Consumer complaint received 2020-10-16
Product: Checking or savings account — Checking account
Issue: Closing an account — Funds not received from closed account
Company: KEYCORP (OH)

XX/XX/2020 : Opened checking account with {$50.00} at Key Bank online on XX/XX/2020 XX/XX/2020 : Transferred {$500.00} into the account via ACH XX/XX/2020 : Transferred two {$100.00} out of the account via XXXX for a total of {$200.00} to an account that I own because I was unable to transfer {$500.00} which is what Key Bank states is the daily limit XX/XX/2020 : Transferred {$350.00} out of the account via XXXX to an account that I own XX/XX/2020 : Key Bank deposits {$200.00} into my account for opening a new account and directly depositing {$500.00}. The account balance is {$200.00}. 

XX/XX/2020 : Key Bank restricts access to my online banking account, which means I have to go visit the branch to gain access to my account. I know this because Key Bank restricted access to my spouse 's account at Key Bank claiming the money deposited to his account did not come from an account in his name which is untrue because it came from a joint account that lists both our names as co-owners. 

XX/XX/2020 : Key Bank mails a letter stating that 1 ) my account is being closed claiming my account " is not in accordance with Key 's Deposit Account Agreement. '' 2 ) they will send the remaining balance of {$200.00} 3 ) " may furnish negative  information to a consumer reporting agency regarding your account, including, but not limited to, information that your account was closed. '' According to my receiving bank account statement, my transfers of {$100.00}, {$100.00}, and {$350.00} have been withdrawn from my account and is not deposited this money back into my account before closing my account. 

XX/XX/2020 : My spouse and I visited the branch and spoke to a XXXX  XXXX XXXX, Licensed Relationship Manager. XXXX XXXX called Key Bank support while we waited for at least 30 minutes before he gave up and said he would follow up with us the next morning. He did not and has not contacted us since. 

XX/XX/2020 : I receive the letter Key Bank sent on XX/XX/2020 terminating my account. 

XX/XX/2020 : Key Bank XXXX support sends me three saying the XXXX transfers ( {$350.00}, {$100.00}, {$100.00} XXXX could not be deposited and that the payment was cancelled. XXXX send me three emails for the three XXXX transfers saying " We tried to process your payment to <bank that received the XXXX transaction> for {$100.00} < {$100.00} and {$350.00} XXXX on XX/XX/2020 ) > on XX/XX/2020, but it was returned to our processing center due to an unspecified reason. The payment will be credited back to your funding account. Please allow 2 to 3 business days for the refund to post to your account. '' Internet research indicates Key Bank has incompetently reversed transfers between two accounts that I own claiming fraud without any evidence. 

XX/XX/2020 : I receive and cash a cashiers check for the {$200.00} for the balance XX/XX/2020 : Key Bank XXXX support sends me three saying the XXXX transfers ( {$350.00}, {$100.00}, {$100.00} XXXX could not be deposited and that the payment was cancelled. The emails contain the following information : MemberID ( XXXX ), AlertID ( XXXX ), ReferenceID ( XXXX ) I receive three emails from XXXX regarding the three XXXX transfers saying " We tried to process your payment to <bank that received the XXXX transaction> for {$100.00} < {$100.00} and {$350.00} ( on XX/XX/2020 ) > on XX/XX/2020, but it was returned to our processing center due to an unspecified reason. The payment will be credited back to your funding account. Please allow 2 to 3 business days for the refund to post to your account. '' XX/XX/2020 : Key Bank XXXX support sends me three more emails saying the XXXX transfers ( {$350.00}, {$100.00}, {$100.00} XXXX could not be deposited and that the payment was cancelled. The emails contain the following information : MemberID ( XXXX ), AlertID ( XXXX ), ReferenceID ( XXXX ) XX/XX/2020 : I call Key Bank who doesn't know where my {$550.00} is, since they closed my account before reversing the XXXX transfers. The representative I spoke with sounded very unsure about where my money is but said that I should receive a check for {$550.00} soon. 

XX/XX/2020 : After waiting to receive my money I call Key Bank again. I am routed to the fraud department where a XXXX claims there was an investigation involving my account, {$6200.00}, and XXXX. She advises me to go to a branch. Clearly no one knows where my money is. 

XX/XX/2020 : Went to branch and met with XXXX XXXX XXXX, who said he would follow up with the operations manager on XX/XX/2020. 

XX/XX/2020 : XXXX XXXX calls to say back office is investigating. 

XX/XX/2020 : I have my receiving bank research why the XXXX transactions were withdrawn from my account. I am told someone has submitted claim to reverse the XXXX transactions. I did no such thing. I suspect Key Bank incompetently reversed the transactions erroneously claiming fraud.