Payday loan, title loan, or personal loan -- Charged fees or interest you didn't expect -- Complaint #6454003
Complaint Overview
Complaint ID: 6454003
Company: Keycorp
Product: Payday loan, title loan, or personal loan
Sub-Product: Personal line of credit
Issue: Charged fees or interest you didn't expect
State: Vermont
ZIP Code: 057XX
Date Received: 2023-01-18T12:00:00-05:00
Date Sent to Company: 2023-01-18T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/XXXX I wrote a check for {$2000.00} to a business from my KeyBank Personal Line of Credit. On XX/XX/XXXX, this check was erroneously drawn against my line of credit by KeyBank for {$3000.00}. I received my periodic statement reflecting this error from KeyBank on XX/XX/XXXX ( statement attached ), but only noticed this error while reviewing my financial statements on XX/XX/XXXX. I called KeyBank on XX/XX/XXXX and spoke to a representative regarding this error. They pulled up a scanned image of the check and confirmed that a clerical error had been made and promised that this would be corrected within 3 business days. Adding an additional day to account for the XXXX XXXX XXXX, they promised that this error would be corrected and the funds returned to my credit line by Thursday, XX/XX/XXXX. I did not see any correction or refund and hence called KeyBank again on XX/XX/XXXX. The representative apologized for the delay, said the error correction was still in progress, and I should see the funds returned ( at least provisionally ) by the following business day, Friday XX/XX/XXXX, and that I would receive a call back confirming this. Neither of these things happened neither the funds being returned ( even provisionally ) nor receiving a call back. I called KeyBank again on XX/XX/XXXX and informed the representative that they were in violation of CFPB regulation 1005.11 ( c ) ( 1 ) concerning the relevant time limits on confirmed error corrections ( 10-days ). The regulations do allow for 45-days in exceptional circumstances but nevertheless the bank must provisionally correct the error once acknowledged within the original 10-day period. KeyBank has not even provisionally corrected the error and the additional {$1000.00} erroneous charge continues to accrue interest.
Frequently Asked Questions
What is Complaint #6454003 about?
Complaint #6454003 was filed against Keycorp regarding Payday loan, title loan, or personal loan specifically about Charged fees or interest you didn't expect. It was received by the CFPB on 2023-01-18T12:00:00-05:00.
How did Keycorp respond to this complaint?
The company responded with: "Closed with monetary relief". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Payday loan, title loan, or personal loan) and describe your issue in detail.
Can I see other complaints against Keycorp?
Yes, visit the Keycorp company profile at readthecomplaint.com/company/keycorp to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.