Key Student Checking Account

Posted: April 23, 2011 in Uncategorized
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I currently bank with KeyBank; they’re okay. Ha who am I kidding, they SUCK! A few weeks ago I got a letter in the mail informing me of changes to my Key Student Checking Account taking place on June 1, 2011. A new stipulation is “Make at least $200 in deposits (including transfers to this account) or initiate two transactions (including deposits, withdrawals, or transfers) per statement cycle to avoid the monthly Maintenance Service Charge. If neither of these requirements is met, the Key Student Checking Account monthly Maintenance Service Charge will be $5.00” Really KeyBank? You want me to pay you when I’m the one letting you borrow my money? Then I read “Use of any Key ATM, plus receive reimbursement, up to $6 per month, of ATM fees charged by other banks if you qualify for a Key Young Adult or Key College Rewards MasterCard® credit card” So you’ll reimburse me $6 per month for withdrawing money at another bank? How nice of you. No, if you read the fine print it says ” The benefit is a refund of the first 2 ATM surcharges, up to $6.00 per month, of other bank’s ATM cash withdrawal surcharges when the withdrawals are made with a KeyBank Debit Card or a KeyBank Gold Debit Card.” Oh I forgot to mention to qualify for this “benefit” you have to have a debit card, be enrolled in online statements and have a Key credit card. Too many rules, forget it.

I knew our relationship would be short lived after on the day I signed up for the account they told me I had to deposit at least $50 to open the account and if I closed it within 180 days of opening I would be charged a $25 account early closure fee. Seriously?! I don’t understand how they advertise the account as “Checking account that provides students cost-savings and easy online access to their account.” Excuse me? Cost saving? I’m a student in college. I shouldn’t have to worry about how many transactions I process through the account so I don’t get charged. Then I read the disclosure and there were two pages of fees! Give me a break. So I’ve had it up to here with KeyBank and am finding a new one. I’ll post who I chose and why, soon.

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