Complaint Review: Key Bank

Scorned,

I actually do get the point and I stand by my prior post. One must wait for the funds to become available before using them.

From the original post:

"Key bank uses flexible time stamps based on east coast time to accept deposits, thereby collecting huge overdraft fees."

Firstly, using east coast time does not cause overdraft fees. It certainly hasn't generated any overdraft fees for me.

I'll bet you a Klondike bar that this person made a deposit after the cutoff time and didn't realize that this deposit would have been considered part of the next business day's transactions. He or she then went off and spent money before the funds were available.

Yes they base their deposit cut-off time on East Coast Time, and that makes it really early in the day for the West Coasters.

BUT if you have an account with them you agreed to abide by their terms. This includes their cut-off times. Just because you don't like the rules, does not mean that you can spend the money before it is actually posted to your account. If you spend the money and overdraft that IS your fault and you will be charged Overdraft fees.

If you don't like it you are free to take your money to a bank that has later cut-off times.

Edgeman, you missed the point. The funds were probably there, but Key's messed up time-stamping system skewed it so the acct appeared to not have funds. The same thing happened to me, and I got the same response. Key is a greedy company profiting off of it's consumers misfortune. Besides, can't these overdraft fees, if you need them SOOO bad, be taken out of the $1.6 billion in bail out funds that Key received? It's total crap.

You wouldn't get overdraft fees if you had funds available for your transactions.