Key Announces New Checking Account for Customers With Flexible Overdraft Fee Options, Enhanced ID Theft Protection

CLEVELAND, July 21 /PRNewswire-FirstCall/ -- Responding to client preferences and changes to regulations relating to overdraft fees taking effect, KeyCorp (NYSE:  KEY) is adding a new checking account that offers a variety of solutions based on a customer's banking needs, including flexible overdraft fee options and ID Theft protection. The account will be available to clients on August 15, 2010.

KeyBank’s new Key Coverage Checking is a personal checking account that includes the waiver of the first two overdraft or return item fees assessed each month. In addition, no overdraft fee will be assessed if an account is overdrawn by $10 or less, based on the end-of-day balance. A reduced overdraft fee of $18 is assessed if the account has a negative end-of-day balance of $10.01 to $100. If the account remains overdrawn for five or more consecutive business days, a recurring overdraft fee is charged.

Key Coverage Checking is available for a $10 monthly fee and is a non-interest bearing checking account.

Intersections Inc, which has helped protect over 30 million consumers against identity theft, will be providing ITAC Sentinel Identity Theft protection service, which includes services such as access to credit reports, credit scores, $2,500 Identity Theft insurance, victim assistance and card theft protection.

"Key Coverage Checking provides our clients who prefer it the option of a checking account with significantly-reduced overdraft related costs, with the added benefit of ID Theft protection," said KeyCorp Vice Chair Beth Mooney. "At KeyBank, we want to offer choices, and our client research indicates that a segment of our clients is likely to prefer these features that help protect them against unwanted fees and fraudulent activity."

"The regulation changes regarding overdraft fees, known as Regulation E or the Electronic Fund Transfer Act, have already, or will go into effect, later this summer," Mooney added. "Key's approach recognizes that customers will need to make some decisions, and we aim to offer options that will give them a choice."    

Early this year, Key surveyed clients to gauge their understanding of the changes to Reg E. The survey feedback indicated clients were looking for customized features that were aligned with their personal banking habits. This feedback was instrumental in the development of Key Coverage Checking, and to Key's ongoing efforts to communicate customer options clearly and simply.  

Key continues to offer a menu of nine types of checking and savings accounts. For further information on Regulation E and customer options, call 1-877-527-6340, stop into a Key branch, or visit Key.com/odinfo.

About KeyCorp

Cleveland-based KeyCorp (NYSE: KEY) is one of the nation's largest bank-based financial services companies, with assets of approximately $95 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally.  For more information, visit https://www.key.com/. KeyBank is Member FDIC.

SOURCE KeyCorp