Our Coronavirus Response
What we’re doing today, to be ready for tomorrow.
Last updated May 22, 2020
As the coronavirus situation evolves, we’ll continue to keep you at the center of our work as we modify and update our response based on the latest guidance from leading authorities. Here, you’ll find out about financial assistance, branch banking and locations, answers to frequently asked questions, self-service options to help you with your everyday banking and more.
Getting clients back on their financial feet
Financial hardship help is available now
You may be eligible for immediate help including extensions, waived late fees or waived penalties on KeyBank mortgages, credit cards, and loans and lines of credit through our borrower assistance programs. You can also contact us about waiving certain service charges on KeyBank checking and savings accounts.
Temporary Assistance Loan
Our 3.00% APR, short term, no collateral loan is easy to apply for and quickly funded—you could have your money as soon as the same day.1 Available to existing clients only.2 Must apply by May 29, 2020. To learn more and apply, schedule an appointment at your local branch.
Support through the CARES Act
As part of the federal government’s Coronavirus Aid, Relief, and Economic Security (CARES) Act, KeyBank helped secure more than $8.5 billion in loans for nearly 40,000 small businesses through the Paycheck Protection Program. And we're helping people get the full value of their stimulus payments and cashing stimulus checks for no fee for non-Key clients with two forms of identification.
For more information on the recently announced Main Street Lending Program for mid-sized businesses with up to 10,000 employees, contact your relationship manager or business banker.
Our support for businesses
As a top national Small Business Administration (SBA) lender, we have a variety of options and programs built to keep businesses running, as well as decades of experience with government programs. Find out more about the SBA disaster recovery loans at disasterloan.SBA.gov.
For any service-related questions, contact us at 1-888-KEY4BIZ (539-4249).
Businesses & Institutions
You can rely on us for stability through changing economic cycles. Our capital structure and liquidity are sound, with strong earnings growth and seven years of positive operating leverage. As we move through this cycle, our relationship managers are on hand to discuss industry impacts and options.
To find out more about how we’re working to keep businesses connected, visit key.com/economicconditions.
Wealth management support
Key Private Bank
Our offices are temporarily closed, and Florida offices are available by appointment during limited hours. As always, your Key Private Bank team is available directly by phone or email.
For Key Private Bank client services, call 1-877-634-2968.
Florida office appointments are available Tuesdays and Thursdays from 10 AM to 12 PM. Call us to schedule your appointment.
Naples: 1-239-659-8830, Ft. Myers: 1-239-466-2500, Palm Beach Gardens: 1-561-775-6527.
Key Investment Services®
Our financial advisors are available by appointment to meet you at a nearby branch. To make an appointment or reach a service professional, call us at 1-888-547-2968.
Your Daily Investment Brief
Key Private Bank brings clarity to uncertain market conditions with daily investment briefings based on the latest information and insights we gather through our network. You'll find our expert analysis and strategies for navigating market tensions in our daily briefs.
Staying safe from coronavirus scams
Your security and privacy are important to us, and even more so during times of uncertainty. Be aware that coronavirus could accelerate activities of cyber criminals who prey upon the public's concerns.
To help keep safe, get tips and information on the latest threats at key.com/privacy-security.
Frequently asked questions
- How can I stop a payment?
In online banking, upcoming activity is displayed in the account details page of each account. Select the payment you would like to stop to edit or delete it. In the mobile app, scheduled payments can also be canceled by selecting the “+” button and red activity icon. Select the payment you wish to cancel in the Bill Payments menu.
- How can I find a branch that’s still open or use a safe deposit box?
To help keep our communities safe, we’ve closed all of our lobbies and certain branches. Branches that remain open will operate as drive-thru and appointment-only to serve our clients’ needs. Contact us for safe deposit box access.
- What banking can I do during a branch appointment?
You can complete any usual banking during a scheduled appointment, such as open a new account, apply for a loan, have a financial wellness review, or discuss account questions. You will need to bring your identification. To make an appointment, call your branch or schedule an appointment online.
- I want to use online banking or download the mobile app. Where do I start?
With online banking and the mobile app, you can check balances, deposit checks, pay bills, and more – easily and securely, without leaving home. Get started today.
- Who can I call for help with online banking or the mobile app?
When you need help with online banking or the mobile app, contact our digital banking support team at 1-800-539-1539. We’re here Monday through Friday from 7 AM to midnight, and Saturday and Sunday from 8 AM to 9 PM.
- Who can I call with account questions or for more information?
If you have any other questions or need help with your accounts, call our 24/7 customer service team. We’re experiencing longer than usual hold times as we work with our clients.
For clients using a TDD/TTY device, call 1-800-539-8336.
Taxes and contributions
- I heard the federal tax deadline was extended. How does that impact contributions to IRAs and health savings accounts (HSAs)?
Yes, the tax deadline for federal returns and any tax payments has been extended to July 15, 2020. Taxpayers also have more time to make contributions to their IRAs and health savings accounts to help lower their 2019 taxable income. Contributions can be made to both types of accounts until July 15. Also, clients impacted by the coronavirus can take a distribution (Coronavirus Related Distribution, CRD) from their IRA of up to $100,000 without penalty (consult your tax consultant).
For calendar year 2020, required minimum distributions (RMDs) have been waived (consult your tax consultant). To fill out the RMD waiver or if you have any questions, call 1-800-539-2020; clients using a TDD/TTY device: 1-800-762-4833.
- Who is going to receive stimulus payments from the government?
The federal government has created a stimulus plan to provide support to those impacted by COVID-19. As part of this plan, the automatic distribution of Economic Impact Payments began in mid-April.
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive a payment of up to $1,200 for individuals, or $2,400 for married couples. Parents also receive $500 for each qualifying child.
- Individuals with an adjusted gross income more than $75,000 will have reduced payments. Those with an adjusted gross income more than $99,000 will not receive an Economic Impact Payment.
- Couples with an adjusted gross income more than $150,000 will have reduced payments. Those with an adjusted gross income more than $198,000 will not receive an Economic Impact Payment.
- How will I receive my payment?
If you filed your 2019 tax return with direct deposit, your Economic Impact Payment will be deposited directly into the same bank account listed on your tax return. If you've not filed your return for 2019, the account indicated on your 2018 tax filing will be used.
For consumers without information on file with the IRS, visit IRS.gov/coronavirus to learn more about setting up direct deposit. Otherwise, a paper check will be mailed.
- How is KeyBank helping people receive the most value for their stimulus payment?
We will do all that we can to help our clients receive the full value of their stimulus payment.
Negative account balances
If your stimulus payment is direct deposited when your account has a negative balance of $50 or less, your negative balance will be permanently forgiven in full and you’ll see it on your account as a “Key Cares Credit.”
If your stimulus check is direct deposited when your account has a negative balance of more than $50, you will receive a 30-day temporary credit for the amount of your opening balance on the morning of your deposit so you can immediately access your full stimulus payment. Your account will show a “30 Day Temporary Overdraft Credit,” and after 30 days, that credit will be reversed.
If you receive a paper stimulus check and visit a branch to make a deposit when your KeyBank account has a negative balance, your teller will offer to cash the check instead so that you receive its full value.
Stimulus payments direct deposited at KeyBank will not have any garnishments applied (with the one exception being child support payments).
- How do I access my funds if I receive a paper check?
There are many ways to access the money from a paper stimulus check.
Because ATMs and online and mobile banking cannot tell you’re depositing a stimulus check, using those methods when you have a negative balance in your account may result in you not receiving the full value of your check. If you have a negative balance in your KeyBank account, a teller at a KeyBank branch can cash your check so you receive the full value. If your check is deposited into an account with a negative balance and you need full access to your stimulus funds, contact us for assistance.
Non-KeyBank clients can cash their stimulus checks at KeyBank for no fee (bring two forms of identification).
- How can I check on the status of my stimulus or Economic Impact Payment?
The IRS will not give KeyBank information about the status of your Economic Impact Payment. However, you can set up a KeyBank account alert to be notified when any deposit is made to your account.
To check with the IRS on the status of your payment, visit Get My Payment.
- Is Key hiring?
Yes, we are still hiring for some positions. Key is interviewing and in many cases, virtually onboarding new teammates. Many of our roles may be performed at home or by using phones and drive-thru windows. To learn more, visit key.com/careers.
A message from our Chairman and Chief Executive Officer
We appreciate the trust you place in us, and we want you to know that the health and safety of our clients, colleagues and communities are our top priorities. Like you, we’re continually monitoring coronavirus developments and following guidance from relevant authorities.
Funds may be available as fast as same business day of application under the following conditions: (1) certain underwriting criteria are met including, but not limited to, credit score; (2) loan funding does not require third party payoff(s); (3) funds are deposited directly into a KeyBank Account; and (4) complete loan signing by 2:00 p.m. EDT on a day that the bank is open for business. Income verification may be required, which may delay availability of funds. Additional conditions may apply. All credit products are subject to credit approval and other program terms.
To receive the promotional APRs for KeyBank’s temporary assistance loan, borrowers must: (1) establish an automatic payment deduction plan from a KeyBank checking or savings account at the time of account origination; (2) be an existing KeyBank client, defined as a banking relationship with KeyBank for greater than or equal to six months from the date of application; and (3) complete your application by May 29, 2020, at 11:59 p.m. ET. If these requirements are not met, standard posted rates for personal loans will apply. Normal checking or savings account service charges apply. Key-to-Key refinances are not eligible for this offer. Limit one offer per client. Please refer to specific account disclosures for details. Client must meet Key's existing credit requirements for KeyBank Personal Loan. As an example, if you were to borrow $2,500 for 36 months and qualify for the 3.00% APR Temporary Assistance Loan offer, your monthly payment would be $72.70. The 3.00% APR is a promotional offer charged by KeyBank across Key’s footprint (OH, IN, MI, PA, NY, MA, CT, VT, ME, CO, ID, UT, WA, OR, AK).
All credit products are subject to credit approval.
Some restrictions apply.
This material is presented for informational purposes only and should not be construed as individual tax or financial advice. KeyBank does not provide legal advice.
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