This is the place to discuss Key Direct.
Submitted: Aug 20, 2007
Views: 1236
Comments: 10
Likes: 8
The advantage of this account is that unlike many online savings accounts, it does have limited check-writing abilities. I called the company to see what this meant and they told me that you can write four checks per statement cycle. You can also do online transfers so long as the total number of withdrawals does not exceed 7. Federal bankins regulations prohibit more than 7 transfers per statement cycle out of a savings classified account.
There is no limit on the amount you can write per check. I also asked about the online transfer process and was told that the first transfer can take up to 10 days while they confirm your information and after that all subsequent transfers take 24 hours.
Key Direct is run by Cleveland banked KeyCorp, one of the largest banks in the country with assets of approximately $94 billion. They are FDIC insured.
Please note that Key Direct does not offer banking services to customers in the following states: AK, CO, ID, IN, KY, ME, MI, NY, OH, OR, UT, VT, or WA.
Â
Related Articles:
Email to someone |
Print Content |
Add to reading list
Comments Received:
MiTu
(Unregistered)
I called the bank and they actually don't offer this rate and according to the Rep. who helped me, they never did.
Posted: Aug 30, 2007
HavaiWill
(Unregistered)
Say MiTu, you no doubt got a clueless teller, who isn't up on the on-line products:
http://www.keydirect.com/html/mm.html
Web site though is lacking on details about the account! I'm interested, but this isn't enough. I need to know more about ATM deals/options, etc.
Posted: Sep 3, 2007
Blessed2007
(Unregistered)
Key Signature Money Market Savings
As of October 02, 2007
Designed for individuals with higher account balances who want to earn competitive interest rates.
Minimum Opening Deposit $50.00
Posted: Oct 2, 2007
jim petri
(Unregistered)
i don't understand the "Blessed2007" posting. he says key signatures money market savings is designed for high acct balances when the min opening deposit is $50????
Posted: Oct 9, 2007
Outraged Husker
(Unregistered)
I've done business with a lot of online banks but this has been a complete nightmare. 3 weeks after starting the app, I was still getting phone calls for a bank verification in order to add an external account (this was the same external bank from which I sent my initial deposit). The Customer Service department is a phone transfer hell.
Posted: Oct 10, 2007
F Key
(Unregistered)
I agree 100% with outraged husker above- I have never experienced such incompetent and unhelpful customer service ANYWHERE, including the DMV.
They will transfer you back and forth to different people who can't help you and tell you to call another number. Never heard anything back from them after I signed up online, and I had to talk to 4 people before I could find someone who could tell me the status of my account. Everyone kept telling me, you need to go to your branch. (a) I signed up online, so why should I have to go into a branch? (b) this bank HAS NO BRANCHES in my state! What am I supposed to do, get on a plane and fly to a state that does?
Once, I was placed on hold for 10 minutes, then the CSR took my number and said he'd call back - never did. While in the process of setting up my transfer account, they closed my account because I didn't transfer any funds yet!
I would stay away, this bank is an absolute nightmare staffed by utter and complete morons.
Posted: Oct 24, 2007
blessed2007
(Unregistered)
I just opened an account with Key Direct and they would only allow me to transfer $500 initially and told me I could transfer the rest later...Now that I have gone through the trouble of establishing transfer accounts, I have come to find out that I can only transfer $2000. at a time.
This is not revealed on their website. As a result, I am closing my account and have a call in to the corporate offices to call me because I was told that I would be charged an fee for closing my account early.
UHHG!
I have not had any trouble with any other online bank
until now!!!
Posted: Nov 6, 2007
thay j
(Unregistered)
Same here. The on-line banking is a total cluster!!!!
you can never sign in or do any transaction unless you shut down all safety nets. No antivirus, spyware guards or any security can be running. The customer service at Key bank admits this.
Now, I cant even log on at all.
What a total joke this mess is
Posted: Nov 7, 2007
Bad Bank
(Unregistered)
This is the bank for you if you want runarounds from idiots and weasels.
Posted: Nov 8, 2007
jerry from ny
(Unregistered)
The last two times I dealth with KD, I received a survery call asking about their service. Like all online banks, easy to put the money in, very difficult to take it out. There are many rules (read whole bank section of patriot act to you) and a huge bunch of sneaky fees. The websites confuse one between the branches and the online bank. Same corp. but entirely different staffs. Rates are often best offered in a category but you must take a lot of time, listen to all rules and be aware locked in rates are possible. Mail in checks are easiest, get PO handstamp on envelope, it counts with KD. They operate with rules not like most internet banks. Also close out all states with branch banks unless you do business from forwarded address - a huge pain and hardly worth the effort
Posted: Jan 25, 2008
© Copyright 2008 BankMan All rights reserved. BankMan has granted BestCashCow.com, LLC non-exclusive rights to display this work on Bestcashcow.com.
