Overdraft Services and Overdraft Protection
We all make mistakes. Sometimes a mistake results in a returned item or an overdraft on your account. The good news is that you can protect yourself against overdrafts and the fees charged when they happen. Explore below for more information on how your account works and our overdraft services.1
Remember Funds Availability rules apply; see our Funds Availability Policy.
Let’s Talk Overdrafts, How They Happen, and How to Avoid Them
Let's talk overdrafts & overdraft fees
Ready? Let's go!
Overdrafts happen when the money you spend is more than the money available in your account.
This is when an overdraft fee may be charged.
KeyBank helps you avoid overdraft fees:
If you overdraw by $20 or less, you're within the Key Coverage Zone and will not be charged any KeyBank overdraft fees.
If you overdraw by more than $20, you exceed the Key Coverage Zone and overdraft fees may apply.
To avoid additional fees you'll want to make a deposit and regain a positive balance.
Keep track of your balance.
Spend your money on your terms.
What is Key Coverage Zone®?
With Key Coverage Zone,1 if the unexpected happens and your account’s overdrawn by $20 or less at the end of the day, you won’t see an overdraft fee from KeyBank.
Let's talk overdrafts and how to avoid them
Ready? Let's go!
We understand that overdrafts happen
But there are a few things you can do to help avoid overdrafts
Signing up for transaction and balance alerts,* can help you track your money (Message and data rates may apply)
Download the KeyBank mobile app to get alerts and to check your balance daily
Link to another eligible KeyBank account for additional protection with no transfer fees
You can opt to link your checking account to your savings account
Credit card*
Line of credit*
There's no transfer fee, but interest may be charged through your credit card or line of credit account
Take steps to avoid overdrafts. Spend your money on your terms.
What steps can I take to help avoid overdrafts?
How to Avoid Overdrafts
Track your balance
Know your balance before you spend. Sign on 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® (1-800-539-2968). Dial 711 for TTY/TRS. Remember to consider any outstanding checks or scheduled payments.
Know your Overdraft Protection options
At Key, you have options on how you’d like your account to work in an overdraft situation 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.
Schedule a Key Financial Wellness Review®
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 avoid overdrafts in the future and begin to take small steps toward financial progress.
There are several ways to consent to Overdraft Services
Online banking
Here’s how to enroll or unenroll for Overdraft Services in Online Banking:
- Select the account you want to use.
- Click the Financial Details button at the top of your screen. You might have to click More first.
- To the right of Standard Overdraft Services Consent, click Change to update your enrollment status.
- Select Yes to enroll or No to decline. Click Next.
Mobile banking
Here's how to enroll or unenroll for Overdrafts Services using the KeyBank mobile app:
- Select the account you want to use.
- Scroll down and tap Overdraft Services
- Tap Current Status under Overdraft Consent.
- Tap Yes to enroll or No to decline. Tap Next.
Visit your local KeyBank branch
You may change your selection to No at any time by following the same steps. If you select No, ATM transactions and everyday debit card transactions that would overdraw your account will typically be declined. However, overdrafts may still be paid at our discretion on checks, automatic bill payments and recurring debit card transactions.
Overdraft Services
We can cover your overdrafts in two ways:
1. Standard Overdraft Services
This service comes with your account, and we do authorize and pay overdrafts for automatic bill payments, checks and other transactions made using your checking account number.
While standard overdraft services come with your account, you can determine preferences related to authorizing and paying overdrafts on ATM and everyday debit card transactions. If you want us to authorize and pay overdrafts or update your preferences on ATM and everyday debit card transactions, call 1-888-725-7606 (Dial 711 for TTY/TRS), update your Standard Overdraft Services Consent in Online or Mobile Banking, visit any KeyBank branch or contact your Relationship Manager.
2. Overdraft Protection Plans
Overdraft Protection lets you link another eligible KeyBank account to your checking account to act as a backup. Funds are automatically transferred from that account to your checking account to help pay for overdraft transactions that may occur. To back up your checking account and help avoid overdraft fees, you can link any of the following accounts:
Savings
If you overdraw your checking account, funds can automatically transfer from your eligible KeyBank savings account, without an overdraft protection transfer fee charged.
Credit4
Your eligible KeyBank credit card or line of credit can automatically transfer funds to your checking account to cover any overdrafts without an overdraft protection transfer fee.
FAQs
Deposits become available based on the type of deposit that was made and when it was made.
Cutoff Times
The daily cutoff times for making deposits and withdrawals vary by deposit method and our cutoff times are for business days only, not weekends or legal holidays.
Branch – At branch closing time
ATM – 7:00 p.m. local time in the state where you opened your Account
Mobile – 11:00 p.m. Eastern Time
Funds Availability Details
| Deposit Type | Deposit Method | Funds Availability |
| Cash | In-branch to a banker | Same business day |
| At a KeyBank ATM | Same business day | |
| Electronic payments (i.e., Payroll or Social Security benefits) | Electronic deposit/transfer | Same business day |
| Checks | In-branch to a banker | $100 same business day Remaining amount next business day |
| At a KeyBank ATM | $100 same business day Remaining amount next business day |
|
| KeyBank mobile app | Next business day for standard deposits. Immediately for Immediate Funds℠requests5 made before 11:00 p.m. ET. Immediate Funds requests made after 11:00 p.m. ET will have immediate funds availability for ATM withdrawal and point-of-sale transactions only. It will take until the next business day for funds to be available to cover overdrafts and other transaction types. |
Read our Funds Availability Policy to find out more about when your deposits are available to use.
Read our Deposit Account Agreement for more detailed information.
A returned item is when we decline a transaction you’ve made because it exceeds your available balance. You may need to deposit funds to cover the amount of the item in the event it is presented to us for payment again. This will also help avoid any fees assessed by the merchant or cancellations for the goods or services you ordered.
Business days are Monday through Friday, excluding legal holidays.
An overdraft item charge is assessed when your account is overdrawn by more than $20.
If your account’s overdrawn by $20 or less at the end of the day, you won’t see an overdraft fee from KeyBank. You are in the Key Coverage Zone.
There’s nothing you need to do in order to take advantage of Key Coverage Zone.
If at the end of the day your account is overdrawn by more than $20, we will charge you a fee of $20 per overdraft item.
If at the end of the day your account is overdrawn by more than $20 for 5 consecutive business days, an additional $20 fee will be assessed.
There are limits on the total fees we will charge you for overdrawing your account. There is a daily cap of three Overdraft Item charges per account. There is a monthly cap of 20 overdraft charges within the monthly period.
1
Overdraft Item Charges are $20 per item. Charges apply to transactions created by check, in-person withdrawal, recurring debit card transactions, or other electronic means. Overdraft charges will not be imposed on ATM withdrawals or one-time debit card items unless the customer has opted in authorizing Key to pay these items into overdraft and assess a charge. You agree to pay us the full amount of any overdraft on your Account immediately upon demand, together with any additional charges we assess. KeyBank’s approval of overdrafts is a discretionary courtesy. For Consumer accounts: No charges will be assessed when the account is overdrawn twenty ($20) dollars or less at the end of the day. Overdraft charges are assessed on up to three (3) items per day, with the maximum not to exceed $60 per day per account. Overdraft charges may not post on the same day as the transaction which triggers the fee(s). There is a cap of 20 assessed overdraft charges within a monthly statement period. If at the end of the day, your account’s overdrawn available balance is more than $20 for 5 consecutive business days, an additional $20 Recurring Overdraft Service Charge will be assessed. See your accounts Personal Checking Account Fees and Disclosures for additional information and Personal Savings Overdraft Protection Agreement for further information on linking savings account for protection.
2
Message and Data rates may apply from your wireless carrier.
3
Subject to terms and conditions in Service Agreement.
4
All credit products are subject to credit approval.
5
Immediate Funds℠ is available in the KeyBank mobile app and will only appear as an option for eligible mobile check deposits. You will also have the option for a standard deposit at no charge. The Immediate Funds fee is 2% of the deposit amount, with a minimum fee of $2.
Immediate Funds requests made after 11:00 p.m. ET will have immediate funds availability for ATM withdrawal and point-of-sale transactions. However, it will take until the next business day for the funds to be available to cover overdrafts or other transaction types. For more information, review our Funds Availability Policy.