Checking Account FAQs

KeyBank Checking Account FAQs

KeyBank checking accounts give you convenient, 24/7 access to your money and the freedom and flexibility to pay bills and make purchases without cash. Plus, you can opt to have your paycheck directly deposited into your account.

What are my checking account choices?

You have checking options at Key: View checking accounts

Why should I open a checking account?

A checking account is a great way to store your money. An account also helps you keep track of your spending: you can simply record transactions in your account register. Checking accounts are also very convenient. As mentioned previously, your paycheck can be deposited into a checking account, pay bills and make purchases without cash.

How much does a checking account cost?

Most banks offer a variety of checking accounts, and some accounts may require you to keep a minimum balance or complete a certain number or type of transactions at all times. If you fail to do this, you can be charged a service fee. Talking to a representative at your local Key branch can help you evaluate the right checking account option for you.

What is a debit card? Is it a credit card?

Debit cards look just like credit cards, but are different in a handful of important ways. The main difference is that a debit card is linked directly to your checking account instead of a line of credit. Many people find this important distinction a benefit since it helps you budget and avoid overspending. KeyBank offers debit cards that can be used at ATMs and millions of locations worldwide that accept debit MasterCard®.

If I have a debit card, why do I need checks?

Some people prefer to use their debit card for everyday transactions, others choose to use their debit cards and checks. The choice is up to you.

What is Bill Pay?

Bill Pay is a banking service that allows you to pay your bills online. You don't have to worry about writing checks or buying stamps. You can contact a Key representative at 800-539-1539 to find out more about our Bill Pay service.

Can kids get checking accounts?

A checking account may be a good way to teach children financial responsibility. Key offers a checking account for students who are 16 years of age or older, the Key Student Checking Account. If you are looking for a banking solution for younger children, check out our Key4Kids® children's savings account.

When will I get my checking account statement?

We will not mail a paper monthly statement if there is no activity on the account during the statement period. However, you will receive a deposit account statement quarterly even if there is no activity during that period.

This is not applicable to you if you currently receive quarterly statements, a monthly paper combined statement or an online electronic monthly statement.
I overdrafted my account last night, and 7 transactions were insufficient funds. Why did I only get 5 overdraft fees? I expected 7 overdraft fees.

KeyBank will only charge you a maximum of 5 overdraft charges in a single day.

I received a letter regarding the inactivity of my account. Why did I receive this letter and how do I keep my account active?

We strive to provide timely updates about anything that may affect your account. Our records indicate that your KeyBank account does not reflect any customer-initiated transactions in the past two months. This means you have not made a deposit, withdrawal or initiated a transfer into or from your account. (If you have more than one account with KeyBank, activity in those account(s) does not apply to this account.)

We have made it easy to avoid paying inactive account fees. If you initiate a transaction to or from this account, your account will return to “active” status. Complete any transaction such as a withdrawal by check, debit card purchase, online bill pay, transferring money to or from this account, a deposit at a KeyBank branch or ATM, or have your paycheck directly deposited to this account and, you will not be charged the inactive account fee, and your interest rate will remain the same. Another way you can avoid inactive fees and keep your current interest rate is to maintain a balance in this account of $5,000 or more. This fee is different than the monthly Maintenance Service Charge that you may have already been assessed.

If you don’t expect to be able to meet the transactions to make the account active, talk to your RM about whether there is another product that would better suit your needs.

How can I avoid a monthly maintenance service charge on my Key Express Checking or Student Checking Account?

As a Key Express client, to avoid the $7 monthly maintenance service charge, each statement cycle, you will be required to have at least eight net (8) customer initiated transactions (ANY deposits, withdrawals, including transfers) on your Key Express Checking Account or have deposits (including transfers into this Account) totaling $500.00 or more credited to your Key Express Checking Account.

As a Key Student Checking client, to avoid the $5 monthly maintenance service charge, each statement cycle, you will be required to have at least five net (5) customer initiated transactions (ANY deposits, withdrawals, including transfers) on your Key Express Checking Account or have deposits (including transfers into this Account) totaling $200.00 or more credited to your Key Express Checking Account.

As an example, if your statement cycle is from June 1, 2013 to July 1, 2013 and you do not meet one of these requirements during this period, the monthly maintenance service charge will be assessed and reflected on your statement that cycles on July 1, 2013.

How can I avoid the monthly paper statement charge on my KeyBank checking or savings account?

Online Banking customers can sign up to receive Online Statements instead of paper, avoiding the monthly paper statement charge. If you’re not an Online Banking customer, enroll today.

Or, you can upgrade your checking account to Key Advantage, Key Privilege, or Key Privilege Select.