The introduction of enhanced relationship benefits, Key Select Checking, Immediate Funds, and Early Pay seeks to assist clients in moving forward on their financial journeys. The upgrades come on the heels of the updates to KeyBank's overdraft and non-sufficient funds fees announced in 2022 to provide consumers with increased flexibility and convenience and help reduce financial stress.
As per the announcement information, Key launched a simplified Relationship programme that helps make it easier for clients to receive improved rates on eligible deposit accounts and 2% cash back on the Key Cashback credit card. No enrolment is required for Key’s benefits suite, but clients need one eligible KeyBank checking account that they use for 5 or more qualifying transactions a month. Once they have that, the following product they open that is not a checking account comes with relationship benefits. The programme offers one definition to unlock benefits across the consumer product suite, and new benefits are to be introduced later in 2023, such as better rates for personal loans and home lending products.
An advanced and high reward checking solution, Key Select Checking awards clients multiple benefits like an annual cash bonus. To qualify for the USD 100 cash bonus, clients must make qualifying direct deposits into their Key Select Checking account over 12 statement periods. In addition to the cash bonus eligibility, clients can also receive benefits such as monthly fee waivers, decreased fees, and ATM benefits.
Key provides clients with an array of solutions to meet their individual financial needs and is on the constant lookout for more efficient ways to serve them, having introduced Immediate Funds as an option in KeyBank’s mobile banking app to help consumer and small business clients gain access to full deposit amounts in an instant manner. For eligible mobile deposits, clients are to be enabled to choose Immediate Funds which, for a 2% fee, lets them skip the processing time and access the full deposited funds immediately. They will continue to have the option to select the standard processing option to deposit free of charge.
With a dedication to continuously improving the banking experience and simplifying money management, the coming mid-August Early Pay service is set to enable clients with eligible direct deposits into a KeyBank account to receive their funds up to two days early. They will be notified in advance of the start of the Early Pay programme, and as of now, existing product offerings and terms remain in effect. Additional information on the upcoming changes can be found on the company’s website.
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