Bank / Credit Union

KeyBank to eliminate non-sufficient fund fees, reduce overdraft fees

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May 5, 2022

KeyBank has announced it will eliminate non-sufficient fund fees and reduce overdraft fees. In particular, the bank won't charge overdraft fees for negative balances below $20, according to a press release.

Other changes include:

• Overdraft fees dropped to $20 per occurrence.
• Overdraft fee cap of three per day.
• $0 overdraft protection for all linked accounts.

"KeyBank remains committed to providing our clients a competitive range of products and services to meet their individual needs. These changes to our overdraft policies — combined with our existing Hassle-Free checking offering which does not charge overdraft fees — will provide our clients the tools and support they need to manage their finances effectively," Victor Alexander, head of consumer bank, KeyBank, said in the release.