Common Complaints Against KeyBank

Problem with your KeyBank account? Customer service letting you down? You aren’t the only one. We explore the most common complaints against KeyBank and what options you have for compensation.

KeyBank is one of the biggest regional banks headquartered in Cleveland, Ohio. It’s also the only major bank based in Cleveland, making it the primary choice for many Cleveland residents. This market control has possibly allowed KeyBank to get away with too many customer complaints in the past. If you or another person has had a problem with KeyBank and they aren’t responding to your complaints, it may be time to pursue further legal action with FairShake.

KeyBank has been the subject of over 400 customer complaints on the Better Business Bureau over the last few years.

Most of the complaints revolve around a few major issues:

KeyBank Sometimes Adds On Secret Fees

Secret or strange fees are nothing new these days (unfortunately). But it’s clear that KeyBank has a particular problem with these sneaky charges, as many customers on the BBB have shared complaints where their accounts were suddenly charged strange amounts of money for ostensibly regular actions.

Customers have reported receiving unjust or strange charges for:

  • taking money out of a KeyBank ATM
  • depositing money into their KeyBank account
  • switching their KeyBank account type
  • doing nothing at all

In some cases, KeyBank even charged some of its customers for special offers or services that they did not ask for or want to be added onto their bill at all. When the customer complained, KeyBank was generally slow to respond and often attempted to get the person to keep the extra charge instead of immediately refunding it.

All this goes to show that many customers have issues with how KeyBank treats them and their money.

Bonus Offers Aren’t Honored

Furthermore, another big complaint about KeyBank is that its promotions and bonus offers are frequently not honored. For example, many customers opt to take advantage of opening special types of savings accounts, usually because they come with some amount of money as a bonus. This is a pretty common marketing technique for all banks, not just KeyBank.

But one customer, for instance, was promised that they would get $300 when opening a “gold money market savings account”. When this customer proceeded to open said savings account, and fund the account with $25,000, they did not receive any bonus. This was true even though they read the terms and conditions and kept enough money in the account for 60 days.

Customer service did, to be fair, say that they would escalate the ticket, but responses were slow going and it took far too long for the customer to receive their bonus.

Another customer was denied a $500 promotion bonus even after months of discussing the issue with customer service representatives. The customer did everything they could to make sure that they qualified properly for the offer, but were still denied the promotion as they were reviewed internally and found to not qualify.

This all shows that KeyBank isn’t particularly good about honoring promotional agreements or showing goodwill toward its customers.

IRA and Other Investment Venues Are Misleading

As a bank, you might think that KeyBank is an obvious company to turn to for retirement options and plans. But this is not the case. Plenty of customers have pointed out that their retirement plans and other options are misleading or otherwise don’t make very much sense compared to the options offered at other banks.

For instance, one customer attempted to sign up for a Roth IRA with KeyBank. But when this customer (who had been with the company for 20 years at this point) attempted to contribute to the Roth IRA, they were informed that this was impossible given the terms and conditions of the exact IRA agreement.

This is a very strange rule, and essentially eliminates the point of having a retirement plan like a Roth IRA in the first place. When this customer complained, KeyBank simply explained that it was their policy and was otherwise generally unhelpful about the issue.

Slow Customer Service

There’s a larger general theme running throughout the majority of the complaints against KeyBank: their customer service is slow to respond and escalate issues so that they get in front of the right people. To be fair to KeyBank, the BBB website does show that they respond to many of their complaints and do eventually try to fix things.

But for folks with money on the line, going at such a slow pace is arguably just as bad as not dealing with the issue at all. Some customers are charged extra money by mistake or incompetence and don’t see a refund or credit for that money for some months after initially raising the issue. This is far too long and not representative of the type of professionalism you want to see from a major institution like KeyBank.

Other customers report that the customer service representatives string them along over and over. Escalating tickets rarely leads to results for many issues and some customer service reps seem to not know what they are doing. This general lack of customer service efficiency is a common thread throughout all other issues.

What To Do If Your Complaints Aren’t Being Answered

It’s quite unfortunate, but it’s the reality that KeyBank does not adequately respond to the majority of their customer complaints. Nor does it seem that they are committed to fixing the issues that caused those complaints in the first place. If you or someone else you know hasn’t had their complaint answered, it might be time to try a different tactic.

Enter FairShake. Our team of specialists are ready to help you pursue arbitration against KeyBank depending on your needs. Filling out the form below and getting in touch with one of our experts takes less than 10 minutes in most cases. Contact us today and get started on the path to resolution for your complaint against KeyBank!

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