Key Bank Savings Account Rules

A savings account is an interest bearing deposit account held at a bank or another financial institution that provides a modest interest rate.

Key bank savings account rules.

A savings bank account of a minor may be opened to be operated by the natural guardian of the minor or by the guardian appointed by the court a savings bank account may also be opened in the single name of a minor aged 10 years or more to be operated by the minor or in the joint names of two minorswho have completed the age of 10 years to be operated by them jointly. Banks or financial institutions may. A monthly direct deposit of at least 25 00 is credited to your key silver money market savings account during the monthly statement cycle. Keysavings bank offers a savings account to meet your needs.

The minor has to be over the age of 10 years old to open an account independently. 1 this minimum opening deposit must come from funds not currently held in accounts at keybank or its affiliates. The savings account withdrawal limit is no more than six convenient withdrawals per month. If you opened your deposit account online within the last 90 days you may also review the original agreements and disclosures provided to you.

Fees could reduce the earnings on the above accounts. Regulation d 12 cfr 204 2 outlines the procedures banks must follow when opening and maintaining savings accounts. Parents and guardians can open a savings account on behalf of their child. If you close your account within 180 days you will be charged an account early closure fee.

A recurring monthly online banking transfer of 25 00 or more from another keybank deposit account is transferred to the key silver money market savings account during the monthly statement cycle. Minimum balance to open the platinum money market account is 10 000 00. At our discretion we may change the interest rate on the above accounts after account opening. Customers should notify the bank of the loss theft or misplacement of their account card or passbook.

Please see a keysavings bank representative for more information. Federal reserve is one agency that regulates the banking industry. Should the account card or the passbook be found again the customers undertake to return same to the mcb. How customers can open a savings account.

The maximum amount a minor can hold in his her account is rs 2 lakh.