Complaints

This profile includes complaints for KeyBank's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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  KeyBank

  127 Public Sq Cleveland, OH 44114-1217

  
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  KeyBank

  5915 Landerbrook Dr Ste 310 Cleveland, OH 44124-4045

  
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  KeyBank

  8591 S Main St Eden, NY 14057

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  KeyBank

  100 River Rd North Tonawanda, NY 14120

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  KeyBank

  400 Main St Red Hill, PA 18076

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:07/21/2022

  Type:Product Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  This complaint is in regards to my account #************** with Keybank. I went through a chapter 13 a couple years ago, it has since been discharged/paid off. Once that was completed, Keybank reached out to me to offer me a settlement in regards to my $10,598.60 Loan balance I had. We agreed on a $5000 settlement, I have documentation on that from Keybank, I started to make monthly payments on that $5000 when my husband and I decided to do a cash out refinance on our home. In doing so, the bank (******** ****) need a payoff amount from Keybank. I called Keybank and requested they send my bank the settlement pay off ($4583.00). They told me they don't have any documentation like that to send and that the only thing they could send was the original loan pay off balance (the $10,598.60). But in reality, with the settlement agreement, I don't owe that much any longer. I called Peoples bank back to tell them about the documentation situation that Keybank had, with not having the ability to send a settlement payoff document to them, so they asked me to call them back and ask if they were to send the full loan amount as a payoff, would Keybank refund me the overage paid (which would be $6015.16). I called Keybank back to ask that question, they offered to "type up a letter" to send to my bank with the settlement payoff balance on it, but in the end, that letter didn't have the appropriate information on it that ******** **** needed in order to submit it to the closing dept. Keybank escalated my phone call to a supervisor 844-539-1212. They told me on the phone that, yes indeed the overage would be sent back to me. Well here we are now, full original loan payoff of $10,598.60 was sent to Keybank and they are now telling me it won't be refunded to me. I reminded them they told me on a "recorded line" that this would be sent back to me. I've called about 6 times since they got the payment from my bank and all they tell me now is, a manager is looking in to it.

  

  Business Response

  Date: 09/06/2022

   

  Dear Mrs. *********,

  
  This letter is in response to your issue filed with the BBB. We sincerely regret any frustration and
  inconvenience this has caused you and appreciate your patience while we worked towards resolution.
  Below are the findings of our investigation.
  According to our records on April 14, 2022, an agreement was made to settle the loan balance for less
  than the original amount due. Following this agreement, the enclosed letter was mailed to you as
  confirmation. Included in this letter was the agreed upon payment plan. Due to the missed payment in
  June that agreement was revoked.
  Furthermore, on June 7, 2022, another agreement was made between you and Key Bank to consider the
  loan settled in full if $4,583.00 was paid on or before July 7, 2022. The enclosed Settlement letter dated
  June 7, 2022, was mailed to you. Per your conversations with our collections team, the letter was not
  sufficient for Peoples bank and their closing department, therefore you requested a payoff letter.
  When you contacted our collection team and requested a settlement pay off letter, a payoff was sent
  showing a due balance of $10,598.60. That amount was accurate as it was the amount to pay off the loan.
  Please be aware that a payoff shows the full amount due, while a settlement letter shows the amount we
  agreed to settle the balance for.
  On July 1, 2022, we receieved the payoff in the amount of $10,598.60 from ******** ****. We
  understand that you requested a refund of the difference between the original amount due and the agreed
  upon settlement amount (the difference).
  Ultimately, the settlement agreement acted to modify the payment amount due on the loan for 30 days,
  therefore KeyBank has determined you are due the difference between the amount paid and the settlement
  figure. On August 19, 2022, an Official Bank Check in the amount of $6,015.60 was sent via FedEx to
  the address on file.
  We sincerely regret any frustration and inconvenience this has caused you. We use client feedback, both
  positive and negative, to reinforce or improve our delivery and servicing of client accounts. So, thank you
  for bringing this to our attention and please accept our apologies for not delivering the simple and clear
  banking solutions you deserve.
  If I can be of further assistance, please contact me, citing the case number above, at 1-800-625-3256. For
  clients using a TDD/TTY device, please call 1-800-539-8336. We are available Monday through Friday
  from 8am to 7pm Eastern time.
  Sincerely,

  
  Brad P..

  
  Enterprise Client Relations
  Office of the President

  Customer Answer

  Date: 09/07/2022

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  
  
  Better Business Bureau:
  
  
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. 
  
  
  
  Regards,
  
  
  
  ********* *********
  
  
  
  
  

• Initial Complaint

  Date:07/21/2022

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I was denied a loan from Keybank for allegedly having $4k per month student loan payments.
  I requested a copy of that credit report that I am legally entitled but keybank has failed to provide me with it after multiple request. My student loans are still in deferment status.

  

  Business Response

  Date: 09/13/2022

  
  Dear Mr. *******,

  
  This letter is in response to your issue filed with the Better Business Bureau. We regret the frustrating
  experience you’ve had and would like to share the results of our investigation.

  
  Our review of your application shows that the application was denied due to excessive obligations in
  relation to your income. I have attached the notification you were sent on April 27, 2022 regarding the
  decision for your records. You can obtain a copy of your credit report from the credit bureau directly or
  through multiple credit reporting agencies.

  
  Please be advised that KeyBank complies with the provisions of the Fair Credit Reporting Act (FCRA),
  which prohibits furnishing any information related to a consumer that KeyBank knows or has reasonable
  cause to believe is inaccurate to a consumer reporting agency.

  
  If I can be of further assistance, please contact me, citing the case number above, at 1-800-625-3256. For
  clients using a TDD/TTY device, please call 1-800-539-8336. We are available Monday through Friday
  from 8am to 7pm Eastern time.

  
  Sincerely,

  
  Paula S.
  Enterprise Client Relations
  Office of the President

  Customer Answer

  Date: 09/16/2022

  Better Business Bureau:
  
  
  
  I have reviewed the response made by the business in reference to complaint ID ********* and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below. They promised me a copy of my credit report where their underwrited determined that I owe $4000 a month in student loans.  Neither Key bank or thier underwriter have provided me with proof of that information that also allegedly used to determine my denial

  
  
  
  [To assist us in bringing this matter to a close, we would like to know your view on the matter.]
  
  
  
  Regards,
  
  
  
  ***** *******
  
  
  
  
  
  
  
  
  
   

  

  Business Response

  Date: 09/27/2022

  
  Dear Mr. *******,

  
  This letter is in response to your continued issue filed with the Better Business Bureau regarding
  your displeasure with our previous response to your concerns regarding credit decisioning and a
  request for the removal of the inquiry from your credit reporting. We regret the frustrating
  experience you’ve had and would like to share the results of our investigation.
  I apologize if our previous response was in any way unclear, and I hope the explanation that
  follows, in conjunction with the enclosures, clarifies the matter for you.
  Our records indicate you applied for credit on April 22, 2022. I’ve attached a copy of the signed
  and dated application for your reference. The application contains a section on Page 2 entitled
  “Agreement & Acknowledgement” which discloses, that by signing the application, you agreed
  and understood a credit report may be requested.
  Under Regulation V of the Fair Credit Reporting Act (FCRA), KeyBank is obligated to notify
  you of our obtainment of your credit score as part of the application process. The letter (enclosed
  and mailed on April 22, 2022) provides credit score details, as well as instructions for obtaining a
  copy of the credit report used for the decisioning. KeyBank is unable to provide a copy.
  The subsequent denial of credit letter (enclosed and mailed on April 27, 2022) detailed the reason
  for the declination, which in your case was excessive obligations in relation to income. KeyBank
  factors in all debts contained on your credit report, including installment, revolving and mortgage
  credit.
  Our review of the matter found no errors with regards to the credit inquiry requested in order to
  decision your application. Lacking bank error, we are unable to delete an accurate credit inquiry.
  
  Please be advised that KeyBank complies with the provisions of the Fair Credit Reporting Act
  (FCRA), which prohibits furnishing any information related to a consumer that KeyBank knows
  or has reasonable cause to believe is inaccurate to a consumer reporting agency.
  If I can be of further assistance, please contact me, citing the case number above, at 1-800-625-
  3256. For clients using a TDD/TTY device, please call 1-800-539-8336. We are available
  Monday through Friday from 8am to 7pm Eastern time.

  
  Sincerely,

  Paula S.
  Enterprise Client Relations
  Office of the President

  Customer Answer

  Date: 09/27/2022

  Better Business Bureau:
  
  
  
  I have reviewed the response made by the business in reference to complaint ID ********* and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
  
  I have copies of emails from Key Bank telling me that their Underwriter reported that I have a $4000 a month payment for my student loans on my credit report. I never asked you to remove it I requested that you show me proof in which you never did even after you promised it to me in an email that I still obtain. Key Bank also promised to reach out to the Underwriter to get me copy of the alleged infraction of payment.  I already know that there is debt to income ratio issues. Where is the proof of the $4000 a month student loan payments since my loans are in deferrment from 2019 to 2025. I was able to obtain a loan from another financial institution the same day as your denial for $2000 in the amount of $70k.  I find your lending practices sketchy and one sided.

  I understamd how credit reporting works and what I signed off on.  Key Bank is being very misleading when they say a denial letter comes with the information as to who to contact to request a copy of a credit report.

  
  
  
  [To assist us in bringing this matter to a close, we would like to know your view on the matter.]
  
  
  
  Regards,
  
  
  
  ***** *******
  
  
  
  
  
  
  
  
  
   

• Initial Complaint

  Date:07/18/2022

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  A couple years ago I had a KeyBank credit card account I didn't use often and wanted to pay off and forget about. I called KeyBank support and had them assist me with the process. I told them I'd like to pay off whatever balance is left down to nothing. It was $130ish I believe. They took my payment over the phone and said I was all done. I cut the card in half and went on assuming it's paid off and I won't have any payments to worry about. Months later while checking my credit score I noticed a massive 100 point drop. After looking into what happened it was found to be the KeyBank credit card account was left with $0.09 cents of balance. This went on my credit reports as my FIRST and ONLY missed payment of my life. Scores dropped from 800 to 700 from that 0.09 cents. I called KeyBank about it and they said it was a daily interest fee of some sort. I specifically told them to pay off whatever balance I had down to 0.00. They refunded the missed payment fee, but my credit score never recovered and I still have a missed payment on my reports. I was applying for home loans at the time and 100 points can make a big difference in approval or interest rates. I was not approved for any loans and my score further dropped from the credit checks. I apologize this wasn't reported closer to the incident date, my coworker suggested I try reporting it the other day.

  

  Business Response

  Date: 09/13/2022

  
  Dear Mr. *****:

  
  This letter is in response to your issue filed with the BBB (“Better Business Bureau”) regarding your late
  payment reporting. We would like to share the results of our review with you.

  
  Our records show that a payment in the amount of $118.64 was due on your ******** ********
  ********** on June 8, 2020. However, a payment in the amount of $118.64 was not made until June 11,
  2020, which resulted in a late fee being assessed. After your payment was made, an interest charge in the
  amount of $2.34 was accrued for a cash advance and purchase made within the previous billing cycle.

  
  The due date of this payment was July 8, 2020; however, no payments were made until August 17, 2020.
  According to our records, multiple statements (enclosed) were mailed to the address on file, alerting you
  of the balance owed. As no payment was received, additional late payment fees in the amount of $2.34
  and $4.68 were assessed to the account. Additionally, a late payment was reported to the credit bureau
  agencies. There was no error found in the reporting of your late payment. All fees assessed during this
  time were refunded to you as a courtesy and your account now reflects a $0.00 balance.

  
  Please be advised that KeyBank complies with the provisions of the Fair Credit Reporting Act (FCRA),
  which prohibits furnishing any information related to a consumer that KeyBank knows or has reasonable
  cause to believe is inaccurate to a consumer reporting agency.

  
  If I can be of further assistance, please contact me, citing the case number above, at 1-800-625-3256. For
  clients using a TDD/TTY device, please call 1-800-539-8336. We are available Monday through Friday
  from 8am to 7pm Eastern time.
  Thank you for allowing us to serve your banking needs and contribute to your financial wellness.

  
  Sincerely,

  
  Brittany H.
  
  Brittany H.
  Enterprise Client Relations
  Office of the President