Date Received: 2022-08-30
Issue: Closing on a mortgage
Subissue:
Consumer Complaint: I obtained a home equity loan from KeyBank that closed on XX/XX/2022. When I applied for the mortgage, I was given an interest rate of 5.02 %, but the loan officer offered me a 0.25 % discount if I opened a savings account and a checking account with KeyBank. I opened the accounts and the interest rate was lowered to 4.77 %, which was reflected on the closing disclosure and the final paperwork signed at closing. On XX/XX/2022, I went to KeyBank 's XXXXXXXX XXXX ( XXXX XXXX XXXX XXXX, XXXX, CO XXXX ) and asked to close the savings and checking accounts since I did not need them. The KeyBank employee I met with, XXXX XXXX XXXX, told me that if I closed the accounts, the interest rate on my loan would increase to 5.02 %. I informed her that the 4.77 % interest rate was listed on the closing disclosures as one of the items that could not change after closing. I'd had my closing appointment with XXXX XXXX the previous month so it seemed impossible that she could not know that the interest rate couldn't be increased. She told me that the loan hadn't had its final review yet and that KeyBank could still change the interest rate if they saw that the accounts were closed when this review was done. I reiterated that the interest rate could not be changed after closing according to federal law and said that she was threatening me with an illegal action against my home equity loan for attempting to close the savings and checking accounts. The person XXXX XXXX identified as the branch manager or acting branch manager witnessed this and did not intervene when an employee was openly claiming KeyBank was going to violate federal law by increasing my interest rate after closing. I left without closing the savings and checking accounts. I eventually closed the accounts and the loan 's interest rate was not increased. I attempted to escalate this issue within KeyBank but never managed to speak to anyone who took the matter seriously or provided the impression this would not happen to other KeyBank mortgage customers.
Company Response:
State: CO
Zip: 80004
Submitted Via: Web
Date Sent: 2022-08-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-30
Issue: Opening an account
Subissue: Unable to open an account
Consumer Complaint: I had an key bank account and was a victim of a person posing to be an employer. They mailed me a check and I put the check into my account and then they told me to send them the money in XXXX check cleared and then check turned out to be fake. I informed the bank I was scammed. The closed the account and charged it off as fraud. I since then have opened a XXXXXXXX XXXX account and because the way this key bank account is reporting they have locked my account up.
Company Response:
State: MI
Zip: 480XX
Submitted Via: Web
Date Sent: 2022-08-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-30
Issue: Advertising and marketing, including promotional offers
Subissue: Didn't receive advertised or promotional terms
Consumer Complaint: Id like to file a formal complaint against KeyBank. In XX/XX/2022, I received a promotional offer in the mail from KeyBank offering me a 0 % interest credit card on balance transfers. My limit was {$7500.00}. I conducted a balance transfer on XXXX XXXX in the amount of {$6000.00} from XXXX to KeyBank. I remember speaking to a male over the phone ( who works with KeyBank ) to conduct the balance transfer. The male who worked for KeyBank was friendly and reassured me I was receiving the promotional offer. Because I no longer had the promotional offer in hand, I remember asking the KeyBank employee if I was still within the time frame. The promotion was advertised as 0 % interest on balance transfers, but I would pay interest on additional charges applied to the credit card. In the months following, I maxed out my card at {$7500.00}. Therefore, I was expecting to be paying interest on the {$1400.00} balance that was not part of the balance transfer. I reviewed back statements to assure I was paying more than expected in interest. Fast forward to XXXX XXXX. I called KeyBank to ask what my current interest rate was. I spoke to a nice lady named XXXX. XXXX informed me my interest rate was 14.24 %. XXXX also informed me that I had been paying interest for the balance transfer in addition to all charges racked up on my credit card ( I have been paying interest since XX/XX/2022 ). I spoke on the phone with XXXX for over an hour on XX/XX/2022. By the end of our conversation, XXXX got in touch with a female supervisor who stated, The call back in XXXX when the balance transfer took place was no longer recorded because it had been longer than 5 months. The KeyBank supervisor also stated, I found the promotion that should have been applied to your account and I will get the interest youve paid over the last 5 months, credited back to your account. On XXXX XXXX. I missed a call and voicemail from XXXX. When I called back, I spoke to a male supervisor who informed me that after investigation, I missed the promotion by a few days, and I do not qualify. I explained in detail to this male supervisor with KeyBank the situation and explained my frustration due to being told twice, I would be given the promotion. I would have never transferred my balance from XXXX to KeyBank, if I had not been promised the 0 % promotion ( my interest rate was lower with XXXX than it is with KeyBank ). I feel KeyBank was dishonest to gain my business. I was not issued the interest rate as advertised on the promotional offer they mailed to me.
Company Response:
State: ID
Zip: 83607
Submitted Via: Web
Date Sent: 2022-08-30
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-30
Issue: Opening an account
Subissue: Didn't receive terms that were advertised
Consumer Complaint: I opened an account according to a promotional offer. The offer stated that after {$500.00} of direct deposit, the account was due {$200.00} bonus. I deposited {$1000.00} and had recurring direct deposit set up with my work. The bank then closed my account to avoid paying the bonus.
Company Response:
State: TX
Zip: 77008
Submitted Via: Web
Date Sent: 2022-08-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-31
Issue: Managing an account
Subissue: Funds not handled or disbursed as instructed
Consumer Complaint: This is in relation to a previous complaint regarding a payable upon death document on my fathers checking and savings accounts with Key Bank in XXXX Maine. As the personal representative of my dads estate I went into the bank on Friday XX/XX/XXXX to receive my portion of my dads account. I was told by the bank representative XXXX XXXX that I was not listed as a beneficiary, that my sister is the sole beneficiary. In a previous response to a complaint that I filed with you a representative from the banks presidents office acknowledged that my sister and I are both designated on the payable upon death document. See complaint # XXXX. The response went further and stated I would need to go into the bank to sign a form and I would be issued a check for half the money in each account. The bank has yet to produce the payable upon death document for me to see. And now the bank refuses to give me my half of the money.
Company Response:
State: ME
Zip: 04901
Submitted Via: Web
Date Sent: 2022-08-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-30
Issue: Opening an account
Subissue: Confusing or missing disclosures
Consumer Complaint: 1. Opened the account on XX/XX/2022 successfully. 2. Key BankXXXXXXXX XXXX customer service sends me a notification for further identification on XX/XX/2022 including proof of residence, driver 's license and copy of social security card through a protected time-limited email chain. 3. I comply the same day. Two days later, I have to send an additional email to check on the progress. No response for an additional 17 days, from either the customer service through email or phone, since it looked like the application was not in the system, yet they had me provide my personal information on multiple encounters. 4. XXXX XXXX connected with XXXX from customer service who investigated more on my case. He said I would be getting an email to complete the application and get my accounting information the next day, since I was " approved ''. 5. XX/XX/XXXX I was, all of a sudden, declined to open the account given a " XXXX Report '' through an email from XXXX XXXX. Called customer service rep XXXX, and he could not give me a response initially. 6. I called XX/XX/XXXX, and requested my information be permanently deleted and the account closed since I do not want my information remaining with a bank I have not established a banking relationship with. 7. Overall, has been an extremely bad customer service representative experience, no clear concise reason as to why they requested additional information and then decided to close the account.
Company Response:
State: GA
Zip: 30041
Submitted Via: Web
Date Sent: 2022-08-30
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-30
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: XXXX XXXX XXXX XXXX acct. They advertised a XXXX referral for each credit card application I sent to a relative that was approved. I did 2 referrals and they were approved for the XXXX XXXX credit card, which they already received. So I do have the XXXX XXXX in my " referral acct ''. However, absolutely no way to get the XXXX into my XXXX XXXX checking acct or any other bank I use. I emailed the customer advocate 5x starting about 3 weeks ago, called 2x ( massive waste of time ), and get the same response. We will get back to you. http : XXXX Click the link to copy to your clipboard! How do you want to split your referral bonus? {$0.00} For You {$400.00} For Your Friend 0 % 10 % 20 % 30 % 40 % 50 % 60 % 70 % 80 % 90 % 100 % Adjust the slider to define how you want to split the bonus payout with cardholders you refer using your unique referral link. This payout split will only apply to referrals made after this update. Track your referrals Redeemable INITIAL REFERRAL SENT REFERRAL OPENED XXXX XXXX CREDIT CARD APPLIED XXXX XXXX CREDIT CARD APPROVED Referral 1 ( {$400.00} ) Referral 2 ( {$400.00} ) XXXX XXXX CREDIT CARD XXXX XXXX RULES OFFER AND ELIGIBILITY As of XX/XX/2021, referrers must have a log in credential for XXXX XXXX XXXX XXXX Banking in order to participate in XXXX XXXX 's Referral Program. A log in credential is created during the application process for a XXXX XXXX product or can be created at any time if you have an existing XXXX XXXX product. XXXX XXXX, a brand of KeyBank National Association ( hereinafter referred to as XXXX XXXX we, us or our, ) offers XXXX XXXX customers the opportunity to participate in a reward-based program to refer friends and family to apply for a XXXX XXXX Credit Card ( the Referral Program ). We will provide a reward of {$400.00} for each new Qualifying Referral ( as defined below ), which, at the option of the referrer may be split between the referrer and the referred cardholder. Any amount to be paid to the referred cardholder will be determined by the referrer prior to sharing his/her personal referral link with the referred cardholder. Participating referrers may receive up to ten ( 10 ) rewards per calendar year for Qualifying Referrals. An individual must have a log in credential for XXXX XXXX XXXX XXXX Banking to participate. A person with log in credentials is defined as a person who passes the identity verification phase/login for a XXXX XXXX account XXXX By participating in the Referral Program, individuals agree to adhere to the terms and conditions specified within these Program Rules. We reserve the right to disqualify any individual from participation in the Referral Program if he or she does not comply with any of these Program Rules. Further we reserve the right to modify or amend these Program Rules and the Referral Program, including the termination of said program at any time, for any reason. QUALIFYING REFERRALS Only Qualifying Referrals are eligible for a reward. To qualify, a referral must meet the following conditions : The referred cardholder must be approved for a Credit Card with XXXX XXXX. A referral can not be made for existing XXXX XXXX customers or applicants. We must be made aware of the referral by either the referred cardholder or the referrer during the application process. Referrals made after the referee is approved for a Credit Card are ineligible for reward. Referred cardholders can only be referred by one person. Referrals must be made through the XXXX XXXX website. Please contact us at XXXX ( TDD/TYY : XXXX ), if assistance or accommodations are needed. Our Referral program rewards can not be combined with any partner monetary bonus. Eligible cardholders can combine the referral bonus with a partner rate discount, the auto payment discount, and/or our linked savings discount. Referrals made through one of our partners or affiliates are not eligible for rewards under this Referral Program. Employees of KeyBank National Association are ineligible to participate in the Referral Program. DISTRIBUTION OF REFERRAL LINK By participating, each referrer agrees to only share his/her personal referral link with family and friends. Referrers additionally agree not to solicit applications for XXXX XXXX XXXX XXXX and agree not to compensate or accept any compensation from referred cardholders in connection with referrals. Bulk distribution or promotion of a referral link by means of automated system, script or macro, or through any manner that would constitute or appear to constitute unsolicited telemarketing, commercial email or spam ( in our sole discretion ) is expressly prohibited and may be grounds for immediate termination of the Referrer 's account, deactivation of the referral link, and disqualification from the Referral Program. Each referrer is responsible for complying with any applicable laws including federal, state or local telemarketing or anti-spam laws when distributing his/her referral link. PAYMENT OF REWARDS All rewards for referrals are subject to verification. We may delay payment of a reward for the purposes of investigation and refuse to process any reward related to a referral transaction we deem to be fraudulent, suspicious, or in violation of these Program Rules. In order to receive a reward payment, referrers will need to provide us with their legal name, address ( for those receiving payment by check ) and Social Security Number. If we do not have this information, we will reach out to the referrer to obtain it and no reward payment will be made until we have it. No third parties outside of the referrer and the referred cardholder may receive referral payments. Notwithstanding the above, payment for a verified reward will be distributed within 45 days of the referred cardholders card closing. Note, we will only pay one referral payment per cardholder, regardless of when or how many Credit Cards are approved. TAX CONSIDERATIONS An individual 's participation in the Referral Program may result in miscellaneous income and we may be required to send you, and file with the IRS, a Form XXXX ( Miscellaneous Income ). You are responsible for any tax liability related to participating in the Referral Program. Please consult your tax advisor if you have any questions about your personal tax situation. " we are working on it '' They can not give me the XXXX.
Company Response:
State: NY
Zip: 105XX
Submitted Via: Web
Date Sent: 2022-09-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-27
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: In late XX/XX/XXXX I requested a forbearance for my private student loan with Key Bank. The forbearance was approved on or around XXXX XX/XX/XXXX. I was notified over the phone on XXXX XX/XX/XXXX. A letter was allegedly sent shortly thereafter. Key does not handle the servicing of any of their private student loans still in existence and contracts the servicing to XXXX. Moreover, XXXX does not handle any midstream collection activity. That function of the operation is contracted to XXXX. Although the forbearance was approved on or around XXXX XX/XX/XXXX, Key did not notify XXXX he forbearance was approved. Thus, XXXX marked payments as past-due. on or around XXXX XX/XX/XXXX I contacted XXXX regarding the forbearance approval, and spoke with XXXX. XXXX escalated the issue notifying the appropriate individuals that the forbearance request had been approved. XXXX wrote " Please send request to servicer to process four-month extension that was approved XXXX XX/XX/XXXX, '' and attached a screenshot of the approval. My understanding was the email was being sent to XXXX for escalation. I am not sure how the setup between Key, XXXX, XXXX works. XXXX did not receive approval for the forbearance from Key until on or around XXXX XX/XX/XXXX with a forbearance end date of XXXX of XX/XX/XXXX. My understanding is that my co-borrower began receiving conflicting information from Key and XXXX because of the miscommunication. Key sends notices corresponding to ever loan term that a student borrowed from as a separate notice. This implies that every semester in school has a different loan sub-account. My co-borrower, my XXXX ( XXXX ) year old grandfather thus received at least eight ( 8 ) different notifications regarding late payments BEFORE the forbearance approval. Moreover, my understanding is that XXXX began contacting my co-borrower in the interim informing my grandfather the payment was past-due and that all that was needed to place the account into forbearance was for me to contact XXXX. Clearly I'd been in communication with XXXX. And, per the instructions of Key, any request for a forbearance outside of an in-school forbearance would have to be approved by Key. Key would not grant an additional forbearance because my situation was alleged not to be " temporary, '' in that I was not laid off with a return to work date/notice. Key told me that I needed to contact XXXX for any other forbearance programs that were available, WHILE telling my co-borrower " they were willing to work with me. '' When I disclosed I'd been finishing graduate school with long-COVID, I was told XXXX would have forbearance programs for that and that such programs related to COVID would need to go through XXXX. The miscommunication with the original forbearance approval, and the subsequent communications from the multiple parties caused my grandfather not to know a payment was past-due. It is my understanding that he believed the student loans were in forbearance based upon the notices sent XXXX. Moreover, it is my understanding that having received communications from Key and/or XXXX stating " they'd work with me, '' any confusion or misunderstanding about the outstanding payments was simply because I had not called XXXX. On or around XXXX XX/XX/XXXX as required by Key, XXXX placed the loan in a default status and returned it to Key. Shortly thereafter I noticed the an annotation on my credit report. When I logged into the XXXX web-portal I found that the accounts had a XXXX ( XXXX ) dollars balance. Concerned that my grandfather had paid of a balance around XXXX XXXX ( XXXX ) XXXX dollars, I contacted XXXX. They informed me the loans had been returned to Key. I explained the miscommunication involving the original forbearance request and the XXXX representative, XXXX, filed a complaint on my behalf, notifying Key Bank of the issues. XXXX then contacted Key with me on the line. I provided the necessary information and consent for the Key representative to discuss my account information with XXXX. That representative stated " clearly this does not sound like an unwillingness to pay but serious miscommunication. '' If I remember correctly, we were then transferred to a different department. I again provided the necessary information and consent. XXXX was willing to take the loan back for servicing. However, the response from the Key representative. She either read the notes the notes in the system that were filed as a part of the complaint XXXX sent to Key on my behalf, and/or the notes conveyed by the first Key representative. She then stated " well we just make arrangements to pay ... '' I explained that I had just finished graduate school and that I was interviewing with potential employers. However, those employers require me to have the ability obtain and maintain a security clearance. I explained the total outstanding amount of the debt was under one ( 1 ) year 's worth of pay with at least one ( 1 ) employer. I offered to provide documentation prior-to graduate school showing my annual salary was just under the amount of the total outstanding balance. However, I explained the charged-off status had created a situation that was less likely for me to be able to obtain the clearance and that I needed to have the loan ( s ) rehabilitated. The individual XXXX and I were speaking with understood what I was saying and needed to transfer me to what I believe was " loss mitigation. '' After around an hour on the phone with Key, with XXXX also on the line from XXXX, the call was dropped by Key in the transfer process. XXXX informed me that she was annotating the notes in XXXX 's system and expressed concern over the process with Key. She apologized, confirmed again that she'd made the notes in XXXX 's system and hoped Key would call me back to address the situation. XXXX and I disconnected amicably and I thanked her for her assistance. Despite the complaint lodged against key by XXXX on my behalf, and despite the notes in the system, I have received no further communication from Key. Additionally Key has begun reporting the account as charged-off to the CRAs. Clearly the entirety of the situation constitutes unfair practices. However, the practices by Key are equally abusive for my cosigner because they wrongfully take advantage of a XXXX XXXX XXXX man that has received different instructions and streams of information from the Loan originator, loan servicer, and mid-stream collections agent, which could no place his financial assets at risk depending on the decisions of Key. There has never been unwillingness to pay on my co-borrower 's part during the period over which I have been ill or in the process of transitioning from graduate school back into industry. Unfortunately, there has been serious miscommunication that has caused serious confusion.
Company Response:
State: MI
Zip: 48103
Submitted Via: Web
Date Sent: 2022-08-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-26
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Unwillingness to Cooperate and Provide Transparency related to PMI charged for the Mortgage Account by Key Bank. We have our mortagage account with Key Bank and the escrow charges a PMI. I have been in regular touch with the Bank to understand the process of PMI and its cancellation but it not customer friendly and requires 30 mins of call every time to get in touch with an Escrow Office. Even on getting touch there is no effort to provide how much the customer needs to reach in terms of balance to cancel/remove PMI. We have reached 80 % of our mortgage balance and as per general understanding applied for removal and also asked the Key Bank Escrow Servicing Department what balance we should reach to remove the PMI, but all efforts to reach out through phone/email have never worked, The Bank staff 's typical reply has been they do not know the numbers like it a red tape. We need CFFB help to bring transparancy in the process, so Banks can share this with Customers on they pages and showcase next steps to take care of the PMI/Escrow fees. I appreciate CFFB for helping us provide a forum to raise this issue. I am pretty sure many bank mortgage customers will be a in similar situation with no clarity on when and what amount can help then remove the fees charged. Attached 1 ] Recent letter from Key Bank without any details on balance required just saying out it LTV not at required amount, previous letters have also been cryptic with no specifics 2 ] Emails send from my account asking Key Bank mortgage department on the specifics on PMI and when can we remove it and what LTV value needs to be reached
Company Response:
State: WA
Zip: 980XX
Submitted Via: Web
Date Sent: 2022-08-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-08-26
Issue: Fraud or scam
Subissue:
Consumer Complaint: I am a recent graduate from XXXX XXXX in XXXX XXXX, NY. I have been actively looking for work opportunities and received an email, from a professor, whose email I may believed to have been hacked, offering part time employment. The email requested my name address and a copy of my ID. As well as my bank information ( Key Bank and XXXX XXXX XXXX ) which I only shared the address, no account numbers. The email was from XXXX XXXX, a XXXX XXXX XXXX contact. I was sent a mobile check in the amount of {$2200.00} to be deposited and used to purchase materials for people with XXXX. After I deposited the check, the funds were shown as available, and I was then asked via email to send money using XXXX for two seperate transactions. The following day I went online to check my accounts and I was locked out of my accounts and told to goto a local branch. After visiting the branch, I was told my account locked due to an investigation on a fraudulent check. I do have all the emails, letter of employment and conversations saved and able to be sent as needed. I am still waiting for my accounts to be accessible and would like to know if it is possible to recover the lost funds. I would also like to report the email used by the scammer. XXXX And XXXX email XXXX XXXX Feel free to contact me directly at XXXX or email me at XXXX Thank you for your time Best regards, XXXX XXXX
Company Response:
State: NY
Zip: 109XX
Submitted Via: Web
Date Sent: 2022-08-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A