashback on the Key Cashback® credit card, our highest cashback level.

There is no enrollment required for Key's suite of benefits. Clients must have one eligible KeyBank checking account that they use for 5 or more qualifying transactions a month. Once they have that, the next product they open (that is not a checking account) comes with relationship benefits.

Key's enhanced relationship program is unique compared to others, offering one definition to unlock benefits across the consumer product suite. Check out key.com/relationship for more information on this enhanced program. Additional benefits will be introduced for the program later this year, including better rates for personal loan and home lending products.

Key Select Checking^SM offers Annual Cash Bonus², a thank you to clients for their relationship

In May, Key introduced Key Select Checking, a best-in-class and high reward checking solution that awards clients with multiple benefits, such as an annual cash bonus. To qualify for the annual $100 cash bonus, a client must make qualifying direct deposits into their Key Select Checking account over 12 statement periods. In addition to the cash bonus eligibility, Key Select Checking clients can receive benefits including monthly fee waivers, lowered fees, and ATM benefits.

Learn more about Key Select Checking here.

Immediate Funds^{SM 3} provides more flexibility by helping clients access deposits instantly

Key offers clients a range of solutions to meet their individual financial needs and continually looks for more efficient ways to serve them. As of early July, Key introduced Immediate Funds, an option in KeyBank's mobile banking app to help consumer and small business clients gain access to full deposit amounts instantly.

For eligible mobile deposits, clients will be given the option to choose Immediate Funds, which, for a 2% fee, allows clients to skip the processing time and access the full deposited funds immediately. Clients will continue to have the option of selecting the standard processing option to make the deposit free of charge.

Learn more about Immediate Funds and watch the video here.

Continued enhancements coming soon: Introducing Early Pay

Key is dedicated to continuously improving the banking experience and making managing money easier. Coming in mid-August, Early Pay⁴ will allow clients with eligible direct deposits into a KeyBank account to receive their funds up to two days early.

Here's how it works:

• There is no enrollment required and no fee for this service. Early Pay is available automatically to clients who have a KeyBank checking or savings account with eligible direct deposits.
• When Key receives direct deposit information from a client's employer or other payment provider in advance of the pay date, Key could make the money available to the client up to two days early.
• For example, if a payday is on Friday, and Key receives the deposit information two days in advance, the client could receive their money on Wednesday.

Clients will be notified in advance of the start of the Early Pay program. As of now, current product offerings and terms remain in effect. Read more about these changes at key.com/betterbanking.

Additional current offerings aimed at helping clients take control of their finances, include:

• Key Secured Credit Card^® . Provides eligible clients with simple access to credit, helps them develop good spending habits and provides an educational foundation for future credit cards.
• KeyBank Hassle-Free Account^®. A Bank On certified product with no monthly maintenance service charges or minimum balance fees.
• KeyBank Neighbors First Credit^{SM 5}. Help make the dream of home ownership a reality by providing up to $5,000 to homebuyers purchasing a home in an eligible community to be used for closing and prepaid costs that may come with financing a new home. This includes mortgage, flood and hazard insurance, escrow deposit, real estate taxes and per diem interest.

"We are a relationship bank that is committed to helping our clients thrive at every point in their financial journey. As we build client relationships, we build trust and create a community of support, accessibility, and financial mobility for all," said Fanning.

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 $195 billion at June 30, 2023. 

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. NMLS #399797. © 2023 KeyCorp.

CFMA #230728-2183779

¹ Benefits for eligible accounts

To be eligible for relationship rates, you must bank with KeyBank and own at least one additional eligible KeyBank non-Checking account ("Plus 1 Account"). Banking with Key means you (1) own an eligible open KeyBank consumer checking account, excluding a health savings account, with five (5) or more qualifying transactions posted to a single eligible checking account in a calendar month, which may not be aggregated across other accounts you own; or (2) own an open Key Private Bank checking or Key Private Bank Personal Checking account (either of which may be referred to as the "Relationship Account").

Qualifying transactions include, but are not limited to, point of sale transactions, bill payment(s), ATM transactions, check, cash or direct deposits, and electronic funds transfers. Qualifying transactions exclude adjustments, advances, reversals, refunds, account to account transfers, person to person transfers, interest, service charges, and service fees. Eligible Plus 1 Accounts include any savings, lending, credit card, or investment product.

We will determine whether you have met the bank eligibility criteria for the current calendar month based on the qualifying transaction activity in your Relationship Account during the prior calendar month. You will automatically be enrolled in a grace period for the first month in which you fail to meet the bank criteria (the "Grace Month") and will be eligible for relationship benefits throughout the Grace Month. If you fail to meet the bank criteria during the Grace Month, you will no longer receive the relationship benefits in the next calendar month. You will still receive relationship benefits so long as you own at least one Relationship Account. If you close all of your Relationship Account(s) you will no longer meet the bank eligibility criteria and will not receive a Grace Month, meaning you will lose relationship benefits starting the calendar month immediately following the month in which you closed your Relationship Account(s). Your Account will begin to earn interest at Relationship interest rate during the first full week of the month following the month you meet these requirements. To find out what the current Relationship interest rates and APYs are, contact your local branch.

•  
• Interest Bearing Checking and Money Market Savings Account This Account pays interest at a variable interest rate and rates may vary based on the balance in your Account. We may change the interest rate and APY at our discretion and as often as daily. There are no limits on the amount that the interest rate or APY may change. The interest rate and APY for this Account may vary based on multiple factors including, but not limited to: your overall relationship with the bank as defined by other Accounts you have, the balances in all of your Accounts, Account location, Account usage and other bank services you use. At any time after Account opening, you may be eligible for Relationship interest rates. Mortgage: Borrower may choose to take advantage of the offered 0.25% interest rate discount by electing to enroll in automated recurring mortgage payments from an eligible KeyBank checking account. An eligible checking account includes those consumer deposit accounts designated as checking accounts by KeyBank or the KeyBank Hassle-Free Account^®. Borrower may open eligible KeyBank checking account to qualify for the interest rate discount. Normal checking account service charges apply. Refer to specific checking account disclosures for details. Authorization agreement to automatically debit mortgage payments from a KeyBank deposit account must be signed and completed prior to loan closing. For fixed-rate mortgages, the 0.25% interest rate discount is a permanent rate reduction that will be reflected in the Promissory Note interest rate. For adjustable-rate mortgages, the 0.25% interest rate discount will apply to the initial fixed interest rate period and will be reflected in the maximum amount the interest rate can increase over the term of the loan, subject to the minimum interest rate that may be charged per the terms of the Promissory Note. Interest rate discount may not be available for all products.
  
  
• Cashback Credit Card: The following is a change to your Cashback Credit Card Cardmember Agreement. To be eligible for 2% in Cashback Rewards, you must have an eligible open KeyBank consumer checking account (excluding a health savings account) with 5 or more qualifying transactions posted to that same checking account in a calendar month. Qualifying transactions include, but are not limited to, point of sale transactions, bill payment(s), ATM transactions, check, cash, or direct deposits, and electronic funds transfers. You may also be eligible for 2% with an open eligible Key Private Bank checking account.
  
  On the fourth business day of each month ("Evaluation Date"), we will determine whether you are entitled to earn 2% in Cashback Rewards by meeting the eligibility criteria during the prior month. Your 2% earnings will start on this date and apply until your next monthly evaluation (on the fourth business day of the following calendar month). New card accounts will receive at least a full calendar month at the 2% cashback rate prior to the first Evaluation Date. You will receive a grace period for the first month in which you do not meet the eligibility criteria. If you do not meet the eligibility criteria during the grace period, your rate for the month immediately following the grace period will be 1%, beginning on the Evaluation Date. Cashback Rewards are awarded based on eligible credit card purchases excluding transactions such as cash advances of any type, balance transfers, convenience check transactions, overdraft protection transfers and quasi-cash transactions. Returns will reduce your Cashback Rewards balance. See Key Cashback Credit Card Terms and Conditions for transaction exclusions and additional details, which are subject to change and may be found at www.key.com/personal/credit-cards/key-cashback-terms-conditions.html.

² To earn the $100 bonus on your Key Select checking Account, the following criteria must be met: A $50.00 minimum deposit is required to open a Key Select Checking Account. Key Select Checking Account is an interest bearing account; for current balance tiers and rates, please call 866-821-9154 or visit key.com. 

To earn the $100 bonus on your Key Select Checking Account, the following criteria must be met: For Key Select Checking Accounts, starting with the third statement period after account opening, your account will be reviewed for the next 12 statement periods (Evaluation Period) for eligible direct deposits.  After that, your account will be reviewed at the end of each Evaluation Period for cash bonus eligibility.  Eligibility is based on direct deposits in the preceding Evaluation Period. 

To qualify for the bonus, eligible Direct Deposits must:  

• Total at least $60,000 during the Evaluation Period;
• Eligible Direct Deposits are limited to electronic direct deposits such as your payroll, pension, and government benefit payments. Other deposits or credits to your account, such as deposits of funds from person-to-person payments services (e.g., Zelle®, Venmo, or PayPal transfers), check or mobile deposits, and other online transfers are not considered an eligible Direct Deposit for bonus eligibility purposes; and
• At least one eligible Direct Deposit transaction (in any amount) must be received within the final 60 days of the end of the applicable Evaluation Period.

The $100 will be reported to the IRS on Form 1099-INT. Your $100 bonus will be deposited into your checking account within 30 calendar days at the end of the Evaluation Period. Accounts closed or in an inactive or escheatable status at the time of the bonus payout are not eligible for the bonus payment. 

 ³ Immediate FundsSM is available in the KeyBank mobile app and will only appear as an option for eligible mobile check deposits. You will also have the option for a standard deposit at no charge. The Immediate Funds fee is 2% of the deposit amount, with a minimum fee of $2.  

Immediate Funds requests made after 11:00 p.m. ET will have immediate funds availability for ATM withdrawal and point-of-sale transactions. However, it will take until the next business day for the funds to be available to cover overdrafts or other transaction types. For more information, review our Funds Availability Policy. 

⁴  Early Pay is a service included with your KeyBank consumer deposit account in which KeyBank makes your eligible direct deposits available up to two business days early. Eligible direct deposits include certain transactions such as payroll, government benefits or similar types of payments.  The Early Pay service is dependent on when KeyBank receives information from the payer that the funds are on the way, this could vary, and you may not always receive your funds early.

 ⁵  The KeyBank Neighbors First Credit is designed to help homebuyers in underserved communities by providing credits up to $5,000 to be used for closing and prepaid costs that may come with financing a new home. This includes mortgage, flood and hazard insurance, escrow deposit, real estate taxes and per diem interest. To qualify, a client must:

• Finance the purchase of an owner-occupied home through a residential mortgage with KeyBank; and
• The home must be located in an eligible community located in KeyBank's retail footprint and Florida. Contact a local KeyBank branch or Mortgage Loan Officer for details.

Special Purpose Credit Programs are, generally, programs that are established to meet special social needs or the needs of economically disadvantaged persons by extending credit to persons who would probably be denied credit or would receive it on less favorable terms, under certain conditions. See 15 U.S.C. § 1691(c)(1)-(3); 12 C.F.R. § 1002.8(a).

Mortgage and Home Equity Lending products offered by KeyBank are not FDIC insured or guaranteed. KeyBank extends credit secured by residential real estate without regard to race, color, religion, national origin, sex, handicap, or familial status.

 

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SOURCE KeyCorp

FAQ

What new products and services did KeyBank announce?

KeyBank announced the launch of enhanced relationship benefits, Key Select CheckingSM, Immediate FundsSM, and Early Pay to enhance the banking experience for consumers.

What are the benefits of the simplified Relationship program?

The simplified Relationship program offers better rates on eligible deposit accounts and 2% cashback on the Key Cashback® credit card without requiring enrollment.

What is the Annual Cash Bonus offered by Key Select CheckingSM?

Key Select CheckingSM offers an Annual Cash Bonus of $100 for clients who make qualifying direct deposits over 12 statement periods.