Payment Card News

KeyMoney/MasterCard Business Debit Card

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KeyCorp rolled out the ‘Small Business KeyMoney Card’ Monday offering small business owners ATM access and off-line MasterCard debit capabilities. The program also enables business owners to obtain cash advances via a credit card linked to the business account and to make bulky deposits at specially equipped ATMs. KeyCorp, the largest MasterCard debit card issuer, says it will add telephone banking services to the product soon.

FULL STORY:
KeyCorp (NYSE: KEY) today introduces the Small Business KeyMoney Card to make managing money and purchasing more convenient for small business owners.

The Small Business KeyMoney Card offers small business owners the convenience of an ATM card to make deposits and withdraw cash, and the ability to use the card to make purchases at any location that accepts MasterCard. When used at a MasterCard location to purchase items, such as office supplies, the Small Business KeyMoney card automatically deducts the funds from the customer’s checking account.

“One refrain that is common to nearly all small business owners is their lack of time, because they often fill multiple roles at their company,” said Sandy Maltby, executive vice president, Key Small Business Services. “The Small Business KeyMoney card answers this concern by making it easier for small business owners to take control of their purchases and business checking accounts using a single card.”

When used at a KeyBank ATM, the Small Business KeyMoney card enables small business owners to make quick deposits, perform balance inquiries, obtain a cash advance (from a credit card linked to their business checking account), withdraw money from a business checking or savings account, make payments on a business credit card and transfer funds among business deposit accounts. At specially equipped ATMs, small business customers can also make “bulky” deposits of multiple checks, coins and currency.

Using a Small Business KeyMoney card can also help small business owners save time and money by eliminating the cost of carrying a balance on a credit card and reducing time spent writing checks. Soon, the Small Business KeyMoney card will provide access to KeyPay Business, a telephone service which enables small business owners to pay their bills by phone, 24 hours a day, 7 days a week, without the hassle of addressing and stamping envelopes.

KeyCorp (NYSE: KEY) is one of the nation’s largest financial services companies with assets of about $67 billion. Through three principal lines of business — corporate banking, consumer finance, and community banking — the Cleveland-based company provides retail and wholesale banking, investment, financing, and money management services to individuals and companies across the U.S. Key companies have a presence in 44 states from Maine to Alaska, including its network of KeyCenters, 1,800 ATMs, affiliate offices, and four telebanking centers (1-800-KEY2YOU) that provide financial products and services 24 hours a day, every day of the year. KeyCorp’s Web site can be found at http://www.keybank.com.

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