I’ve banked with KeyBank for nearly a decade, managing a business account that regularly handles large transactions. Up until recently, my experience had been fine. However, over the last month, I’ve encountered serious issues that have completely eroded my trust in this institution.
For years, KeyBank always released my funds the next day without issue. Then, without warning, they began placing 7- to 10-day holds on my deposits. When I asked for an explanation, I received conflicting answers and no solutions. I had to call repeatedly over two weeks before the issue was finally resolved, although no one could explain how it had been fixed. After two weeks of normal banking, the issue suddenly started all over again.
This time, I was met with more of the same runaround. Nobody at this bank can provide a logical explanation for their actions, and the responses I’ve received are clearly nonsense. Through all of this, the branch manager has not bothered to contact me once, despite the critical impact this is having on my business. Currently, KeyBank is holding over $100,000 of my funds with no clear reason.
For a business owner, reliable access to funds isn’t just a convenience; it’s critical to survival. These delays could have devastating consequences for my company, my employees, and my reputation.
I cannot recommend KeyBank to anyone, especially business owners, who rely on a competent and trustworthy bank. If this level of incompetence and lack of accountability can happen to me after nine years of loyalty, it could happen to anyone. Think carefully before trusting your money to this bank.
Anyone else having the same issues with this bank or any others? This is the institution you need to file your complaint with
Washington State Department of Financial Institutions (DFI) through the following channels
• Phone: 1-877-746-4334 (toll-free) or (360) 902-8700
• Email:
[email protected]• Mailing Address:
PO Box 41200
Olympia, WA 98504-1200
• Physical Address:
150 Israel Rd SW
Tumwater, WA 98501