KeyBank expands services
PORTLAND — KeyBank has expanded its KeyBank Plus service to an additional 22 branches in Maine.
This service, which will now be available in areas including Houlton, Portland and Biddeford, allows anyone, including non-customers of KeyBank, to cash their government and payroll checks, including income tax refund checks, at the branches for 1 percent of the value of the check — much lower than the commonly charged 3 to 10 percent fee at check-cashing stores.
“Based on the success we’ve had reaching out to communities when we rolled KeyBank Plus out to the first six Maine branches in August, we know we are providing a much-needed service to people who don’t have traditional bank accounts,” explained Sterling Kozlowski, president, Maine District, KeyBank N.A. “While KeyBank offers a full range of checking and savings accounts, a traditional account may not always be the best answer for every person in every circumstance. KeyBank Plus allows us to serve the needs of more people throughout the state by offering check cashing and other financial services at substantially lower fees than the stand-alone check cashing stores.”
In addition to check cashing, KeyBank Plus includes savings products, a credit repair service, money orders and a checkless checking account. Those using KeyBank Plus services are not required to open a checking or savings account with Key, and money orders are free of charge.
KeyBank will also begin offering free accessible financial education for clients and non-clients alike in Maine. Key’s “Learn and Earn” curriculum consists of classes that educate people in how to get and keep good credit, how to budget and how to use savings and checking accounts and other basic banking services. KeyBank employees will present Learn and Earn in partnerships with numerous nonprofit organizations, schools and employers, delivering financial education directly to consumers. To date, Key has trained more than 400 employees to teach the curriculum in states where Key has a presence.
While the Learn and Earn program is new to Maine, KeyBank has been a long supporter of financial education in Maine. In fact, the KeyBank Maine District and the KeyBank Foundation have awarded $45,000 to the Maine Centers for Women, Work and Community over the past three years to provide financial education and coaching to Mainers. This program, called “Credit Yourself,” has reached hundreds of people in Maine so far, with classes offered from York County to Aroostook County.
Carolyn May, regional manager for Maine Centers for Women, Work and Community said, “The partnership has proven that financial education will help people improve their financial behavior, making people better consumers of banking products and services. Our follow-up calls, made to every participant after three months, show that they have reduced their debt, increased their savings and followed the goals set in class.”
According to the 2009 FDIC National Survey of Unbanked and Underbanked Households, 20.6 percent of all Maine households are either un-banked (have no bank account) or under-banked (have no access to borrowing). In addition, 12.53 percent of the total Maine population was either “low income” or “moderate income,” according to 2000 Census data. KeyBank Plus is designed to address the needs of this population.
The Maine District is the 10th market in the nation where KeyBank has introduced KeyBank Plus.
Phase II launched in 22 branches in Maine, including the following locations: 144 High St., Caribou, 493-3351; 32 Market Square, Houlton, 532-6557; 1 North St., Presque Isle, 764-3151; and 187 State St., Presque Isle, 764-9414.
