What is KeyBank's Overdraft Fee?
KeyBank charges an overdraft fee of $35 for each overdraft transaction. This fee is applied when you spend more money than you have in your account.
Understanding Overdraft Fees
Overdraft fees occur when you try to make a purchase or withdrawal that exceeds your account balance. For example, if your account has $100 and you attempt to spend $150, you will incur an overdraft fee.
KeyBank Overdraft Protection
KeyBank offers overdraft protection, which can help you avoid overdraft fees. This service allows you to link a savings account to your checking account. If you overdraft, funds are transferred from your savings account to cover the transaction. However, you should be aware that this service may come with its own fees.
Avoiding Overdraft Fees
Here are some tips to help you avoid incurring overdraft fees:
- Track your spending: Monitor your account balance closely and make sure you're aware of pending transactions.
- Set up alerts: KeyBank offers email and text alerts to notify you when your balance is low.
- Use online banking: Many banks provide tools and features to help you manage your spending and avoid overdraft fees.
- Consider overdraft protection: While overdraft protection can be helpful, make sure you understand its terms and fees.
Key Takeaways
- KeyBank charges a $35 overdraft fee per transaction.
- You can use overdraft protection to avoid fees, but it may come with its own costs.
- You can avoid overdraft fees by tracking your spending, setting up alerts, and utilizing online banking features.