Product: Credit card

Complaint Summary : I am writing to report a series of issues I have experienced with KeyBank that have caused me significant frustration, confusion, and financial penalties. These issues stem from the banks failure to correctly process a credit card payment on my behalf, conflicting explanations provided by representatives, and a lack of timely follow-up to resolve the matter. 

Details of the Issue : 1. Initial Incident : XX/XX/2024 : I misplaced my credit card and promptly logged into my online banking to place a temporary lock on the account. I also reported the card as lost to KeyBank and requested a replacement. 
XX/XX/2024 : While attempting to pay my credit card balance, I noticed that the account associated with this card had disappeared from my online banking. To ensure I had sufficient funds available, I transferred {$4000.00} from another KeyBank savings account to my checking account, bringing the total to over {$8900.00}. I called KeyBank and explained the situation to a representative, who confirmed my checking account balance and assisted me by making a {$5000.00} payment to my credit card on my behalf, as I could not access the account myself. I received an email confirming that the payment was successfully completed. 

2. Payment Reversal : A few days later, I noticed that the {$5000.00} payment had been reversed. 
XX/XX/2024 : When I called KeyBank to inquire, a representative informed me that the reversal was due to " insufficient funds. '' This explanation was incorrect since my checking account had more than enough funds to cover the payment. The representative claimed there was a glitch in the system and advised me to manually make the {$5000.00} payment myself now that the credit card account was visible again on my online banking. I complied and made the payment, and the representative assured me that there would be no penalties, impact on my credit, or other negative consequences as a result of this issue. 

3. Further Issues with My Credit Card : XX/XX/2024 : My replacement credit card arrived, and I activated it. 
XX/XX/2024 : Both transactions I attempted with the card were declined. I called KeyBank and was told the card had been temporarily blocked due to " suspicious activity. '' I explained that the attempted transactions were mine, but I was transferred between multiple representatives. One representative told me I would need to visit a branch for further assistance, while another supervisor explained that the issue stemmed from the payment error on XX/XX/2024. 
The supervisor clarified that the payment made on XX/XX/2024 had been incorrectly applied to the wrong account, which caused the reversal and a late fee of {$76.00}. The earlier explanation of " insufficient funds '' was inaccurate. The supervisor assured me that the interest charge would be waived, and I would receive a follow-up call on XX/XX/2024. 

4. Unresolved Follow-Up : XX/XX/2024 : I did not receive the promised follow-up call. When I called KeyBank later that night, I was informed that a follow-up call was scheduled for later in the week or the following week, contradicting the supervisor 's earlier assurance. I spoke with another representative and their supervisor, who promised a call on XX/XX/2024 or XX/XX/2024. 

Reasons for My Frustration : 1. Inconsistent Explanations : Between XX/XX/2024 and XX/XX/2024, I spoke with multiple representatives and supervisors, each providing different and conflicting explanations. It wasnt until XX/XX/2024 that a supervisor offered a clear explanation of the real issueKeyBanks error in processing my payment on XX/XX/2024. 

2. Wrongful Late Fee : The {$76.00} late fee was unfairly charged due to KeyBanks failure to correctly process the payment I requested on XX/XX/2024. Despite receiving a confirmation email for the payment, the error caused a reversal and penalty, which was not my fault. 

3. Lack of Transparency and Accountability : KeyBank representatives have been inconsistent, untruthful, and unhelpful. The repeated misinformation, lack of resolution, and delays in follow-up have caused me significant frustration, concern, and inconvenience. 


I appreciate your attention to this matter and hope the CFPB can help resolve this issue promptly. Thank you for your time and support. 

Sincerely, XXXX XXXX