Date Received: 2017-01-27
Issue: Taking out the loan or lease
Subissue:
Consumer Complaint: This letter is to raise concern about service I recently received from a Key Bank XXXX branch. I was cold called even though I am on the do not call list on approximately XX/XX/2016 by a Key Bank XXXX employee and was offered a personal loan for credit card consolidation in the amount of $ XXXX My wife and I discussed it for several days and decided to submit the application and speed up our process on becoming debt fee from 10+ years down to 5 years according to the verbal offer made on the phone. On XX/XX/2016 we submitted the application. We were denied the loan even though we met the banks pre-approval criteria. We were then offered a contingent loan if we refinanced our auto loan through them with a lower monthly payment. The existing loan was to be paid off approximately XX/XX/XXXX or XX/XX/XXXX of this year and was at a .9 % interest rate. The wife and I again discussed the options and decided that even though the term would reset the timeline to five years and increase the interest rate to 4.69 % from .9 % interest rate, including loan origination and paperwork fees it would be less than wat we are paying in interest for the credit cards in the long run with the closing of the personal loan that was promised. During the auto loan closing process we were again reassured that everything would be fine and the personal loan would be approved upon the completion of the auto loan. Once we completed the auto loan process our credit was ran for the third time and we then were told the underwriter denied / revoked the original contingent offer even though we met the Banks pre-approval guidelines. At this time our credit had been ran three times affecting our credit score greatly, the Branch manager then offered to close a loan in the amount of {$15000.00} when we returned from a memorial service the following week. We then said ok it 's better than nothing. I called on XX/XX/XXXX to set up the closing the Branch manager then stated we had to wait another 30 days to run credit again when implying on the phone that we would just be modifying the terms with no further credit pulls. At this time I stated they are not going to run my credit for the fourth time and they needed to honor the original contingent offer. The branch manager then stated he would see what he can do. After calling the branch for several days asking for updates finally the Branch manager responded with there is nothing we can do. At this time I feel that several violations have occurred and are as follows but not limited to, do not call list violation, Bait and Switch, False advertising, revocation of a written and verbal agreement altering a financial situation for the worse, and potentially more. In conclusion my wife and I did not go looking for this situation the Bank came to us to help us better our financial situation, however quite the opposite has happened. The bank has greatly altered my financial situation negatively by negatively affecting our credit score and making potently harder for future loans or lines of credit, further raising our percentage rate on the auto loan while also now adding loan origination and paper work fees with prepayment penalties if we pay the loan of early as planned. If we would have allowed the Bank to continue to pull our credit over and over they would have. Furthermore when we raised question as to some of the denial reasons they were then changed to fit the needs of the bank such as insufficient credit file, we have over 20years of credit file, and insufficient liquidity. Liquidity was not even discussed and they have no idea what I have in other banks and retirement institutions.. How can we continue to trust this institution after what has happened with no remedy offered.
Company Response:
State: IN
Zip: 46112
Submitted Via: Web
Date Sent: 2017-02-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: Yes
Date Received: 2017-01-27
Issue: Making/receiving payments, sending money
Subissue:
Consumer Complaint: Since late 2016 Key Bank acquired First Niagara Bank. We have XXXX varied checking accounts and XXXX loans that were transitioned. We 've used Bill Pay systems for many years at First Niagara and other banks, including XXXX, XXXX, XXXX, XXXX. By comparison, Key Bank 's Bill Pay System is antiquated, horrendous and corrupt. The system WILL NOT save preferences on from which account payees should be paid, and WILL NOT permit addition of a comment or memo with an electronic payment not issued as a paper check. The system WILL deduct the amount of a scheduled payment from your account IMMEDIATELY, even though a paper check is usually not delivered to the payee for about a week. Most banks deduct a payment from the available balance when a check clears, NOT when it is issued. But Key Bank takes money out of your account in the interim and you have NO access to the funds that are held by Key bank even though a check has not yet cleared. When a check is UN-DELIVERABLE due to quirky Bill Pay rules about no XXXX in an address field, you have NO WAY of knowing that your payment has been returned to the bank because your balance has been deducted for the amount of the check, but the payee has not received it. So late charges and fees from your payee could be applied. When you receive another bill and find out the payment was never received from Key, they put you on hold to research and inform you the check was returned to Key WEEKS AGO, but you have seen no credit for this returned check to your account balance. What happens if I did not call to ask about the payment? After 3 MONTHS, Key would return the money to my account!!! ( supposedly ) This sounds like Key is stealing consumers money! You need to RESEND a check to the payee after changing the address, and now your account is deducted TWICE for the SAME AMOUNT! Key states that they need to Stop Payment on the check Key has already received back! Should I have been appreciative that they waived stop payment fees? Maybe.. but just a little until a week later when the initial amount deducted from our balance for the undelivered, stopped payment check is STILL MISSING from the account. So a week after calling Key about the lost check we have paid this bill twice, the amount is DEDUCTED from our account balance 2 TIMES, and the payee has not even received a single check yet ... COUNT ON 2 WEEKS TO SEE A CREDIT!!! Because when you call their support team, another rep tells you what the first one did not, that the credit they applied of your own money ( that is still in Key Bank 's hands ) takes 7-10 business days to go back to your account! If they take payments out immediately, why can they not apply a Stop Payment immediately? Probably so they can charge fees unnecessarily if consumers ' balances get lower than some threshold or worse yet, get overdrawn. Deposits are handled horrendously as well. A CASH deposit is NOT credited to your account on the same day it is made - it is pending until one day later. And a check deposit of a large sum was held for 12 DAYS! This check cleared the payers ' bank after 4 days, and after calling to see why the full check deposit was not credited to our account, we were informed that our local Branch manager had put a hold on our deposit, and as he was on a three-week leave of absence, NO ONE ELSE AT KEY BANK could lift the hold on a deposited check until a week later as the check had been ordered to be held for 10 business days by the manager. Other banks in our experience have never handled deposits in such a manner. Key Bank limits XXXX transfers from Key to a ridiculous limit of $ XXXX per day, thereby restricting consumers ' ability to get YOUR OWN MONEY moved to WHERE you need it WHEN you need it. Key Bank 's practices seem fraudulent, bordering on criminal! We 're praying for another takeover by a better bank or will be forced to shop for a new one.
Company Response:
State: PA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2017-02-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2017-01-27
Issue: Loan modification,collection,foreclosure
Subissue:
Consumer Complaint: KeyBank has failed to accurately responded to material false information being provided to a regulatory agency, the cfpb. On several occasion this lender has been been untruthful in facts provided to a federal regulatory agency. These incidents of providing false and misleading information are violations of the federal bank charter.
Company Response:
State: NY
Zip: 14051
Submitted Via: Web
Date Sent: 2017-01-27
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: No
Date Received: 2017-01-26
Issue: Managing the loan or lease
Subissue:
Consumer Complaint: Please help! Had car loan with Key Bank - car was totaled in XXXX 2016. Insurance company sent three checks to bank. Last one finally deposited. GAP insurance sent remainder of balance to bank. Bank lost check. I continue to be charged the monthly payment even though it should have been cleared in XXXX. Please help! No one at Key bank will help me
Company Response:
State: NJ
Zip: 08540
Submitted Via: Web
Date Sent: 2017-01-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2017-01-26
Issue: Problems caused by my funds being low
Subissue:
Consumer Complaint: I have had an account with Key Bank for going on 3 years. I do not have overdraft coverage, do not have a substantial amount of savings, do not have anything in my bank account due to loss of work. Recently, a foray of payments have hit my bank account - XXXX or better. Obviously, I do not have overdraft coverage, and I have asked the companies who are taking automatic payments out to stop. I 've gone online and even deleted my bank account from each company 's site. I have an equal number of overdraft fees - XXXX. Each XXXX, {$37.00} each. As I do not have overdraft coverage and since I obviously can not afford almost {$2000.00} in overdraft fees, my local branch is calling me and asking me how to square this up - I can not believe I 'd be asked such a question since these were automatic actions not initiated by me. This is another case where Key Bank ( with customer service that has gone downhill since the First Niagara acquisition ) is simply capitalizing on another man 's misfortune.
Company Response:
State: IN
Zip: 46901
Submitted Via: Web
Date Sent: 2017-01-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: Yes
Date Received: 2017-01-25
Issue: Account opening, closing, or management
Subissue:
Consumer Complaint: I signed up for an account with a XXXX bonus. I have not recived it. Now they are saying I had prior accounts but they are with my minor kids. Which I was told I still qulified. Then they said I was negative which I was for a fee caused by the bank. An annual fee I was unaware I had. So they said this was why I was I had not received bonus. I feel like this was misleading and the bank is trying to find any reason not to pay.
Company Response:
State: OR
Zip: 97206
Submitted Via: Web
Date Sent: 2017-01-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2017-01-26
Issue: Disclosure verification of debt
Subissue: Not given enough info to verify debt
Consumer Complaint: XXXX XXXX and XXXX have reported they verified by KEYBANK full account details. I am requesting full disclosure of dates and information shared with these companies
Company Response:
State: GA
Zip: 30168
Submitted Via: Web
Date Sent: 2017-01-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2017-01-23
Issue: Loan servicing, payments, escrow account
Subissue:
Consumer Complaint: After speaking with multiple people, through multiple phone calls ( at least 12 with several calls lasting an hour ), and given multiple stories/excuses this issue has not been resolved and is preventing us from selling our house in XXXX, NY. The address given above for Key Bank is based on a letter sent to us stating the loan was paid in full on XXXX/XXXX/XXXX which is inaccurate and the letter was signed by no one, simply ending with " Sincerely '' - no signature. At one point we were told the issue would take 5 days and would be resolved on Monday, XXXX XXXX. When that did not happen, we were then told to fax a signature allowing them to release the information. Our lawyer drafted a letter requesting the Satisfaction of Mortgage be filed and I ( XXXX XXXX ) signed it and it was faxed to the fax number ( XXXX XXXX ) given to us. In calling to confirm the fax was received and this issue could now be resolved could talk to no one who knew anything about the fax but was told the matter would be resolved in 15 days from XXXX XXXX making it now XXXX XXXX to close this matter. On our lawyers advise, we requested a letter stating that fact and also a copy of the Satisfaction of Mortgage. After two, hour long calls on Friday, XXXX XXXX, we are now told by a person named XXXX that he is entitled to 48 - 72 hours to research this matter. NONE OF THE OPTIONS BELOW APPLY. OUR LOAN TAKEN OUT IN XXXX WAS PAID IN FULL BY XXXX BUT BANK DID NOT FILE SATISFACTION OF MORTGAGE RESULTING IN OUR INABILITY TO SELL THAT HOME.
Company Response:
State: NY
Zip: 140XX
Submitted Via: Web
Date Sent: 2017-01-27
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: No
Date Received: 2017-01-20
Issue: Deposits and withdrawals
Subissue:
Consumer Complaint: I deposited a check with KeyBank of XXXX. Because of the amount of the check, a XXXX day access hold was placed on the majority of the funds. The bank branch deposited the check to the wrong account and made the correction the following day. That pushed my hold back another day. Because of the weekend, it is actually XXXX days. Bank 's mistake.. consumer get 's screwed, so my alternative is, move to another bank.
Company Response:
State: WA
Zip: 98203
Submitted Via: Web
Date Sent: 2017-01-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: No
Date Received: 2017-01-21
Issue: Account opening, closing, or management
Subissue:
Consumer Complaint: I closed my bank account last week. I thought everything cleared, but did n't realize my car insurance had n't come out and even though I closed the account ( or so I thought ) the payment tried to pull. I got charged a NSF fee of {$38.00}. Another payment that was NOT authorized by us to come out was paid by the bank EVEN THOUGH I CLOSED THE ACCOUNT. That was ANOTHER {$38.00} charge. Now I 'm told that even though they are REFUSING to pay the car insurance bill, they are STILL going to charge the two overdraft fees that will come about from XXXX trying to withdraw. I called to speak to the branch manager but got someone else. She was going to supposedly talk to them about reversing the fees and NEVER called back. I was also informed today that even though I closed the account and SIGNED to close the account, it has to stay open for SEVEN days. I WAS NOT INFORMED OF THIS WHEN I CLOSED THE ACCOUNT. I had no idea it was even open still!!! Since when do bank accounts stay open after you close them? WHY did n't they just reject the payment?? KEYBANK is rip off. The customer service is terrible. I 've never had this issue with a bank in all my years. If an account is closed, it should be CLOSED.
Company Response:
State: CT
Zip: 062XX
Submitted Via: Web
Date Sent: 2017-01-21
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: No