Cleveland-headquartered regional lender, KeyCorp, has launched Key Coverage Checking, a packaged current account offering flexible overdraft fee options and ID Theft protection.
The account, for which a $10 monthly fee applies, will be rolled out on 15 August.
According to the bank, Key Coverage Checking will offer customers a fees waiver on the first two overdraft or return item fees assessed each month.
In addition, no overdraft fee will be assessed if an account is overdrawn by $10 or less, based on the end-of-day balance.
A reduced overdraft fee of $18 is assessed if the account has an overdrawn balance of $10.01 to $100. If the account remains overdrawn for five or more consecutive business days, a recurring overdraft fee is charged.
The account’s identity theft cover includes services such as access to credit reports, credit scores, $2,500 identity theft insurance, victim assistance and card theft protection.
“Key Coverage Checking provides our clients who prefer it the option of a checking account with significantly-reduced overdraft related costs, with the added benefit of ID Theft protection,” said KeyCorp vice chair Beth Mooney.
“At KeyBank, we want to offer choices, and our client research indicates that a segment of our clients is likely to prefer these features that help protect them against unwanted fees and fraudulent activity.”