CLEVELAND, Ohio -- KeyBank has signed the biggest participant yet for its agent bank program, in which participating financial institutions pay Key a fee to offer their customers surcharge-free access to KeyBank's network of 2,300 ATMs in 18 states.
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According to a report in the Cincinnati Business Courier, Key's newest agent bank is San Antonio, Texas-based USAA Federal Savings Bank, a leading financial services provider to the U.S. military with more than 4.9 million customers and some $65 billion in assets.
USAA, a bank with no branches that serves its customers primarily through direct mail, the telephone and online banking, has only a handful of ATMs, most of which are located in Texas. Since late 1997, it has rebated up to $15 a month to its customers for fees paid on their first 10 domestic ATM withdrawals.
Cleveland-based KeyCorp., one of the nation's largest bank-based financial services companies, with assets of about $83 billion, offers national and regional ATM access to financial institutions in Idaho, Indiana, Maine, New York and Washington, representing nearly 500,000 cardholders.
