CLEVELAND, June 10, 2020 /PRNewswire/ -- KeyBank (NYSE:
KEY) clients now have the ability to use EasyUp® to help
pay down debt in more ways for free than any other automatic saving
product on the market. The patent-pending tool, which allows
clients to save to pay down debt with each KeyBank debit card
purchase, will now let clients select how much money is transferred
to their savings. Clients can bump up their savings per transaction
as high as $5, or they can dial it
back as low as $0.10. Additionally,
EasyUp® now features new options for users to direct
their automatic savings to make an extra monthly payment toward
their debt. Those options include:
- Credit card debt
- Auto loan debt
- Student loan debt
- Home equity debt
"There may never be a greater need for the ability to pay down
debt than right now," said Victor
Alexander, KeyBank Head of Consumer Banking. "The impact
COVID-19 is having on financial hardship across our nation isn't
even measurable yet. This unexpected impact is leaving many
families further from their financial goals. We want to give them
the best tools to move forward again, and if these new features can
help ease these problems just a little bit, that can make a big
difference."
Before the COVID-19 outbreak began to impact the U.S., the
Federal Reserve reported in February on the status of household
debt in the nation. Even then, Americans were shown to be reaching
levels never seen before. (https://nyfed.org/2Ub6iyT) Total
household debt reached $14.15
trillion at the end of 2019, rising by $193 billion in Q4. One of the fastest growing
categories of debt in 2019 was credit card debt, growing by
$57 billion, reaching a total of
$930 billion of debt currently on the
credit cards of Americans.
KeyBank's EasyUp® has now surpassed the $15 million mark in client savings. "We're really
proud of the positive impact EasyUp® is having on our
clients in such short order. To reach the $15 million milestone shows not only the demand
for using this product, but also that people are consistently
sticking with it. Total savings are rising, and the commitment our
clients are showing to improving their financial wellness is
incredible. We hope the new features of being able to determine a
variable amount of savings for each purchase and automatically pay
down debt will help our clients prepare for tomorrow and take
control of their financial story," said Alexander.
EasyUp® is seamlessly integrated within
KeyBank's online banking and mobile app and is available at no cost
for clients.
About KeyCorp
KeyCorp's roots trace back 190 years to
Albany, New York. Headquartered in
Cleveland, Ohio, Key is one of the
nation's largest bank-based financial services companies, with
assets of approximately $156.2
billion at March 31, 2020. Key
provides deposit, lending, cash management, and investment services
to individuals and businesses in 15 states under the name KeyBank
National Association through a network of approximately 1,100
branches and more than 1,400 ATMs. Key also provides a broad range
of sophisticated corporate and investment banking products, such as
merger and acquisition advice, public and private debt and equity,
syndications and derivatives to middle market companies in selected
industries throughout the United States under the KeyBanc
Capital Markets trade name. For more information, visit
https://www.key.com/. KeyBank is Member FDIC.© 2020. KeyCorp. CFMA
#200520-805340
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SOURCE KeyCorp