key.com

DO NOT USE THIS BANK

DO NOT USE THIS BANK. Key Bank is the worst bank I've ever used in my entire life. The people at the branch and customer service are friendly and as helpful as they can be, but the problem is that they are at the mercy of a mysterious "BACK OFFICE". Key Bank as a whole is the issue... I deposited a check, and they said that there would be a 1-day hold and it would be made available the next day... no problem, that's standard practice. So the check is made available, and I used my account to schedule multiple payments for the following day, but then the "BACK OFFICE" puts a 5-DAY HOLD on my check and yanks my funds after the payments had been submitted. Had they told me from the beginning that there would be a 5-day hold, I would have understood and would not have scheduled payments... but they didn't, they added it AFTER the fact. I never would have deposited the check into this account had I known upon my initial deposit! Even the branch found out AFTER I did! How ridiculous is that? So, I complain to the branch, and they were actually able to remove the hold and my payments processed. Wow, great customer service, right? But then... the "BACK OFFICE" puts a SECOND HOLD of 5 business days on my account, yanks my funds out and causes me to go into the negative since my payments went through! The best part? The check is from a family member and I know that it has cleared their account. It seems that the "BACK OFFICE" wants to play with my deposit in a money market for 5 days before they make the funds available to me. The branch is helpless to the "BACK OFFICE" and tells me to call an 800 number. The 800 number is helpless to the "BACK OFFICE" and says only the branch can help. Thus begins the feedback loop. Both the branch and 800 number said that this is ridiculous and understand my frustration. But... the "BACK OFFICE"... This bank cannot and will not help you access YOUR money. I have never had this issue with any other bank before. I get it... sometimes there are holds on transactions. But that's not the issue here. The issue is that Key Bank operates in bad faith and decides to make funds available, only to change their mind and place unnecessary holds after the fact, and leave you to clean up the mess with all of your accounts affected by their shady business practices. Isn't it funny? Banks will always take your money out immediately, but then they are slow as molasses when you want to put your money in... I will be filing a formal complaint with the Consumer Financial Protection Bureau and closing this account once this fiasco is over.

Date of experience: Dec 12, 2022