Digital solutions and internet banking have revolutionized how consumers and businesses use banking solutions. However, the importance of conventional financial instruments has not lessened.
Regarding security, certification, and procedure, businesses and individual consumers prefer to use checks as the mode of payment.
If a business or individual has to pay larger sums of money, cashier’s checks or official checks are considered the most secure and guaranteed payment method.
Some banks offer the service of cashier’s checks in branch banking only. However, some banks also allow users to order cashier’s checks online or via the banking app.
Keybank is also one of the renowned American banks that offers commercial and corporate banking solutions.
However, many users are not sure how to get a cashier’s check and which checking accounts are eligible for a cashier’s check. What are the fees and limitations when using Key Bank cashier’s bank?
We will answer all of these questions in this article. So let’s get into it.
About Key Bank
KeyBank is one of the largest national bank-based financial services companies in the United States.
The company has its headquarters in 127 Public Square, Cleveland, with consumer banking services expanding across 15 states of the US. However, commercial banking solutions are available to customers all over the US.
KeyBank is a subsidiary of a company called KeyCorp, and it was founded in 1825. KeyBank has a wide network of 1,000+ branches and 40,000 ATMs across all states of the US. The company is also ranked among Fortune 500 list as of 2021.
If we look at the history of KeyBank, KeyCorp came into existence in 1994 after the merger of Society Corporation(Society Bank) and Old KeyCorp.
Society Bank was headquartered in Cleveland, whereas Old KeyCorp had its headquarters in Albany, New York. As a result of the merger, KeyCorp became the 10th largest bank in the US.
What Are Different Checking Accounts At Key Bank?
KeyBank provides several personal and business banking services. If we talk about personal services, checking accounts are what allow you to do day-to-day banking with ease and convenience.
Let’s have a brief overview of different checking accounts you can open with KeyBank:
Key Smart Checking
The basic checking account comes with a $0 maintenance fee and no minimum deposit limitation. You can also enjoy the perks like paper checks, internet banking, and digital banking app.
Key Advantage Checking
Key Advantage Checking is a checking account having some amazing money-saving features. It is an interest-bearing account and comes with a lower ATM fee(via ATM fee reimbursement).
Key Privilege Checking
The key Privilege checking account has preferred pricing, discounts, relationship rates, daily savings(automatic), etc.
Key Privilege Select Checking
Select Checking account is also an interest-bearing account for better financial management. You can get investing services, premium management, and higher interest rates on investments.
KeyBank Hassle-Free Account
The hassle-free account is digital banking with no paper checks, no maintenance fee, no minimum deposit, and no complicated banking terms and procedures.
Cashier’s Check Key Bank
A cashier’s check is a teller or official check backed by a bank’s guarantee. Similarly, the cashier’s check by KeyBank guarantees the bank that the check will not bounce. The teller’s checks have the amount, name, and date printed on the check.
When a person comes to the bank and asks the cashier to provide him with a cashier’s check, the amount will be immediately withheld from her bank account.
The amount printed on the check and the cashier’s check fee is the total sum of money withdrawn from a bank account.
When the payee presents the check for cash, the bank is bound to pay the amount as the cashier’s check can’t be bounced.
Can I Purchase Cashier’s Check From Key Bank?
Cashier’s checks are only available at banks and financial institutions having FDIC insurance. Therefore, a financial bank or credit union should be FDIC-insured to be able to provide official checks service and allow cash checking on the counter.
The next question is if KeyBank is eligible or has the authorization to sell cashier’s checks.
KeyBank is the 10th largest US bank and is, of course, FDIC insured financial institution. Therefore, the answer to this question is Yes!
You can visit any branch of KeyBank and request the cashier to write a cashier’s check in the name of any payee.
How To Get Cashier’s Check From Key Bank?
Several banks and financial institutions allow customers to order cashier’s checks differently. Consumers can make physical visits to the branch, make a call to customer service, or use internet banking to order from the cashier or official checks.
However, KeyBank has a different case.
Unlike many banks, KeyBank doesn’t offer to order cashier’s checks online or via call. The only possible way to get a KeyBank cashier’s check is to make a physical visit to the bank’s branch.
Which Accounts Are Eligible For Key Bank Cashier’s Checks?
If you are banking with KeyBank, you don’t have to worry about which account you should open using the bank’s cashier’s check service. However, many people don’t know which accounts are eligible for KeyBank cashier’s checks.
So, the answer to this question is:
Regardless of which checking account you open with KeyBank, you can always issue a cashier’s check from your bank account by visiting the branch location and requesting the official check.
We have already mentioned the names of all the consumer checking accounts offered by Regions.
What Is The Fee For The Cashier’s Check Of Key Bank?
If we talk about the cashier’s checks fee you have to pay at KeyBank, here is what you need to know:
The average fee for cashier’s checks across all the US banks is between $10 to $15. However, you can enjoy better rates when getting checks from KeyBank.
The rate of cashier’s checks and counter bank per leaf is $8 as per the fee schedule of KeyBank.
Requirements For Official Check Key Bank
When you want to purchase a cashier’s check from KeyBank, you must fulfill the requirements to get the check.
Here are the general requirements you will have to fulfill before requesting a cashier’s check from the bank’s cashier:
- You must have one of the checking accounts with KeyBank.
- Your identity proof with the picture on it
- Name of the person to whom you are issuing the check
- Other details that the bank might ask you to bring
Maximum And Minimum Limits For Key Bank
Some online banks have a lower limit of cashier’s checks, up to $5,000 or around. However, many others don’t put any hard maximum or minimum limits on the amounts printed on checks.
What are the maximum and minimum limits for KeyBank?
- The minimum amount to purchase a cashier’s check is $0.01
- Fortunately, there is no hard limit put on how much you can pay via cashier’s check.
Can I Stop Cashier’s Cash?
Generally, it is not possible to stop the cashier’s check if the payee has already presented the check to the banker.
Since the bank guarantees the check, you can only stop the check when there are specific cases: stolen, lost, or damaged checks can be stopped from payment. Besides, a check-stopping fee will also be payable by the payer in case of check stops.
1. Is Key Bank FDIC Insured?
Yes, KeyBank is an FDIC-insured financial services banking company with the authorization to issue cash cashier and counter checks.
2. Can I go to Key Bank And Cash My Cashier’s Check?
Yes, you can take a cashier’s check payable to you and visit a KeyBank branch to get the check cashed.
3. Can I purchase a cashier’s check without a bank account?
No, you must have one of any checking accounts with KeyBank in order to purchase a cashier’s check on the counter.
We hope that the information shared about the cashier’s check KeyBank will help you make payments with convenience. Do let us know if you find the information useful. In the other case, you can always ask questions here.