Investigation and potential class action lawsuit against Key Bank for allegedly wrongfully charging overdraft fees.
Many Key Bank customers have complained about being charged overdraft fees. In one scenario, it is alleged that Key Bank re sequences debit card transactions to maximize overdraft fees. Consider the following example: Time 1: You have $100.00 in your bank account. Time 2: You use your debit card at Starbucks for $20.00. Time 3: You use your debit card at the gas station for $5.00. Time 4: You use your debit card at the grocery store for $105.00. Time 5: Key Bank reorders the debits and posts the latest occurring $105 debit first, and then charges an overdraft fee. Key Bank then posts the $20.00 debit, and then charges a second overdraft fee. Key Bank then posts the $5.00 debit, and charges a third overdraft fee. If the bank would have posted the debits in order in which they actually occurred, you only would have incurred one overdraft fee. Instead, you are stuck with three. The bank's practice of reordering debit transactions constitutes an unlawful deceptive trade practice.
It has been further alleged that Key Bank debits purchases from ATM, debit or check cards and checks written on the account before it credits deposits into the account for the same reason.
This is but two embodiments of what may be Key Bank practice of charging its customers unlawful fees.
If you have been charged an overdraft fee by Key Bank, please contact us by clicking on the appropriate link to explain your experience.
Name (Stock Symbol)
KeyCorp is a bank holding company for KeyBank National Association (KeyBank), its principal subsidiary.
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