If you are struggling to pay your KeyBank bill, we can help.

How to Lower Your KeyBank Bill

If you have tried reducing your bill from Keybank but are still being overcharged, you may have other options. Tell us what happened below.

If you are having difficulty paying your bill each month, and you notice KeyBank is adding extra charges into your bill, you are not alone. Maybe you have already reached out to customer service and gotten nowhere so now you want to know how to reduce your bill from KeyBank. We explain the steps you can take like:

  • checking your monthly bill
  • negotiating with KeyBank
  • scaling back your services/accounts
  • using KeyBank discounts and promotions

Read on to figure out how you can reduce your bill from KeyBank:


Check your monthly bill

Whatever services you have through KeyBank will generate charges so it’s important that you look at your monthly account statement or your monthly bill from KeyBank to see what those charges are. You might be charged a monthly fee for a checking account if you don’t use direct deposit or you might be charged a monthly fee for savings account, or even a fee every time you withdraw from your savings account. This varies from account to account depending on where your branch is located, what your policies are, and what types of accounts you have.

It is very important that you check your monthly statement every month and that you verify you are being charged the correct amount for the services you have, and the accounts you have. Many people have trouble understanding their bill. In fact, hundreds of BBB complaints against KeyBank have to do with charges from KeyBank that they weren’t expecting on their account, charges that were not explained to them like withdrawal charges or ATM fees, or an increase in the fees for certain accounts.

If you are having difficulty paying your monthly service fees and bill from KeyBank, these types of errors can cause your balance to increase and if you aren’t able to pay them immediately, you get hit with late fees and those late fees can result in things like an overdrawn account which then encourage even more fees. To avoid this terrible cycle it’s important that you catch billing errors early on so that you don’t pay more than you should.


Scale back your accounts

There might be extra charges on your bill that result from having multiple accounts. In these situations, you can stop your bill from getting higher, if you get rid of services or accounts you don’t use and consolidate. If you signed up for an account or service with a promotional rate, and your rates went up without reason, you can go online or call customer service to try and get a lower cost account, keeping the services you have but doing away with some of the fees.


KeyBank discounts and promotions

Checking accounts

KeyBank has multiple checking accounts that bring with them different benefits, discounts, or promotions. The express checking is the basic checking account that requires no minimum balance, it isn’t interest-bearing, and it has a potentially waivable monthly service fee of $7 which can be done away with if you make a certain number of direct deposits into the account.

The advantage checking account gives you $6 monthly rebates or all of the ATM fees from other banks, it is interest-bearing, and it has a potentially waivable monthly service fee of $18. 

The privilege checking has automatic daily sweeps to your savings account, relationship rates and discounts with preferred price. It is interest-bearing and it has a potentially waivable monthly fee of $25. The privilege select checking account is a financial management account with the highest rate but it does have premium management and Investment Services as well as relationship discounts. An interest-bearing account it has a potentially waivable monthly fee of $50. 

The student checking account is meant for students and it has reimbursement for non KeyBank ATM surcharges up to $6 each month, it has a $5 monthly service fee but that is waived if you make at least 5 posted transactions or deposit at least $200 each month. The hassle free account is an online account that has no monthly fees and no minimum requirements but it’s a completely digital account with no checks. 

Changing the account you have or opening a new account or something with reduced fees might be in your best interest when it comes to reducing your bill from KeyBank.

New accounts promotions

There are many promotions that take place on a regular basis, and they rotate each with different benefits. For example, a current promotion offered by KeyBank is that you open a new account, and you make a minimum of $50 or your deposit and then within the first 60 days of having the account you direct deposit a total of $1,000 or more. If you do this and you keep your account open for 90 days without over drawing the account they will deposit a gift of $250 into your account at the end of the 90 days. The many contingencies you find in this particular promotion are quite common with any of the deals that purportedly give you a cash bonus in exchange for opening a new account.

Employee discounts

Employee discounts are another common promotion. If you take a job at any KeyBank location you can enjoy things like 10% off KeyBank stock, reduced fees for your accounts, and cash bonuses when you open new accounts. 


Negotiate with KeyBank

On that note, one of the things you can do is try customer service again. Plenty of people have issues the first time, they don’t get anywhere with the first representative with whom they talk. If you can dedicate a few hours to sitting down and trying again until you reach someone the second or third time, you might have significantly better luck. If you call customer service at 1 (800) 539-2968 and let them know that you want to cancel your plan, you will be transferred to the customer retention department.

This department, as the name suggests, is there to keep you and to maintain your loyalty so if you have done your homework and you can tell them that you know X company (a competing company) is offering $9 less per month for the same service and then you follow that up by asking the customer service agent what they can do to help you lower your bill, they will be much more inclined to take action.

Wording it like this, asking them what they can do to help you, puts the ball in their court and it helps them to recognize what the competition is charging so they’re more willing to find small promotions and credits that they can apply to your account to keep you.

If you’ve tried everything you can think of and you are still struggling to reduce your bill from KeyBank, contact Fair Shake. We can help you file a claim with KeyBank to fix a payment issue, or an account problem. 

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