Mason Blake
KeyBank is one of the largest bank-based financial services companies in the United States, serving 15 states with over 1,000 branches and 40,000 ATMs. The bank offers a range of services, including deposit and investment products, personal finance and financial wellness services, lending, student loan refinancing, mortgages, credit cards, and business advisory services. With such a wide range of services, is KeyBank a credit union or a traditional bank?
| Characteristics | Values |
|---|---|
| Type of Financial Institution | Bank |
| Services | Deposit, lending, cash management, investment services, credit cards, treasury services, business advisory services, commercial banking, institutional banking |
| Branches | 1,000+ |
| ATMs | 40,000+ |
| States Served | 15 |
| Digital Payment App | Zelle |
| Overdraft Fees | $20, capped at 3 transactions per day |
| Monthly Service Fee | $25, can be waived with certain balance requirements |
| Account Types | Checking, savings, money market, CDs, credit card, mortgage, home equity, business checking |
| Assets | $185.9 billion as of Dec. 31, 2023 |
| Ranking | No. 22 on the list of the biggest U.S. banks |
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What You'll Learn
KeyBank is an award-winning bank
KeyBank offers a wide range of financial products and services to meet the diverse needs of its customers. These include deposit and investment products, personal finance and financial wellness services, lending, student loan refinancing, mortgages, home equity, credit cards, treasury services, and business advisory services.
The bank has been recognized for its commitment to responsible banking, customer service, and innovation. For example, in September 2023, KeyBank updated its overdraft policy to waive fees for accounts overdrawn by $20 or less and reduced its overdraft fees to $20, capping them at three transactions per day.
KeyBank also offers a mobile app that allows customers to deposit checks directly into their accounts by taking two pictures. Additionally, customers can use the Zelle digital payment app for person-to-person payments and easily make mobile check deposits.
KeyBank is committed to providing its customers with the best banking experience possible. With its extensive network, range of products and services, and dedication to innovation, KeyBank has established itself as a leading financial institution in the United States.
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It is one of the largest bank-based financial services companies
KeyBank is one of the largest bank-based financial services companies in the United States. It has over 1,000 branches and 40,000 ATMs across 15 states. The bank serves individuals and small businesses, offering a range of services, including personal finance, financial wellness, lending, and business advisory services.
KeyBank's operations are divided into two main segments: Consumer Bank and Commercial Bank. The Consumer Bank segment offers deposit and investment products, mortgage and home equity services, credit cards, treasury services, and student loan refinancing.
The Commercial Bank segment is further divided into Commercial and Institutional operating segments. The Commercial operating segment serves middle-market clients within KeyBank's 15-state branch footprint, focusing on their borrowing, cash management, and capital market needs.
The Institutional operating segment operates on a national level, providing lending, equipment financing, and banking products and services to large corporate and institutional clients. This segment has established expertise in various sectors, including consumer, energy, healthcare, industrial, public sector, real estate, and technology.
KeyBank is an award-winning bank, recognized for its commitment to responsible banking, customer service, and innovation. It aims to provide its customers with the best banking experience possible.
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KeyBank offers a range of deposit and investment products
KeyBank is a regional bank that operates in 15 states: Alaska, Colorado, Connecticut, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington. It is one of the biggest banks in the U.S. with over $190 billion in assets and is committed to providing its customers with the best banking experience possible.
KeyBank offers a wide range of deposit and investment products, including checking accounts, money market savings, and certificates of deposit (CDs). The bank also provides a variety of lending services, such as mortgages, home loans, personal loans, vehicle loans, and student loan refinancing.
For checking accounts, KeyBank offers the Key Smart Checking® Account, which is a free, non-interest-bearing account with no minimum balance requirement and automatic overdraft protection. The bank also offers a student checking account, which does not charge monthly service fees. The Key Select Checking account, on the other hand, does charge a $25 monthly service fee, although this can be waived with a high enough balance.
In terms of savings accounts, KeyBank offers the traditional Key Active Saver account, which has a low minimum deposit of $10 and a $4 monthly fee that can be waived. The Key Select Money Market Savings® account is another option, requiring a minimum opening deposit of $5,000 and offering a potential interest rate of up to 4.00% for the first six months.
KeyBank also provides a range of CDs, including Short-Term CDs, Tiered Long-Term CDs, and High-Yield Jumbo CDs. The minimum deposit requirement for most CDs is $2,500, while the Jumbo CDs require a deposit of at least $100,000. Terms for CDs range from seven days to 10 years, with interest compounded daily.
In addition to these products, KeyBank offers four credit cards with various cash back, rewards, and perks, as well as a secured credit card option. The bank also provides 24/7 customer service and a mobile app for convenient banking.
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It provides personal finance and financial wellness services
KeyBank is one of the largest bank-based financial services companies in the US, serving 15 states with over 1,000 branches and 40,000 ATMs. It is not a credit union.
Personal Finance Services
KeyBank offers a range of personal finance services, including:
- Online and mobile banking, including an app that allows users to deposit cheques, transfer funds, pay bills, and send money to friends and family.
- A variety of deposit and investment products, including savings accounts and money market savings.
- Credit cards, mortgages, and loans, including student loan refinancing.
- Treasury services.
Financial Wellness Services
KeyBank defines financial wellness as "trading debt and worry for security and financial well-being". It offers a range of services to help customers improve their financial wellness, including:
- EasyUp®, a tool that helps users build savings or pay down debt.
- My Financial View, a feature that allows users to link accounts and debts to see their total net worth.
- Access to an intelligent virtual assistant, MyKey, which can make transactions, answer questions, and more.
- The ability to opt-in to view FICO® Scores without impacting credit scores.
- Access to legal and financial assistance to address personal concerns.
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KeyBank has a mobile app for depositing cheques
KeyBank is an award-winning bank that serves individuals and small businesses across 15 states. It is one of the largest bank-based financial institutions in the US, with over 1,000 branches and 40,000 ATMs.
KeyBank has a mobile app that allows customers to deposit cheques. The app is available for download on iPhone, iPad, iPod Touch, and Android devices. To use the app, customers must be enrolled in Online Banking. Depositing a cheque involves signing the back of the cheque, taking photos of the cheque, and submitting the deposit. The app also allows customers to view their deposit history from the past 30 days.
There are two options for depositing cheques: Immediate Funds and Standard Deposit. Immediate Funds allows customers to skip the processing time and access their money right away for a 2% fee. Standard Deposit is free and follows the standard processing times. Deposits made before 11:00 pm ET will be available the next business day.
The KeyBank mobile app also offers other features such as sending money to friends and family securely and quickly with Zelle.
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Frequently asked questions
No, KeyBank is an award-winning bank that is a part of KeyCorp and serves individuals and small businesses across 15 states.
KeyBank offers a variety of deposit and investment products, personal finance and financial wellness services, lending, student loan refinancing, mortgage and home equity, credit card, treasury services, and business advisory services.
KeyBank is committed to responsible banking, customer service, and innovation. It also has a large network of branches and ATMs, and offers a mobile app for convenient banking.
Credit unions may offer better rates and unique products that banks do not offer. However, KeyBank is a large financial institution with a wide range of services and a strong commitment to customer service, so it may be a good option depending on your specific needs and preferences.
