CLEVELAND - One of the nation's largest financial services companies wants to change the way some people think about checking accounts. Beginning this week, KeyBank (NYSE: KEY) will offer a simple and convenient alternative to those individuals who do not qualify for a traditional account.

Key Checkless Access was designed to provide immediate access to direct deposit paychecks via Key's nationwide ATM network. This electronic account is an alternative to costly check cashing facilities, providing customers with the convenience of a regular checking account without the hassles of writing checks and balancing a checkbook.

Nationally, at least 10 percent of U.S. households don't have a relationship with a bank, according to the Federal Deposit Insurance Corp. A large proportion of these households fall within the low- and moderate-income (LMI) range. And, in the 12 states where Key has a retail presence, up to 40 percent of LMI households do not have checking accounts.

"We've worked hard to better understand the business opportunities and needs existing in our urban communities," explained Bruce Murphy, president of Key Community Development Banking. "We recognize that one of the most immediate needs is convenient, safe access to money - particularly paychecks. While Key offers a full range of checking accounts, a traditional account may not always be the best answer."

Many unbanked individuals have a record on ChexSystems, indicating that the individual has defaulted on previous accounts. Rather than wait the five years required to re-enter the banking system, Key Checkless Access provides an opportunity to those on ChexSystems, due to non-fraudulent account mismanagement, to re-enter earlier and avoid more costly check-cashing options.

"Key Checkless Access provides a viable option to such individuals to enter or re-enter the banking system," said Murphy. "We're trying to be more responsive to a broader range of customer needs. Individuals who may have mismanaged their accounts in the past are looking for guidance and a second chance to have a banking relationship."

Key Checkless Access accepts deposits of non-government payroll checks from employers who offer direct deposit. Other features include:

• No monthly maintenance service charge
  
• No minimum balance requirement
  
• Free, unlimited use of Key's ATM network for withdrawals of up to $1,000 per day
  
• No fee for using ATM cards on purchases when using a PIN
  
• Free online banking to check balances, transactions
  
• Free Key bill pay making paying bills on-line more convenient
  
• Monthly statements itemizing transaction details

Over the past few years, KeyBank has been conducting extensive research and developing products and services for markets that historically have been underserved by the banking industry. Specially designed products and financial literacy services were introduced last year in Cleveland. Future plans call for expansion to select markets throughout Key's urban communities.

Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $84 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. The company's businesses deliver their products and services through KeyCenters and offices; a network of nearly 2,200 ATMs; telephone banking centers (1.800.KEY2YOU); and a Web site, Key.com,® that provides account access and financial products 24 hours a day. KeyBank is a Member FDIC.

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Note to Editors: For up-to-date company information, media contacts and facts and figures about Key lines of business, visit our Media Newsroom at Key.com/newsroom.

KeyBank

KeyBank

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 $176.2 billion at March 31, 2021. 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. 

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