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Nobody likes an unexpected overdraft. That's why we have created this guide to help you understand the basics of how your account works, so next time you can avoid unexpected fees when you use the red key®.

How Do Overdrafts Occur?

An overdraft occurs when there isn’t enough money in your account and a payment goes through anyway. Sometimes instead of incurring an overdraft, the payment will get rejected for non-sufficient funds. If your account overdrafts or has payments returned for non-sufficient funds, you may have to pay fees.

What Can I Do to Avoid Overdrafts and Non-Sufficient Funds?

The best way is to ensure that you always have enough money in your account from the time a transaction is initiated until it posts to your account. However, with our online, mobile and text banking tools, there are things you can do to help minimize the possibility of an overdraft, including:

Track Your Balance

Know your balance before you spend. Log in to Online Banking or Mobile Banking to check your account activity. You can also check your balance by visiting any Key ATM or by calling 1-800-KEY2YOU® (539-2968). For clients using a TDD/TTY device, please call 1-800-539-8336.

Remember to consider any outstanding checks or scheduled payments.

Know Your Overdraft Protection Options

At Key you have choices on how you’d like your account to work in an overdraft situation. From savings to a credit card, choose another KeyBank account to back up your checking account to help avoid fees.

Set Up Alerts

Balance Alerts can help you avoid overdrafts and the fees that come with them, while Transaction Alerts can tell you when deposits and credits post to your account. Set up alerts.

Have a Key Financial Wellness ReviewSM

We value you as a client and want to make sure you’re using the right account for your needs. That’s why we’re inviting you to have a Key Financial Wellness Review with one of our knowledgeable bankers.

We’re here to help you create a personalized plan so you can not only avoid overdrafts in the future, but begin taking small steps towards financial progress.

Schedule a Key Financial Wellness Review

Overdraft Services

KeyBank will not authorize and pay overdrafts for the following types of transactions unless you ask us to.

Consent to Overdraft Services

We can’t guarantee we will authorize and pay every type of transaction, so you may be declined for the above types of transactions. Remember, when an overdraft is paid, standard overdraft fees may be assessed. And, if an item is returned unpaid, your account may be charged a non-sufficient funds (NSF) fee.

  • ATM transactions
  • Debit card purchases1 (purchases made with your debit card on a day-to-day basis)

If you choose to decline the Overdraft Services, ATM transactions and everyday debit card transactions that would cause your account to be overdrawn will typically be declined. However, overdrafts may still be paid at our discretion on checks, automatic bill payments and recurring debit card transactions.

To consent to Overdraft Services or change your selection:

  • Sign into Online Banking or the Mobile Banking application and select Financial Details
  • Call 1-888-725-7606
  • Visit a KeyBank branch

Decline all Overdrafts

You may prevent KeyBank from paying any transactions when your account does not contain sufficient available funds.

Overdraft Protection Options

You can choose another KeyBank account to back up to your checking account and help pay for any overdraft transactions that may occur. Depending on what you choose, an overdraft protection transfer fee may apply, but you’ll save money by avoiding overdraft fees and any non-sufficient funds fees that could be charged.

Savings

If you overdraw your checking account, funds can be automatically transferred from your Key Active Saver® Account, Key Gold Money Market Savings® and Key Silver Money Market Savings® without an overdraft protection transfer fee charged.

KeyBank Preferred Credit Line

A line of credit gives you access to cash when you need it without having to apply for a loan each time. KeyBank’s Preferred Credit Line can be linked to your checking account so that funds are immediately transferred if you overdraw.

Credit Card

Your Key2More Rewards or Latitude credit cards can automatically transfer funds to your checking account to cover any overdrafts.

Home Equity Line of Credit (HELOC)

A KeyBank Home Equity Line of Credit allows you to borrow against the equity in your home, creating a revolving line of credit you can use over and over as you repay it. When you connect your checking account to your HELOC, the HELOC can be drawn against to cover overdrafts2.

Common Questions about Overdraft Protection

When are my deposits available?

It depends, because different types (cash, direct deposit, checks) become available at different times.

Same Day

  • Direct deposits of electronic payments such as Social Security benefits and payroll
  • Cash deposits made at a KeyBank branch and KeyBank image ATM
  • Check deposits made at a KeyBank branch and KeyBank image ATM ($100 will be available immediately, with the rest posting the following day)

Next Business Day

  • Checks drawn on KeyBank National Association (in some instances funds may be available on the same business day of deposit)
  • Check deposits made through the KeyBank mobile app
  • Remaining balances from checks deposited the previous day

Read our Funds Availability Policy to find out more about when your deposits are available to use.

Cutoff Times

If a deposit is made before the cutoff time on a business day (which excludes Saturdays, Sundays and legal holidays) we will consider that day to be the day of your deposit. Cutoff times vary depending on how you make your deposit.

  • At a KeyBank Branch: before branch closing
  • At a KeyBank ATM: 7 p.m. local time
  • Mobile: 11 p.m. Eastern Time:
    • 7 p.m. for accounts opened in AK
    • 8 p.m. for accounts opened in WA or OR
    • 9 p.m. for accounts opened in CO, ID or UT
    • 11 p.m. for accounts opened in all other states (IN, KY, MI, OH, FL, NY, ME or VT)
What is a pending transaction?

For most debit card purchases, a pending transaction will show on your account before an item is actually posted. This means the amount will be held and your available balance will decrease accordingly. So, even though your transaction has not been posted, funds are still withheld to cover the purchase. You could even be charged overdraft fees if you make other transactions that total more than your overall available balance.

When do transactions post?

At KeyBank, we post transactions in two different groups – prior-day and current-day. Prior-day transactions are posted first with deposits posted before payments and withdrawals. This generally includes any account activity that occurred after the cutoff period of the previous day and before midnight. After prior-day transactions, current-day transactions are posted with deposits first, before payments and withdrawals.

If a deposit is made before the cutoff time on a business day (which excludes Saturdays, Sundays and legal holidays) we will consider that day to be the day of your deposit. Cutoff times vary depending on how you make your deposit.

  • At a KeyBank Branch: before branch closing
  • At a KeyBank ATM: 7 p.m. local time
  • Mobile: 11 p.m. Eastern Time
What is a business day?

A business day is Monday-Friday, not including holidays. Each business day ends with a cutoff time for when a deposit will be considered, so we can process all client transactions in a timely manner. For example, an ATM deposit must be made by 7 p.m. or it will be considered to have been deposited on the next business day.

Are there exceptions?

There are things that may delay the availability of your funds, including the total amount of your deposit, your account history and how recently you opened the account. This is one of the many ways we protect you from fraud.

Read our Funds Availability Policy to find out more about exceptions.

Banking

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Financial Wellness

Use EasyUp by KeyBank to Effortlessly Set Aside Money to Reach Your Goals

Checking

Order Your Checks Online Today

March 2018 Order Your Checks Online Today

All credit products are subject to credit approval. NMLS# 399797.

1

Excludes all checks, automatic bill payments and recurring debit card transactions.

2

Not available in New York or Connecticut.

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1-800-KEY2YOU®

Clients using a TDD/TTY device:
1-800-539-8336

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