KeyBank Introduces New Key Coverage Zone℠ for Clients to Avoid Overdraft Fees
Key Coverage Zone℠ 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, September 19, 2022 /3BL Media/ – 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 ZoneSM: 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 ZoneSM 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 ZoneSM.
- 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 ZoneSM 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
