CLEVELAND, June 10, 2020 /PRNewswire/ -- KeyBank (NYSE: KEY) clients now have the ability to use EasyUp® to help pay down debt in more ways for free than any other automatic saving product on the market. The patent-pending tool, which allows clients to save to pay down debt with each KeyBank debit card purchase, will now let clients select how much money is transferred to their savings. Clients can bump up their savings per transaction as high as $5, or they can dial it back as low as $0.10. Additionally, EasyUp® now features new options for users to direct their automatic savings to make an extra monthly payment toward their debt. Those options include:
- Credit card debt
- Auto loan debt
- Student loan debt
- Home equity debt
"There may never be a greater need for the ability to pay down debt than right now," said Victor Alexander, KeyBank Head of Consumer Banking. "The impact COVID-19 is having on financial hardship across our nation isn't even measurable yet. This unexpected impact is leaving many families further from their financial goals. We want to give them the best tools to move forward again, and if these new features can help ease these problems just a little bit, that can make a big difference."
Before the COVID-19 outbreak began to impact the U.S., the Federal Reserve reported in February on the status of household debt in the nation. Even then, Americans were shown to be reaching levels never seen before. (https://nyfed.org/2Ub6iyT) Total household debt reached $14.15 trillion at the end of 2019, rising by $193 billion in Q4. One of the fastest growing categories of debt in 2019 was credit card debt, growing by $57 billion, reaching a total of $930 billion of debt currently on the credit cards of Americans.
KeyBank's EasyUp® has now surpassed the $15 million mark in client savings. "We're really proud of the positive impact EasyUp® is having on our clients in such short order. To reach the $15 million milestone shows not only the demand for using this product, but also that people are consistently sticking with it. Total savings are rising, and the commitment our clients are showing to improving their financial wellness is incredible. We hope the new features of being able to determine a variable amount of savings for each purchase and automatically pay down debt will help our clients prepare for tomorrow and take control of their financial story," said Alexander.
EasyUp® is seamlessly integrated within KeyBank's online banking and mobile app and is available at no cost for clients.
KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $156.2 billion at March 31, 2020. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,100 branches and more than 1,400 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.© 2020. KeyCorp. CFMA #200520-805340