Date Received: 2021-03-28
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue:
Consumer Complaint: On XX/XX/XXXX, I emailed in response to a refinance offer sent to me by my current mortgage servicer, KeyBank. On XX/XX/XXXX, I received an email response from XXXX XXXX XXXX XXXX. After several emails to discuss refinance rates, projected mortgage payments, etc., I asked for information on proceeding with the refinance on XX/XX/XXXX. We scheduled a telephone meeting on XX/XX/XXXX to discuss my options regarding the loan. I expressed interest on XX/XX/XXXX and on XX/XX/XXXX, XXXX and I had another phone conversation to lock in the rate that was quoted to me during our conversation, and a {$500.00} lock-in fee was paid. I submitted the requested documentation to start the process. I should note that, during the time that I was in contact with XXXX XXXX, every phone call that he placed to my number somehow never rang directly to my phone, but rather went to my voicemail, where he would leave a message. On several instances, I called XXXX XXXX and was not able to reach him to discuss time-sensitive issues ; but he would respond via email to say that he was on another call or unable to answer my call. I was emailed by XXXX XXXX on XX/XX/XXXX to say that all documents had been received. On XX/XX/XXXX, the appraisal was completed. I was not contacted again by KeyBank until XX/XX/XXXX. On XX/XX/XXXX, I received an email from XXXX XXXX to request information about my student loan payments, and I responded with that information on XX/XX/XXXX. I did not receive a response from XXXX XXXX after XX/XX/XXXX. On XX/XX/XXXX, I received a call from XXXX XXXX XXXX, requesting a call back. I called the number and learned that the company was a third-party verifier, hired by KeyBank, whose role was to call my student loan servicers on a conference call with me so that I could give permission to speak to the loan servicers so that they could verify loan status, monthly payment and the amount of the loan. I received an email from Key Bank hours after speaking with XXXX XXXX XXXX ; this email was to notify me that I would receive a call from XXXX I received an email on XXXX the bank portal requesting upload of my student loan documents. On XX/XX/XXXX, I emailed XXXX XXXX, the XXXX XXXX, XXXX XXXX, and XXXX XXXX ( who had been copied on recent correspondence from XXXX XXXX XXXX to ask that any time-sensitive items that were needed be followed up with a telephone call, because I didn't want to miss any correspondence to prevent delay of the refinance. I received a bounced email from XXXX XXXX, stating that the email address was not found in the KeyBank system. I learned that day, by process of elimination, that XXXX was no longer employed by KeyBank, and XXXX XXXX was my new XXXX XXXX. At no time did XXXX XXXX contact me to tell me what her role was in this process. In fact, XXXX did not message me at all, prior to my message requesting a telephone call. On XX/XX/XXXX, I emailed XXXX XXXX to inquire about the status of my appraisal, as I had received the appraisal report the week before ; my home was appraised for {$190000.00}. For reference, I purchased my home for {$190000.00} in XX/XX/XXXX. XXXX replied later that day to say that the appraisal came in below their expected value, and a restructure was needed. Shortly after that email, XXXX stated that there was no room to roll the closing costs into the loan, and a funds verification would be needed to ensure that I could close on the loan. I expressed my frustration about the matter, which included the length of time for the refinance process and the lack of communication from KeyBank. I requested to speak to someone regarding the matter, and I was told that I could schedule a time to speak the next day. On XX/XX/XXXX, I reached out to KeyBank 's corporate offices to speak to someone who could give more information about the situation and I was contacted by XXXX XXXX, who identified himself as XXXX 's XXXX. I explained the situation to XXXX, who stated that he would check on the matter and call me on XX/XX/XXXX or XXXX with an update. I did not receive a call on either day, and I called XXXX at his office on XXXX. XXXX stated to me that he did not call back because he did not have an answer for me yet. At the close of the call, XXXX stated that he would call me the following day once he had more information. On XX/XX/XXXX, XXXX XXXX called back to say that the appraisal was accepted in XX/XX/XXXX, which was the cause of the delay. At that time, I was told by XXXX XXXX that my loan application was submitted with an estimated home value of {$270000.00}. At no point during my conversations with XXXX XXXX, the original XXXX XXXX, did I tell him that this was the estimated value of my home. I continued to voice my frustrations with XXXX XXXX, and I asked what would become of the lock-in fee that I paid at the start of this process. I was told that if the refinance could not be completed, the fee would be refunded to me. During discussions with XXXX XXXX regarding the appraisal of my home ; I also expressed my frustrations that my home had only accumulated {$9000.00} in equity in two years, when there were several homes in my community comparable to mine, which had sold for more than {$250000.00} within the last 6 months. The home next door to mine, which is smaller than mine, sold for {$200000.00} less than a year ago, and my home appraised for less. I was told by XXXX XXXX, by way of the appraisal department, that there was no need for me to dispute the appraisal, because the comparables were not going to change ; because I didn't have many amenities/upgrades to my home, such as a fireplace, there would be no room to increase the appraisal. Also, the comparables were also given a lower value because of items such as the seller providing a portion of closing cost to the buyer. If I wanted to close the loan, I would need to provide the {$6000.00} at closing. On XX/XX/XXXX, I was contacted again by XXXX XXXX with an update on the loan. Due to the age of the application, I would need to supply additional documents for income verification ( pay stubs and W2s from XXXX ). I would also need to pay private mortgage insurance on a new loan, where I do not currently pay PMI. When I spoke to XXXX that same day regarding the terms of the refinance, I explained that I did not currently pay PMI. I was asked by XXXX XXXX " Are you sure? ". After almost four months into this process, my XXXX XXXX had no idea what the terms were on my current mortgage, which is held with the same bank. On XX/XX/XXXX, I called and explained to XXXX XXXX that, due to the frustration I had with the process of this refinance, and the request for the full closing costs, I wanted to cancel the refinance application and was requesting a return of my lock-in fees. XXXX stated his understanding and said that he would escalate my concern and request the refund. On XX/XX/XXXX, I received a refund of the lock-in fee. I am filing this complaint based on my experience with KeyBank. I am a current mortgage customer, and I was treated poorly through this process. The appraisal done on my home, which is located in a predominately XXXX suburb, was far lower than a second appraisal, which was done for refinance through another bank. The second appraisal was completed, valuing the home at {$230000.00} ; nearly {$40000.00} more than the first appraisal by Key Bank. This is a textbook example of redlining by KeyBank. Deceptive practices like undervaluing properties ; combined with a lack of knowledge of the loan application process, leave homeowners feeling helpless and unsure of their options. I am privileged to have the help of family and friends who coached me through this process and insisted that not only should I step away from this refinance, I should also ask for return of my fees. There are many other homeowners who do not have the same help. It is my belief that this is not an unusual practice for KeyBank. I am sending this complaint in the hope that this does not happen for other vulnerable homebuyers/homeowners who do not know where to turn. It was not enough to get my fees back ; because I have no doubt there is someone else in my same situation.
Company Response:
State: OH
Zip: 44128
Submitted Via: Web
Date Sent: 2021-03-28
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-26
Issue: Managing an account
Subissue: Fee problem
Consumer Complaint: On XX/XX/XXXX I was charged a {$5.00} excess activity fee from Key Bank for transferring funds from my savings account to my checking account. This resulted in an overdraft fee being assessed. I was able to get the overdraft fee resolved, but prior to doing so I researched the reason for the original fee, and the verbiage on their website detailed it as being in compliance with Regulation D. My transfers did not exceed 6 in one month and seemed to be more due to the dollar amount of the two transfers out of the account to my checking, totaling {$1100.00}. It was my understanding that Regulation D was lifted in XX/XX/XXXX.
Company Response:
State: WA
Zip: 985XX
Submitted Via: Web
Date Sent: 2021-03-26
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-24
Issue: Opening an account
Subissue: Account opened as a result of fraud
Consumer Complaint: I am a victim of identity theft. The criminals established a " KeyBank Hassle-Free Account '' at KeyBank in my name on or about XX/XX/2021. At the same time, they fraudulently applied for unemployment benefits in New York State and KeyBank, under the New York unemployment benefits program, also issued me a " Key2Benefits '' mastercard debit card. I never applied to open either account with KeyBank. On XX/XX/2021, I called the KeyBank Fraud department to report these frauds at XXXX XXXX EST. The fraud reference number given to me is XXXX. I also reported the fraud to the New York State Department of Labor with respect to the unemployment fraud piece of this. KeyBank Fraud team claimed to be initiating an investigation and promised to ensure that these accounts were promptly frozen and/or permanently closed. A month later, as of XX/XX/2021, I have not received confirmation that the fraud investigation has been completed or that these accounts were closed. In fact, I received a second account statement for the KeyBank Hassle-Free Account for the period XX/XX/XXXX XXXX XXXX. While there has apparently been no activity on this account, I would like written confirmation that KeyBank conducted the requested fraud investigation and closed these accounts.
Company Response:
State: NY
Zip: 134XX
Submitted Via: Web
Date Sent: 2021-03-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-23
Issue: Improper use of your report
Subissue: Credit inquiries on your report that you don't recognize
Consumer Complaint: My credit score dropped XXXX points in one day XX/XX/2021 even though I reduced my debt credit usage from 93 % to 77 % and have paid off a loan recently. This happened because my professional association was promoting a private student loan refinance company known as XXXX XXXX, owned by Key Bank, and included a link to calculate an estimate of the interest rate one may obtain with XXXX XXXX should they refinance with them. This was promoted as a finance tool however when I used it, it resulted in a report to the credit bureaus of a hard inquiry as if I had applied for an actual loan.The purpose of the promotional email was to encourage members of my professional association to research if they could first possibly qualify for a better interest rate, BEFORE, submitting a formal loan application.
Company Response:
State: CA
Zip: 94523
Submitted Via: Web
Date Sent: 2021-03-23
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-21
Issue: Problem with a purchase or transfer
Subissue: Card company isn't resolving a dispute about a purchase or transfer
Consumer Complaint: I stayed at a hotel and the hotel placed a hold on my account for {$100.00} for incidentals. This was two weeks ago and the hold has not been removed eventhough the hotel released the funds 12 days ago. I called KeyBank and they informed me ( for the first time ever ) that holds from a hotel are held for 45 days, even after the merchant releases the hold. I can not understand how they are legally allowed to hold my money for 45 days when the merchant released the funds in 2 days, this seems completely ridiculous and frankly immoral and unethical and there can not be any valid reason for this, especially considering this is my unemployment benefits card and I am unemployed, I need this money right now I can not have them holding it for 45 days.
Company Response:
State: NY
Zip: 11101
Submitted Via: Web
Date Sent: 2021-03-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-20
Issue: Unexpected or other fees
Subissue:
Consumer Complaint: I recently received an unemployment debit card, in XX/XX/2021, but I am not unemployed, I called the number on the card to investigate why I would receive such a debit card. The representative indicated that it was fraud, cancelled the card and referred me to CFPB. Hence, I am reporting this fraudulent event to you. The amount is unknown since the card was cancelled before being activated. I encourage everyone to be very cautious of potential identity theft scams, more so during the pandemic.
Company Response:
State: IL
Zip: 60004
Submitted Via: Web
Date Sent: 2021-03-25
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-19
Issue: Problem with a purchase or transfer
Subissue: Card company isn't resolving a dispute about a purchase or transfer
Consumer Complaint: Key2Benefits has a card to account transfer option. I have used this successfully transferring money to my personal checking account for many weeks in a row. The last to 2 weeks the ACH transfer has been rejected and the money returned to my debit card. I have spoke with Key2Benefit agents on 4 occasions and nobody can fix this issue.
Company Response:
State: IL
Zip: 60659
Submitted Via: Web
Date Sent: 2021-03-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-17
Issue: Problem with a lender or other company charging your account
Subissue: Money was taken from your account on the wrong day or for the wrong amount
Consumer Complaint: over the past year i have been a customer of XXXX.It seemed as if someone was in my account because I would be charged for things and then two days later I was being told that payments need to be revised so i would have to pay again.when I added my key XXXX bank card it has become worse.key XXXX is removing transactions off of my account such as refunds and processed payments of which I have proof of.In XXXX or 2021 there was a transaction with XXXX that required a refund which key XXXX bank completely removed any evidence of this transaction but I do have a letter from XXXX about this transaction.then on XX/XX/2021 I was charged {$120.00} by XXXX for something I already paid for that has been shipped out on XX/XX/2021 because it was paid for on XXXX system isnt showing that I was charged on XX/XX/2021 but my bank statement says so which is leading me to mu assumptions that XXXX someone professional at XXXX is working with key XXXX bank to commit fraud.they are charging me more than once for items i paid for and removing the payment and pushing the payment time up to justify the extra monety being taken sand it has been happening for over six months.I have reached out and then the next month more issues and I really feel like someone is personally targeting me.this is unaceptable because it is stealing and it is government funds they are stealing.XXXX cant seem to get to the bottom of it but this can not continue..
Company Response:
State: CT
Zip: 06010
Submitted Via: Web
Date Sent: 2021-03-24
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-17
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: A fraud hold was placed on account for a check that was deposited the got returned in XX/XX/2020 We thought we had the matter resolved with the bank ( keybank ). We received a government direct deposit, when to pull the funds out and was told there is a fraud hold on account. We waited 3 hours for them to figure out what was going on and for them to remove fraud hold and release our funds to us. This was in XX/XX/XXXX. We were told that the account was back in regular standings. Now here we are XX/XX/XXXX and received another government direct deposit and our account still has the same hold and they are preventing us from withdrawing our funds. We have been at a branch location for 4 hours and still no resolution.
Company Response:
State: NY
Zip: 145XX
Submitted Via: Web
Date Sent: 2021-03-17
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-03-16
Issue: Closing an account
Subissue: Funds not received from closed account
Consumer Complaint: Case XXXX. Key refused to show me online I am supposed to have over {$530.00} and can't access. XXXX key executive was supposed to call back XX/XX/21 but never did.
Company Response:
State: CA
Zip: 92395
Submitted Via: Web
Date Sent: 2021-03-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A