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Key Bank - Key Bank Illegally With-holding Payroll Funds!
Posted on Thursday, March 3rd, 2011 at 7:38pm CST by f403e04d
Product: Consumer Checking Account
Company: Key Bank
On March 1st, 2011 I deposited my payroll check into Key Bank between 5 & 6pm.
I received a receipt showing the deposit; no hold was on the receipt. I also received an account alert text message the next AM at 8am that the deposit had "posted to account on 3/01/11".
However, my check is being held until 03/10/2011 & the bank is refusing to release the funds! My account is over the 30-day "new account" period, however they are still with-holding my payroll check!
I have been told that it is illegal to hold a payroll check that is less than $5000.00 & drawn on a domestic bank. My employer banks w/ Wells Fargo, my check was approx. $2000
My employer called Key Bank @ the Tacoma branch & offered to have them 3-way call w/Wells Fargo to verify funds or bring in a current print-out of his account.
I asked them to return-deposit my check & give it back immediately. They refused. I said didn't even have enough money for gas & bridge toll to get to work until they were scheduled to release their hold. They dont care.
This is unconscionable! I need access to my money NOW.
Anything in excess of 1-2 days w/ an account in good standing is beyond excessive. This is SO stressful on me & my family. I am looking at being out of gas money tomorrow.
My infant is on his last tub of formula. I do not have enough to buy it.
He's got 20 diapers left which will last through mid-day Saturday 3/5 & my funds won't be released to me until the 10th!
I have a car payment due by the 7th & it will incur a HUGE fine if not paid on time, plus the interest penalties, plus this loan that has NEVER BEEN LATE will have a late payment on it's record because of this awful excuse for a bank.
There was NO disclosure about holds longer than the "2nd business day" in any of my account info.
I have made several deposits, even a personal check from my other bank into my Key account in the late evening on one day; the funds were available by 8am the next AM.
I had NO REASON to believe that they would do this to me.
I have never in my life had a check held! I am in good standing with every bank I've done business with and do business with. They have no reason to do this what-so-ever.