Welcome to
KeyBank
Your Business Accounts
SM
Welcome to KeyBank
®
As we welcome you to KeyBank, we’d like to give you all the information needed
to understand our dedication to businesses. Inside, you’ll not only find several
pages outlining the products and services we offer for your special business needs,
but also many answers for those questions or concerns you undoubtedly have.
After you’ve read through the material, we’re certain you’ll see the passion we share
for business, as well as our commitment to helping you make the best financial
decisions for building the future of your company.
TA BL E O F CO N T EN TS
At a Glance
Table of Contents
At a Glance
A brief overview of important dates and changes that may affect your accounts..................2
Who We Are
Who We Are
A national and local portrait of KeyBank and highlights of our commitment
to communities. Plus, a detailed listing of Hudson Valley locations to help you find
the branch closest to you..............................................................................................................6
For Your Business
For Your Business
A brief look at a few of our most innovative accounts and services,
which are available to help you save time and money............................................................ 14
Your Accounts
Complete details concerning individual accounts, including pricing information,
new account names, and terms and conditions that apply to each account......................... 16
Your Questions
Find the helpful answers you need to questions about your accounts and the
transition from Union State Bank to KeyBank...........................................................................36
Your Accounts
Your Questions
1
SM
AT A GL A NCE
At a Glance
We’re pleased to welcome you to the Key family. Our dedication to
building long-lasting relationships has helped us create a culture that is
focused on you and your business. We will strive to provide the banking
tools, services and knowledge you need to make financial decisions
that will help you, so you can reach the goals you’ve set forth for
your company—whatever they may be. We hope you will turn to us
for advice, so you can experience for yourself our ability to create
effective, comprehensive solutions for your business.
Your New KeyBank Accounts
Your current Union State Bank (USB) accounts will transfer automatically to KeyBank effective January 18, 2008.
Thursday
January 17, 2008
USB offices open regular hours; KeyBank branches open regular hours
Friday
January 18, 2008
All offices open as KeyBank branches
Saturday–Monday January 19–21, 2008 Former USB branches closed
Tuesday
January 22, 2008Regular banking hours resume in all branches. For a complete list of
branch hours, visit key.com/unionstate.
Please plan ahead for your banking needs during conversion week.
Account Numbers and Checks
•When two or more insured banks merge, the
deposits from the assumed bank continue to
You do not need to reorder new checks. You may
be insured separately for at least six months
continue to use your USB checks. Unless notified
after the merger.
otherwise, your new KeyBank checking and savings
•Certificates of Deposit (CDs) from the assumed
account numbers will remain the same as your USB
account numbers. If you prefer to order KeyBank logo
bank are separately insured until the earliest
checks you can do so after January 18, 2008, by calling
1- 800 -503 -2345, or by visiting key.com/orderchecks.
maturity date after the end of the six-month grace
period. CDs that mature during the six-month
period and are renewed for the same term and in
FDIC Coverage
the same dollar amount (either with or without
accrued interest) continue to be separately insured
Your deposits will continue to be FDIC-insured to the
until the first maturity date after the six-month
maximum amount allowable by law. If you maintain
period. If a CD matures during the six-month grace
accounts with both USB and KeyBank N.A., please be
period and is renewed on any other basis, it will be
advised of the following FDIC rules:
separately insured only until the end of the sixmonth grace period.
For additional information regarding FDIC
insurance, please visit fdic.gov.
2
AT A GL A NCE
Direct Deposits
and Automatic Payments
ATM and Debit Cards
You will be able to use your USB ATM and/
or Check Card up until 8:00 a.m. on Sunday,
January 20, 2008.
will continue without interruption. When setting up
new direct deposits or automatic payments, use the
account and routing number information found on
If you currently have a Union State Bank (USB)
your new KeyBank checks or obtain the information by
ATM Card, you will receive a KeyBank ATM Card
calling 1-800-539-6125. You can find information about
to replace your USB ATM Card. Your new Personal
how to set up direct deposit and where to locate your
Identification Number (PIN) will be sent in a
account number and routing number on your checks
separate mailing. If you have a Union State Bank
at key.com/directdeposit.
(USB) Check Card, you will receive the KeyBank
BusinessCard Debit Card to replace your USB
Check Card. When you call the 800 number located
on the card to activate your KeyBank BusinessCard
Debit Card, you will be asked to select your
Personal Identification Number (PIN). You will NOT
receive a PIN for your KeyBank BusinessCard
Debit Card via a separate mailing. You will receive
your new card and, if applicable, your KeyBank
ATM Card PIN before January 14, 2008. Additional
information will be provided with your card. Your
KeyBank BusinessCard Debit Card can be used for
purchases at merchants displaying the MasterCard®
Debit logo as well as to access your checking
account at ATMs.
ATM Availability
If you do not receive your card or PIN by the dates
stated above, please call 1-800-KEY2YOU.
•USB ATMs will be temporarily unavailable as they
are converted from USB ATMs to KeyBank ATMs.
It’s important that you destroy all USB ATM and
To find your nearest KeyBank ATM, use the ATM
Check Cards on January 20, 2008.
locator at key.com, or call 1-800-KEY2YOU®.
•The conversion will begin January 14, 2008,
and will be completed by January 18, 2008.
As each ATM is converted, you will be able
to make cash withdrawals.
•Beginning on January 18, 2008, you will be able to
perform all normal ATM transactions.
3
At a Glance
Your current direct deposits and automatic payments
AT A GL A NCE
CD and IRA Rates
Monthly Account Statements
•You will continue to earn the interest rate, which
•Your final monthly USB account statement will
was guaranteed on your fixed-rate CD or IRA when
reflect activity through the end of business on
you opened your account, for the remainder of the
January 17, 2008.
account term.
•The next statement you receive will be a KeyBank
•Upon maturity, CD and IRA accounts will be
account statement, which, wherever possible,
renewed at the market rates in effect for your term
will contain the same combinations of deposit
on that date, unless you’ve been notified otherwise.
accounts that you currently have at USB. Your
current statement cycles also will remain the same.
•More details on CDs and IRAs can be found in the
If you prefer to receive your checks for all of your
section of this booklet entitled “Your Accounts.”
accounts, on or after January 18, 2008, you can
request to have your statement uncombined in
order to receive individual statements with your
Fees and Service Charges
checks or copies of your checks enclosed.
•Monthly maintenance and activities fees will be
• There may be some changes to the terms and
conditions of your accounts. Some fees and
waived for your last USB statement and your first
charges may decrease, while others may stay the
KeyBank statement. If a monthly maintenance fee or
same or increase. In the section of this booklet
an activity fee appears on your last USB statement,
entitled “Your Accounts,” we have highlighted
you will see a refund reversal for the amount of the
how each account works, which includes any
charge on your first KeyBank statement.
fees and/or service charges, as well as changes
•For Certificate of Deposit Accounts, you will not
to the terms and conditions and important
receive a stand-alone statement. However, for
provisions in the Deposit Account Agreement
Certificates of Deposit with terms greater than 13
and Funds Availability Policy.
months, you may request that your Certificate of
Deposit account be combined with your KeyBank
checking or savings accounts in order to receive a
regular combined statement.
Credit Cards
•You may continue to use your existing USB Visa®
credit card. You will receive additional information
about your USB credit card account in the
near future.
4
AT A GL A NCE
Overdraft Protection
Online Banking
will be converted to a KeyBank Cash Reserve
•If you currently use Online Banking with USB,
Credit Account.
you will be happy to know that KeyBank also has
Online Banking and Bill Pay through key.com.
•You will receive additional information about any
changes in a separate mailing.
•You will receive information about KeyBank’s
Online Banking before January 18, 2008.
Home Equity Loans and Lines of
Credit, Secured and Unsecured Loans,
Installment Loans and Residential First
Mortgage Loans, Construction Loans
and Land Loans
•Fixed and variable rate loans and lines of credit
will continue under the same interest rates, terms
and conditions originally agreed upon.
•Continue to make payments in the normal
manner until you receive new instructions. If your
loan payments are automatically deducted from
Group Banking Program
your checking account, this service will continue
•If your company participates in Union State Bank’s
without interruption.
Group Gold program, you will receive information
•Any change to your loan or line of credit account
in a separate communication.
will be explained in a separate communication.
Interest Rates
Corporate Cash Management
•If you would like to know the rates on your variable
•If you currently utilize Cash Management services,
interest rate checking or savings accounts, you may
call 1- 800 -539- 6125 or visit your branch on or after
you will receive a separate mailing providing
detailed information regarding these products and
January 18, 2008.
services. You may also receive additional information
that may require action for the Cash Management
services to continue without interruption.
For questions or assistance
•If you currently use Online Banking with USB for your
•Call toll-free 1-800 -539- 6125
Cash Management services, you will be happy to know
Monday through Friday 8:30 a.m.– 6:00 p.m. EST.
that KeyBank also has online commercial banking
and Cash Management at key.com/globaltreasury.
•Visit your nearest banking branch.
•Visit key.com/unionstate, which contains a copy of
this package plus other helpful information.
5
At a Glance
•Your USB Business Overdraft Protection account
WHO WE ARE
Who We Are
Based in Cleveland, KeyCorp (NYSE: KEY)
has assets of approximately $97 billion and
provides investment management, retail and
commercial banking, consumer finance, and
investment banking products and services
to individuals and companies throughout
the United States and internationally. That
means KeyBank is able to bring you the
resources, strength and stability of one of
the nation’s largest bank-based financial
services companies.
Still, being local in the Hudson Valley means
we can take the time to build relationships.
KeyBank now has over 60 locations in the
Hudson Valley, so we’re able to be responsive
and swiftly address any opportunities that
may arise. No other institution can provide
our breadth of services—including
consumer, business, wealth, commercial and
national banking—all delivered locally.
6
WHO WE ARE
Key National Footprint
MAP KEY:
Community Banking offices by region:
Northwest
Rocky Mountain
Great Lakes
Who We Are
Northeast
National Banking Offices Only
KeyBank Consumer and Business Banking
Key Community Banking Facts
Serving individuals and small businesses with a wide
•Nation’s 12th-largest branch network; 53% of
Key client households use online banking.
array of deposit, investment, lending, mortgage and
wealth management products and services. Business
units include: Retail Banking, Business Banking, Wealth
•Since the inception of its Community
Reinvestment Act lending activities, Key has
received six consecutive “Outstanding”
ratings for its compliance with the Community
Reinvestment Act from the U.S. Office of the
Comptroller of the Currency; fewer than 10%
of financial institutions in the U.S. are awarded
the Outstanding rating.
Management, Private Banking, Key Investment Services
and KeyBank Mortgage.
KeyBank Commercial Banking
Serving midsize businesses through a broad range of
services, including commercial lending, cash
management, equipment leasing, investments,
•One of the nation’s top 10 providers, by total
loan balance, of Small Business Administration
(SBA) 504 loans.
succession planning, capital markets, derivatives and
foreign exchange.
7
WHO WE ARE
KeyBank Everywhere
KEY NATIONAL BANKING includes corporate and
Activities include commercial lending, treasury
consumer business units that operate from offices
management, mergers and acquisitions, derivatives
within as well as beyond Key’s 13-state branch
and foreign exchange, equity and debt underwriting
network. Our reach extends to 28 states and 26
and trading, research, and syndicated finance.
countries. Key National Banking includes the following
Victory Capital Management® manages
business groups:
investment portfolios totaling more than $60 billion
KeyBank Real Estate Capital is a full-service real
in assets. Victory’s clients include institutions in four
estate finance organization operating in 36 major U.S.
primary channels: public plans, Taft-Hartley plans,
markets and 20 states. Our professionals provide
corporations, and endowments and foundations.
financial solutions to real estate investment trusts
Victory also manages investment portfolios in both
(REITs) and to commercial and residential development,
the retirement and retail channels through wirehouses
investment and brokerage firms. Financial products
and broker dealers.
®
and services include interim and construction lending,
permanent debt placements, syndications and servicing,
Key National Banking Facts
project equity, and investment banking products. We
deal exclusively with nonowner-occupied properties,
•Nation’s third-largest commercial real estate
direct lender (annual financings); fifth-largest
servicer of commercial mortgage loans.
typically commercial, multifamily or multitract
residential properties.
•Ranked second nationally in a number of
commercial real estate loan syndications.
Key National Finance includes the Equipment
Finance and Consumer Finance businesses. Our
•One of the nation’s largest capital providers
to the multifamily housing (including FHA,
Fannie Mae and Freddie Mac programs) and
retail sectors.
Equipment Finance professionals meet the equipment
leasing and financing needs of businesses of all sizes,
providing global equipment manufacturers, distributors
and resellers with financing options for their clients.
•Nation’s third-largest, bank-held equipment
financing company (originations).
Consumer Finance provides federal and private
education loans and payment plans for students and
•Victory Capital Management ranks among
the nation’s 100 largest investment managers
(assets under management).
their parents; makes marine loans through multiple
channels; finances dealer inventories of automobiles,
recreation vehicles and watercraft; makes home
improvement loans through dealers; and provides
•A-plus ratings for Global Treasury Management
wire transfer initiation and processing, balance
reporting accuracy and reliability, and depository
service processing and reporting.
payroll solutions for businesses of all sizes.
KeyBanc Capital Markets teams provide corporate
finance, investment banking and capital markets
•One of the nation’s largest bank-based
educational lenders and financiers of boats
priced at more than $50,000.00.
services to emerging companies and corporations,
financial institutions and government entities.
8
WHO WE ARE
KeyBank Here
With our increased presence, Key is now stronger in New York
State than ever. That means we’ll be able to create and contribute
sustained economic growth in even more ways. Through our New
York-based business operations, Key will contribute more to local
employment and the state’s tax base; fund community revitalization
programs and business expansion efforts; and contribute
financially, and through volunteerism, to nonprofit organizations
that help build vibrant communities. Combined, these activities
represent a commitment to New York of more than $1.8 billion.
9
Who We Are
KeyBank’s beginnings are actually right here in New York.
The Key of today has been formed through a fusion of several
banking and financial companies. In 1994, two of our most
prominent predecessors—New York-based KeyCorp and
Cleveland-based Society Corporation—merged and established
headquarters in Cleveland.
WHO WE ARE
A Heart for Hudson Valley
Our commitment to Hudson Valley is evident in our involvement in the community as well as in our
business dealings. In 2006, Key supported more than 200 Hudson Valley nonprofit organizations
through contributions, sponsorships and in-kind gifts, including:
• Alzheimer’s Association
• Martin Luther King Cultural Center
• American Cancer Society
• Newburgh Performing Arts
• American Heart Association
• New Horizon Foundation
• Bardavon Opera House
• Occupations Inc.
• Belleayre Conservatory
• Putnam ARC
• Boy Scouts of America Hudson Valley Council
• Rehab Programs Inc.
• Children’s Village
• St. Luke’s Cornwall Hospital
• Development Disabilities, Inc.
• Sullivan ARC
• Food Bank of the Hudson Valley
• Ulster County Habitat for Humanity
• Green Chimneys Children’s Services
• Ulster-Green ARC
• Hospice of Orange and Sullivan Counties, Inc.
• Wall Street Jazz Festival, Kingston
• Junior Achievement of Northeastern NY
• Westchester Arts Council
• Juvenile Diabetes Research Foundation
• Winslow Therapeutic Riding
• Marist College — Hudson Valley Scholars
• Young Adult Institute
10
WHO WE ARE
Did you know…
•Key operates a customer service center in Buffalo,
•New York counties served by Key’s retail-based
as well as a major technology center located in
banking businesses include Albany, Cattaraugus,
Corporate Woods (Albany).
Cayuga, Chautauqua, Clinton, Columbia, Cortland,
Dutchess, Erie, Franklin, Fulton, Genesee, Greene,
•Albany is home to the headquarters for KeyBank’s
Jefferson, Lewis, Livingston, Madison, Monroe,
Northeast Region.
Montgomery, Niagara, Oneida, Onondaga,
•Key employs more than 3,400 professionals
Ontario, Orange, Oswego, Otsego, Putnam,
Rensselaer, Rockland, Saratoga, Schenectady,
approximately $184 million. It maintains 198 bank
Schoharie, St. Lawrence, Sullivan, Ulster, Warren,
branches and 284 ATMs within the state.
Wayne and Westchester.
•Key paid approximately $4.7 million in 2006
•Key’s roots date back to 1825 and the founding
in sales and usage and property taxes in the state
of the Commercial Bank of Albany, NY. The name
of New York.
“Key” was adopted in 1979 to promote brand
recognition and fuel the company’s expansion.
Our New York-based operations include the following broad range of Key units:
•Key Consumer Banking
•Key Public Sector
•Key Business Banking
•KeyBanc Capital Markets
•Key Commercial Banking
•KeyBank National Association
•Key4Women®
•Key Equipment Finance
•Key Private Bank
•Key Global Treasury Management
•Key Community Development Banking
•Key Principal Partners
•Key Investment Services
•KeyBank Real Estate Capital®
•Key Government Finance
Nice to know…
In March 2005, KeyBank received the Empire Gold Award from the Empire State Certified Development
Corporation, an affiliate of the New York Business Development Corporation (NYBDC). This award recognizes
banks that participate with NYBDC in more than five Small Business Administration 504 loans during the year.
The Key Hudson Valley District received the Diversity in the Workplace Award from the Poughkeepsie Journal
for having a workforce that reflects the racial, age and cultural diversity of the community.
11
Who We Are
throughout the state, with a total annual payroll of
WHO WE ARE
Our increased presence in the Hudson Valley makes us
one of the region’s most convenient banks.
We look forward to serving you at any one of our 63 branch locations, online at key.com/unionstate and by phone.
Please don’t hesitate to contact us.
KeyBank N.A
Hudson Valley Headquarters
One Washington Center
Newburgh, NY 12550
845-563-5190
key.com
Counties served:
DUTCHESS COUNTY
Fishkill
38 Route 9
Suite 26
Fishkill, NY 12524
845-897-5130
ORANGE COUNTY
PUTNAM COUNTY
Chester
74 Brookside Avenue
Chester, NY 10918
845-469-9126
Mahopac
Lake Plaza Shopping Center
Route 6
Mahopac, NY 10541
845-628-5800
Goshen
50 North Church Street
Goshen, NY 10924
845-365-4811
Monroe
360 Route 17M
Unit 1
Monroe, NY 10950
845-365-4811
Poughkeepsie
• Arlington
830 Main Street
Poughkeepsie, NY 12603
845-471-6010
Newburgh
• Newburgh Main
78 Broadway
Newburgh, NY 12550
845-561-2700
• Route 9 & Spackenkill Rd.
Opening 2008
• North Plank Road
82 North Plank Road
Newburgh, NY 12550
845-561-1680
Poughquag
2600 Route 55
Poughquag, NY 12570
845-724-3600
Red Hook
28 West Market Street
Redhook, NY 12571
845-758-2311
FAIRFIELD COUNTY
Stamford, CT
999 Bedford Street
Stamford, CT 06905
1-800-616-3491
NEW YORK COUNTY
New York City
11 East 22nd Street
New York, NY 10010
1-800-616-3491
Central Nyack
338 Route 59
Hub Shopping Center
Central Nyack, NY 10960
845-365-4811
Middletown
101 Dolson Avenue
Middletown, NY 10940
845-343-1433
Pawling
3 West Main Street
Pawling, NY 12564
845-855-1500
• 20 Cannon Street
Poughkeepsie, NY 12601
845-473-4610
ROCKLAND COUNTY
Haverstraw
1 Broadway
Haverstraw, NY 10927
845-365-4811
Monsey
87 Route 59
Monsey, NY 10952
845-365-4811
New City
• 115 South Main Street
New City, NY 10956
845-365-4811
• 270 So. Little Tor Road
New City, NY 10956
845-365-4811
• Union Avenue
1228 Route 300
Newburgh, NY 12550
845-564-0990
• 3 Cavalry Drive
New City, NY 10956
845-634-4928
Scotts Corners
1031 Route 17K
Montgomery, NY 12549
845-457-5591
Nanuet
46 College Avenue
Nanuet, NY 10954
845-365-4811
Vails Gate
366 Windsor Highway
New Windsor, NY 12584
845-565-3500
Orangeburg
65 Dutch Hill Road
Orangeburg, NY 10962
845-365-4811
Warwick
5 Maple Avenue
Warwick, NY 10990
845-986-2251
Pearl River
230 N. Middletown Road
Pearl River, NY 10965
845-365-4811
Washingtonville
26 Brotherhood Plaza Drive
Washingtonville, NY 10992
845-365-4811
Spring Valley
• 45 Kennedy Drive
Spring Valley, NY 10977
845-365-4811
12
• 4 North Main St
Spring Valley, NY 10977
845-365-4811
Stony Point
35 South Liberty Drive
Route 9W
Stony Point, NY 10980
845-365-4811
Suffern
59 Route 59
Suffern, NY 10901
845-365-4811
West Haverstraw
3 North Route 9W
W. Haverstraw, NY 10993
845-365-4811
SULLIVAN COUNTY
Monticello
418 Broadway
Monticello, NY 12701
845-794-8200
ULSTER COUNTY
Hurley
48 Main Street
Hurley, NY 12443
845-338-3380
Kerhonkson
20 Cedar Street
Kerhonkson, NY 12446
845-626-2121
Kingston
• K ingston-Uptown
267 Wall Street
Kingston, NY 12401
845-331-0207
• Ulster
1203 Ulster Avenue Mall
Kingston, NY 12401
845-336-5420
Marlboro
1 Western Avenue
Marlboro, NY 12542
845-236-4211
Modena
2080 Route 32
Modena, NY 12548
845-883-7322
WHO WE ARE
Phoenicia
53 Main Street
Phoenicia, NY 12464
845-688-7000
Pound Ridge
56 Westchester Avenue
Pound Ridge, NY 10576
914-764-4041
Saugerties
258 Main Street
Saugerties, NY 12477
845-246-2844
Rye Brook
800 Westchester Avenue
4th Floor
Rye Brook, NY 10573
1-800-616-3491
Wallkill
16 Wallkill Avenue
Wallkill, NY 12589
845-895-2011
• Bank Street
27 Bank Street
White Plains, NY 10606
914-461-3011
For a complete list
of branch hours, visit
key.com/unionstate.
Saugerties
Kingston
DUTCHESS
SULLIVAN
Kerhonkson
New Paltz
Poughkeepsie
DUCHESS
Modena
Poughkeepsie
Wallkill
Poughquag
Marlboro
Monticello
Monticello
Pawling
Fishkill
Beacon
Newburgh
Newburgh
ORANGE
Vails Gate
PUTNAM
Middletown Scotts Corners
Croton On Hudson
428 S. Riverside Avenue
Croton on Hudson, NY 10520
1-800-616-3491
Tarrytown
• 131 Central Avenue
Tarrytown, NY 10591
1-800-616-3491
Mount Kisco
23 South Moger Avenue
Mount Kisco, NY 10549
914-666-8916
• 75 North Broadway
Tarrytown, NY 10591
1-800-616-3491
Ossining
88 Croton Avenue
Ossining, NY 10562
1-800-616-3491
Red Hook
Kingston
Stone Ridge
Eastchester
313 Main Street
Eastchester, NY 10709
1-800-616-3491
North White Plains
76 Virginia Road
North White Plains, NY 10603
1-800-616-3491
Ulster
ULSTER
Hurley
Cortlandt Manor
3000 E. Main Street (Route 6)
Cortlandt Manor, NY 10567
1-800-616-3491
New Rochelle
28 LeCount Place
New Rochelle, NY 10801
1-800-616-3491
• 2500 Central Park Avenue
Yonkers, NY 10710
1-800-616-3491
Phoenicia
WESTCHESTER COUNTY
Bedford Hills
299 Bedford Road
Bedford Hills, NY 10507
1-800-616-3491
Yonkers
• Highridge Plaza
Yonkers, NY 10710
1-800-616-3491
Who We Are
Stone Ridge
Route 209
Stone Ridge, NY 12484
845-687-0001
• 270 Martine Avenue
White Plains, NY 10601
1-800-616-3491
White Plains
• 188 East Post Road
White Plains, NY 10601
914-761-8500
Goshen
Goshen
Mahopac
Mahopac
Washingtonville
Goshen
Monroe
Chester
Cortlandt Manor
Stony Point
West Haverstraw
Haverstraw
New City
Airmont
Suffern
Spring Valley
Central Nyack
Nanuet
Pearl River
Orangeburg
Warwick
WESTCHESTER
Croton On Hudson
Mt. Kisco
Bedford
Ossining Pound Ridge
New City
ROCKLAND
White
Tarrytown
North White Plains
Stamford
White Plains Stamford
Rye Brook
Plains
Yonkers
Eastchester
New Rochelle
Yonkers
KeyBank Branches
Union State Bank Branches
Planned Locations
New York City
New York City
13
FOR YOUR BUSINESS
Better Banking
We’ve already discussed our desire to be proactive about your business opportunities, and
that means bringing you the services, technologies and expertise that allow you to capitalize
on those opportunities. Here are just a few:
Banking Innovations:
Remote Deposit
With Key Capture,® you can make check deposits right from the convenience of your office,
whenever it fits your schedule. It’s fast, easy, affordable and secure.
Payment Processing
KeyPay® is a secure, Web-based, end-to-end payment processing solution that allows you to accept credit
card, debit card and ACH payments. KeyPay is hosted by Key and enables you to monitor, track, manage
and reconcile all payment transactions and financial information.
Progressive Services:
Key4Women®
Key is dedicated to helping women business owners take advantage of every opportunity available, as well
as creating new ones along the way. Through quarterly newsletters and podcasts, Key offers fresh thinking
and solutions to help you achieve business goals while balancing your personal goals.
Reward Programs
KeyBank debit cards can work hard for your business because you enjoy automatic rebates
with the MasterCard® Easy Savings™ program.
Commercial Credit:
Equipment Financing
With an equipment portfolio of over $13 billion and 86,000 clients worldwide, Key Equipment Finance
offers solutions for a range of industries. Through our dedicated leasing, legal, tax and asset management
professionals, we are able to customize our products to best meet your specific business needs.
Financing
Credit is essential for virtually every business. Key offers valuable strategic financial guidance as well as funding.
To facilitate quick turnaround, local underwriters and credit officers have the authority to approve your request.
SBA Loans
Key is one of the top 10 SBA lenders in the country. Small Business Administration (SBA) guaranteed loan
programs help with a full range of small business needs for any industry. An SBA loan can be used to construct
new or purchase existing commercial owner-occupied real estate, to expand or modernize facilities, purchase
equipment, finance business acquisitions or start-ups, and finance inventory and accounts receivable.
Financial Planning:
Key Wealth Capabilities
We offer comprehensive expertise in financial and estate planning for highly successful individuals. Our
team takes a holistic view of your financial picture and works through 13 Wealth Issues we’ve identified
and how they relate to your business and goals. Our expertise includes investment management, fiduciary
administration, customized credit and banking solutions, family philanthropy planning, tax and insurance
planning, and personal trust services.
14
FOR YOUR BUSINESS
For Your Business
Now that you’ve read all about KeyBank, who we are and what we have to offer, the following section goes into greater
detail about specific accounts and their terms.
Have questions? Check the end of this booklet for a helpful Questions and Answers section. You can also call our
dedicated Customer Service Center at 1-800-539-6125 or visit key.com/unionstate for more information.
15
YOUR ACCOUNTS
A Guide to Your New KeyBank
Business Accounts
statements in an electronic medium.
•Refer to Section 25. Arbitration Provision for
important information pertaining to KeyBank’s
Arbitration Provision including your right to reject
this Arbitration Provision.
The following sections outline all of the details you
need to know about your new KeyBank Account.
These changes are subject to KeyCorp’s acquisition
of Union State Bank.
•Please note Section 26. Applicable Law. This
Agreement and all Accounts shall be governed by
the laws of the State of Ohio (without regard for
conflict of law rules) and applicable federal law, but
with respect to all fees and charges related to your
Account, federal law alone shall control.
Each product summary contains the new name of your
account, as well as pricing information and other
terms and conditions that will apply to your former
business Union State Bank (USB) account as a result of
the conversion. Also enclosed in this packet is the
KeyBank National Association Deposit Account
Agreement and Funds Availability Policy that will
govern your deposit account(s) after conversion. There
are changes in the terms and conditions governing
your deposit account as described in the KeyBank
National Association Deposit Account Agreement and
Funds Availability Policy that will be effective on
January 18, 2008. Please read the entire Deposit
Account Agreement and Funds Availability Policy,
however some significant changes in the terms and
conditions governing your deposit account are:
•Refer to Section 29. Disclosure of Account
Information. We may share information within
the KeyCorp family of companies as well as with
unaffiliated third parties external to Key as
described in the Privacy Policy. You specifically
consent to us sharing information within the
KeyCorp family of companies and with external
unaffiliated third parties. You have the right to
opt out of information sharing as described in
this section and in the Privacy Policy.
The KeyBank Funds Availability Policy describes
when funds from your cash and check deposits will
be available for withdrawal. In most cases, funds
from your deposits will be available sooner than
compared to your current availability. Our Funds
Availability Policy for deposits to all Personal deposit
account and specified Business deposit account
types described in Section 4. is to make funds from
your cash and all local and non-local check deposits
available to you on the first business day after the
day we receive your deposit. Our Funds Availability
Policy for deposits to all other Business deposit
account types as stated in Section 5 is to make funds
from your cash and most local check deposits
available to you on the first business day after the
day we receive your deposit. Some local check
deposits will not be available until the second
business day after the day we receive your deposit.
Deposits of non-local checks will be available to you
no later than the third business day after the day of
your deposit. This Policy applies to all deposit
channels. Please refer to the table in the Policy that
explains how to determine when check deposits will
be available.
•Refer to Section 6. Payment of Items;
Overdrafts; Substitute Checks. Refer to the
information pertaining to processing of items
from highest dollar amount to lowest dollar
amount within certain categories based on the
time of the transaction, point-of-sale transactions,
discretionary payment of items when the Account
does not contain sufficient available funds, and
the Check Clearing for the 21st Century Act,
including your rights as a consumer regarding
substitute checks. Changes in the way your
transactions will be processed may result in less
funds available to pay items presented on the
business day of deposit.
•Please note Section 10. Account Statements;
Limitation on Time to Report Forgeries and
Errors. The time period provided for you to
report a forgery or error after your statement is
sent will decrease. This section also includes
information pertaining to your review of your
statements for accuracy, security of your
statement and account number, KeyBank does
not manually examine all items, use of facsimile
signatures or endorsements and availability of
16
YOUR ACCOUNTS
CHECKING ACCOUNTS
checking account for the purpose of transferring
funds automatically from your savings account or
money market savings account to your checking
account to cover overdrafts, transactions, or to
maintain a specific balance in the checking account,
this service will be discontinued after January 17, 2008.
Please contact your branch if you would like to apply
for an overdraft protection line of credit for your
checking account or would like more information
about KeyBank’s account-to-account transfer services.
Keep in mind these important facts about your
checking account:
You will receive a final checking account statement
for your former USB account reflecting activity as of
the close of business on January 17, 2008. For
interest bearing checking accounts interest will be
credited through January 17, 2008, and will be
reflected on your last USB account statement. The
remainder of your interest for the cycle will be
credited and reflected on your first KeyBank account
statement. The monthly service charges and activity
charges will be waived on the final USB statement
and on your first KeyBank statement. If a monthly
maintenance fee or an activity fee appears on your
last USB statement, you will see a refund reversal for
the amount of the charge on your first KeyBank
Statement. If you currently receive images of the
front of your checks with your statement, you will no
longer receive an image statement. However, your
cancelled checks or copies of your cancelled checks
will be returned in your statement. If you have more
than one account combined on one statement, you
will only receive your cancelled checks or copies of
your cancelled checks for the primary account on the
statement. If you prefer to receive your checks for all
of your accounts, on or after January 18, 2008, you
can request to have your statement un-combined in
order to receive individual statements with your
checks or copies of your checks enclosed.
If you currently have a checking account, and/or
another savings account or another money market
savings account linked to your savings account or
money market savings account for the purpose of
transferring funds automatically from your checking
account, and/or another savings account or another
money market savings account to your savings
account or money market savings account to cover
overdrafts, transactions, or to maintain a specific
balance in the savings account or money market
savings account, this service will be discontinued
after January 17, 2008.
Account holders with
Cash Management Products
You may continue to use your USB checks. You do
not need to reorder new checks. If you prefer to
order KeyBank logo checks, you can do so at any
KeyBank branch.
Your direct deposits and automatic payments will
continue without interruption.
You will receive information pertaining to your USB
Apartment Security, USB Statement Undertaker and
USB Down Payment Accounts in a separate mailing.
You will receive an Earnings Credit Allowance which
may be used to offset some or all of the monthly
services charges. The Earnings Credit Allowance is
calculated on the average positive collected balance
(90% of the average positive collected balance) in the
Account at the Bank’s Earnings Credit Rate. The
Earnings Credit Rate may change at any time without
Sweep and Overdraft Protection
Transfers from other CHECKING or
SAVINGS ACCOUNTS
If you currently have a savings account and/or a
money market savings account linked to your
17
Your Accounts
If you have cash management services, your Account
will be renamed Key Business Checking Account.
Account holders with Business Banking Advantage
accounts, the monthly Maintenance Service Charge
will decrease to $15.00. Account holders with Xtra
Free Business Checking or Business Checking
Account for Club and Associations, the monthly
Maintenance Service Charge will increase to $15.00.
Account holders of all other products the monthly
Maintenance Service charge will remain $15.00. The
charge for check(s)/withdrawal(s) paid will increase to
$0.17 each. The charge for deposits made will increase
to $0.40 each. The charge for local deposited items
will increase to $0.11 each, and the charge for foreign
deposited items will increase to $0.11 each.
YOUR ACCOUNTS
notice to you and may vary based on the average
collected balances held in the Account:
Tier I Tier II Tier III Tier IV Tier V for the first 500 foreign items deposited during
the statement period will increase to $0.15 each
while the charge for each foreign item deposited
(in excess of 500) will decrease to $0.12. The charge
for ACH items paid and ACH items deposited will
decrease to $0.12 each.
$0.01–$9,999.99
$10,000–$49,999.99
$50,000–$99,999.99
$100,000–$499,999.99
$500,000 and above
The FDIC insurance premium is charged on the Average
Daily Positive Ledger balance on each Account based
on the current bank assessment. The FDIC insurance
premium is currently $.009 per $1,000.00 but is subject
to change without notice.
If you do not utilize Cash Management services,
your Account will not be on analysis but instead you
will receive an itemized account statement.
For those that utilize Cash Management services
(i.e. ACH origination, Online Wire Transfer services),
your Account will remain on analysis. You will receive
an account statement as well as a separate Account
Analysis statement detailing Cash Management
service usage and associated charges.
An uncollected funds service charge is computed
based on the average daily negative collected
balance for any days when the account has a negative
collected balance. The Bank’s uncollected funds rate
is used to calculate the uncollected funds charge.
The uncollected funds rate is the Bank’s prime rate
plus 3%. The “prime rate” is the rate the Bank
designates from time to time as its “prime rate” and is
not necessarily the lowest rate charged to clients.
The Cash Management specific services and
charges will be communicated in a separate mailing,
based on the services you currently have. You will
also receive additional information that may require
action for the Cash Management services to
continue without interruption.
If the balance of your account as of the end of
business on January 17, 2008, is less than $50,000.00,
your Account will be renamed Key Business Reward
Checking Account. The monthly Maintenance Service
Charge will remain $15.00. The monthly Maintenance
Service Charge can be avoided if any of the following
requirements are met:
Account holders with BUSINESS
CHECKING ACCOUNTS that are not
using Cash Management Products
If the balance of your account as of the end of
business on January 17, 2008, is $50,000.00 or more,
your Account will be renamed Key Business Checking
Account. The monthly Maintenance Service Charge
will remain $15.00. This Account is provided with an
Earnings Credit Allowance in order to offset some or
all of the monthly service charges. The Earnings Credit
Allowance is calculated on 90% of the average daily
collected balance in the Account at the Bank’s
Earnings Credit Rate. The Earnings Credit Rate may
change at any time without notice to you and may vary
based on the investable balances held in the Account.
•The Average Ledger Balance in your Key Business
Reward Checking Account was $5,000.00 or more
during the monthly statement period.
•The combined cycle to date Average Ledger
Balance in any combination of Key Business Reward
Checking, Key Business Free Checking, Key
Business Checking, Key Business Money Market
Checking, Key Business Sweep Checking, Key
Business Saver, Key Business Major Saver Money
Market Savings, Key Business Silver Money Market
Savings, Key Business Premier Money Market
Savings, Key Business Platinum Money Market
Savings, Key Business Optimum Money Market
Savings, Key Business Ultra Money Market Savings,
Key Business Signature Money Market Savings
Accounts, and Business Certificates of Deposit
Accounts was $15,000.00 or more two business
days prior to your Business Reward Checking
Account statement cycle date.
The charge for each check/withdrawal paid will
increase to $0.18. The charge for each deposit made
will increase to $0.52. The charge for the first 500 local
items deposited during the statement period will
increase to $0.15 each while the charge for each
local item deposited (in excess of 500) each monthly
statement period will decrease to $0.11. The charge
18
YOUR ACCOUNTS
•If you had another account that was converted to
a Key Business Reward Checking Account at any
time or this account was opened prior to June 17,
2005, and you pre-arrange with the Bank under the
Bank’s Relationship Pricing Service to have this
account and any other accounts linked to it and
the combined cycle to date Average Ledger
Balance in any combination of Key Business
Reward Checking, Key Business Free Checking,
Key Business Checking, Key Business Money
Market Checking, Key Business Sweep Checking,
Key Business Saver, Key Business Silver Money
Market Savings, Key Business Premier Money
Market Savings, Key Business Platinum Money
Market Savings, Key Business Optimum Money
Market Savings, Key Business Ultra Money Market
Savings, Key Business Signature Money Market
Savings Accounts and Business Certificates of
Deposit Accounts was $15,000.00 or more two
business days prior to your Business Reward
Checking Account statement cycle date.
Earnings Credit Rate. The Earnings Credit Rate
may change at any time without notice to you and
may vary based on the investable balances held in
the Account.
The charge for each check/withdrawal paid will
increase to $0.18. The charge for each deposit made
will increase to $0.52. The charge for the first 500
local items deposited during the statement period
will increase to $0.15 each while the charge for each
local item deposited (in excess of 500) each monthly
statement period will decrease to $0.11. The charge
for the first 500 foreign items deposited during the
statement period will increase to $0.15 each while
the charge for each foreign item deposited (in
excess of 500) will decrease to $0.12. The charge for
ACH items paid and ACH items deposited will
decrease to $0.12 each.
The FDIC insurance premium is charged on the
Average Daily Positive Ledger balance on each
Account based on the current bank assessment. The
FDIC insurance premium is currently $.009 per
$1,000.00 but is subject to change without notice.
You will no longer be charged separate fees for
checks/withdrawals paid, deposits made or items
deposited. Instead, your Account will be charged
$0.25 each for any combination of Check(s)/
Withdrawal(s) Paid and/or Deposited Item(s) in
excess of 500 during the monthly statement period.
There will no longer be a charge for ACH items.
The Key Business Reward Checking Account entitles
you to special benefits such as discounts on banking
services and, subject to credit approval, flexible
credit products.
If the balance of your account as of the end of
business on January 17, 2008, is less than $50,000.00,
your Account will be renamed Key Business Free
Checking Account. There is no monthly Maintenance
Service Charge for this account.
Account holders with BUSINESS
CHECKING ACCOUNT for Club and
Associations that are not using Cash
Management Products
You will no longer be charged separate fees for
checks/withdrawals paid, deposits made or items
deposited. Instead, your Account will be charged
$0.25 each for any combination of Check(s)/
Withdrawal(s) Paid and/or Deposited Item(s) in excess
of 200 during the monthly statement period. There
will no longer be a charge for ACH items.
If the balance of your account as of the end of business
on January 17, 2008, is $50,000.00 or more, your
Account will be renamed Key Business Checking
Account. The monthly Maintenance Service Charge will
increase to $15.00. This Account is provided with an
Earnings Credit Allowance in order to offset some or all
of the monthly service charges. The Earnings Credit
Allowance is calculated on 90% of the average daily
collected balance in the Account at the Bank’s
19
Your Accounts
An uncollected funds service charge is computed
based on the average daily negative collected
balance for any days when the account has a negative
collected balance. The Bank’s uncollected funds rate
is used to calculate the uncollected funds charge.
The uncollected funds rate is the Bank’s prime rate
plus 3%. The “prime rate” is the rate the Bank
designates from time to time as its “prime rate” and
is not necessarily the lowest rate charged to clients.
YOUR ACCOUNTS
Account holders with
BUSINESS BANKING ADVANTAGE
Savings Accounts and Business Certificates of
Deposit Accounts was $15,000.00 or more two
business days prior to your Business Reward
Checking Account statement cycle date.
Your Account will be renamed Key Business Reward
Checking Account. The monthly Maintenance Service
Charge will decrease to $15.00. The Average Ledger
Balance required to avoid the monthly Maintenance
Service Charge will decrease to $5,000.00. The monthly
Maintenance Service Charge for a Key Business
Reward Checking Account can be avoided if any of
the following balance requirements are met:
You will no longer receive 150 checks paid and 150
checks deposited at no charge. Instead your Account
will be charged $0.25 each for any combination of
Check(s)/Withdrawal(s) Paid and/or Deposited Item(s)
in excess of 500 during the monthly statement period.
The amount of this per-item charge remains the same.
The Key Business Reward Checking Account entitles you
to special benefits such as discounts on banking services
and, subject to credit approval, flexible credit products.
•The Average Ledger Balance in your Key Business
Reward Checking Account was $5,000.00 or more
during the monthly statement period.
BUSINESS BANKING ADVANTAGE PROGRAM
benefits offered through Generations Gold.
•The combined cycle to date Average Ledger
Balance in any combination of Key Business Reward
Checking, Key Business Free Checking, Key
Business Checking, Key Business Money Market
Checking, Key Business Sweep Checking, Key
Business Saver, Key Business Major Saver Money
Market Savings, Key Business Silver Money Market
Savings, Key Business Premier Money Market
Savings, Key Business Platinum Money Market
Savings, Key Business Optimum Money Market
Savings, Key Business Ultra Money Market Savings,
Key Business Signature Money Market Savings
Accounts and Business Certificates of Deposit
Accounts was $15,000.00 or more two business
days prior to your Business Reward Checking
Account statement cycle date.
Until further notice your existing benefits will remain
unchanged with the exception that starting January
18, 2008, no new enrollments will be accepted into
the program.
Account holders with XTRA FREE
BUSINESS CHECKING or REG D
NON-INTEREST BUSINESS CHECKING
Your Account will be renamed Key Business Free
Checking Account. There is no Monthly Maintenance
Service Charge for this account. You will no longer
receive 150 checks paid and 150 checks deposited at
no charge. Instead your Account will be charged $0.25
each for any combination of Check(s)/Withdrawal(s)
Paid and/or Deposited Item(s) in excess of 200 during
the monthly statement period. The amount of this
per-item charge remains the same.
•If you had another account that was converted
to a Key Business Reward Checking Account
at any time or this account was opened prior to
June 17, 2005, and you pre-arrange with the Bank
under the Bank’s Relationship Pricing Service to
have this account and any other accounts linked
to it and the combined cycle to date Average
Ledger Balance in any combination of Key Business
Reward Checking, Key Business Free Checking,
Key Business Checking, Key Business Money
Market Checking, Key Business Sweep Checking,
Key Business Saver, Key Business Silver Money
Market Savings, Key Business Premier Money
Market Savings, Key Business Platinum Money
Market Savings, Key Business Optimum Money
Market Savings, Key Business Ultra Money Market
Savings, Key Business Signature Money Market
Account holders with CHECKS PAID 150
Your Account will be renamed Key Business Reward
Checking Account. The monthly Maintenance Service
Charge of $15.00 will remain the same. The Average
Ledger Balance required to avoid the monthly
Maintenance Service Charge will decrease to
$5,000.00. The Average Ledger Balance in linked
accounts required to avoid the monthly Maintenance
Service Charge will decrease to $15,000.00. The
monthly Maintenance Service Charge for a Key
Business Reward Checking Account can be avoided if
any of the following balance requirements are met:
20
YOUR ACCOUNTS
The Key Business Reward Checking Account entitles you
to special benefits such as discounts on banking services
and, subject to credit approval, flexible credit products.
•The Average Ledger Balance in your Key Business
Reward Checking Account was $5,000.00 or more
during the monthly statement period.
•The combined cycle to date Average Ledger
Balance in any combination of Key Business Reward
Checking, Key Business Free Checking, Key
Business Checking, Key Business Money Market
Checking, Key Business Sweep Checking, Key
Business Saver, Key Business Major Saver Money
Market Savings, Key Business Silver Money Market
Savings, Key Business Premier Money Market
Savings, Key Business Platinum Money Market
Savings, Key Business Optimum Money Market
Savings, Key Business Ultra Money Market Savings,
Key Business Signature Money Market Savings
Accounts and Business Certificates of Deposit
Accounts was $15,000.00 or more two business
days prior to your Business Reward Checking
Account statement cycle date.
Account holders with
DEPOSITED CHECKS 150
Your Account will be renamed Key Business Reward
Checking Account. The monthly Maintenance
Service Charge of $15.00 will remain the same. The
Average Ledger Balance required to avoid the
monthly Maintenance Service Charge will decrease
to $5,000.00. The Average Ledger Balance in linked
accounts required to avoid the monthly Maintenance
Service Charge will decrease to $15,000.00. The
monthly Maintenance Service Charge for a Key
Business Reward Checking Account can be avoided if
any of the following balance requirements are met:
•The Average Ledger Balance in your Business
Reward Checking Account was $5,000.00 or more
during the monthly statement period.
•The combined cycle to date Average Ledger
Balance in any combination of Key Business Reward
Checking, Key Business Free Checking, Key
Business Checking, Key Business Money Market
Checking, Key Business Sweep Checking, Key
Business Saver, Key Business Major Saver Money
Market Savings, Key Business Silver Money Market
Savings, Key Business Premier Money Market
Savings, Key Business Platinum Money Market
Savings, Key Business Optimum Money Market
Savings, Key Business Ultra Money Market Savings,
Key Business Signature Money Market Savings
Accounts and Business Certificates of Deposit
Accounts was $15,000.00 or more two business
days prior to your Business Reward Checking
Account statement cycle date.
•If you had another account that was converted to
a Key Business Reward Checking Account at any
time or this account was opened prior to June 17,
2005, and you pre-arrange with the Bank under the
Bank’s Relationship Pricing Service to have this
account and any other accounts linked to it and the
combined cycle to date Average Ledger Balance in
any combination of Key Business Reward Checking,
Key Business Free Checking, Key Business Checking,
Key Business Money Market Checking, Key Business
Sweep Checking, Key Business Saver, Key Business
You will no longer receive 150 checks paid and 50
checks deposited at no charge. Instead your Account
will be charged $0.25 each for any combination of
Check(s)/Withdrawal(s) Paid and/or Deposited Item(s)
in excess of 500 during the monthly statement period.
The amount of this per item charge remains the same.
21
Your Accounts
•If you had another account that was converted to
a Key Business Reward Checking Account at any
time or this account was opened prior to June 17,
2005, and you pre-arrange with the Bank under
the Bank’s Relationship Pricing Service to have
this account and any other accounts linked to it
and the combined cycle to date Average Ledger
Balance in any combination of Key Business
Reward Checking, Key Business Free Checking,
Key Business Checking, Key Business Money
Market Checking, Key Business Sweep Checking,
Key Business Saver, Key Business Silver Money
Market Savings, Key Business Premier Money
Market Savings, Key Business Platinum Money
Market Savings, Key Business Optimum Money
Market Savings, Key Business Ultra Money Market
Savings, Key Business Signature Money Market
Savings Accounts and Business Certificates of
Deposit Accounts was $15,000.00 or more two
business days prior to your Business Reward
Checking Account statement cycle date.
YOUR ACCOUNTS
balance for any days when the account has a negative
collected balance. The Bank’s uncollected funds
rate is used to calculate the uncollected funds charge.
The uncollected funds rate is the Bank’s prime rate
plus 3%. The “prime rate” is the rate the Bank
designates from time to time as its “prime rate” and
is not necessarily the lowest rate charged to clients.
Silver Money Market Savings, Key Business Premier
Money Market Savings, Key Business Platinum
Money Market Savings, Key Business Optimum
Money Market Savings, Key Business Ultra Money
Market Savings, Key Business Signature Money
Market Savings Accounts and Business Certificates
of Deposit Accounts was $15,000.00 or more
two business days prior to your Business Reward
Checking Account statement cycle date.
The Overdraft Item Charge and Return Item Charge
for this account is $33.00 per item.
You will no longer receive 50 checks paid and 150
checks deposited at no charge. Instead your Account
will be charged $0.25 each for any combination of
Check(s)/Withdrawal(s) Paid and/or Deposited Item(s)
in excess of 500 during the monthly statement period.
The amount of this per item charge remains the same.
Account holders with MUNICIPAL
NOW ACCOUNT or MUNICIPAL NOW
Your account will be renamed Key Public Money
Market Checking. This Account will be placed on
ANALYSIS. The fees for this Account will be waived
through April 30, 2008, after which, your account will
be placed on a relationship pricing schedule.
The Key Business Reward Checking Account entitles
you to special benefits such as discounts on banking
services and, subject to credit approval, flexible
credit products.
The interest rate on a Key Public Money Market
Checking is computed on your Collected Balance.
The interest rates for all tiers are variable and subject
to change as often as daily at the discretion of the
Bank. It is important to note that there could be more
than one interest rate balance tier earning interest
at the same interest rate. Interest will be compounded
daily and credited monthly, based on the following tiers:
Account holders with
IOLA/IOLTA NOW ACCOUNT
Your Account will be renamed IOLA. Interest will be
remitted to the IOLA Fund monthly. You will no longer
be charged a $35.00 quarterly handling fee (deducted
from interest earned). Instead, there will be a monthly
administrative service charge of $15.00 that is deducted
from the interest earned on the Account before the
Bank remits interest to the IOLA fund. If the interest
credited for any month is less than $15.00, the charges
will equal the interest earned, and the excess will be
applied against other Bank remittances to the IOLA
fund for that month. Interest rates are variable and
subject to change as often as daily at the discretion
of the Bank.
Tier I Interest Rate Tier II Interest Rate Tier III Interest Rate Tier IV Interest Rate Tier V Interest Rate Tier VI Interest Rate Tier VII Interest Rate Tier VIII Interest Rate Tier IX Interest Rate Tier X Interest Rate $0.01–$2,499.99
$2,500–$4,999.99
$5,000–$9,999.99
$10,000–$24,999.99
$25,000–$49,999.99
$50,000–$99,999.99
$100,000–$249,999.99
$250,000–$499,999.99
$500,000–$999,999.99
$1,000,000 and above
Your account will be renamed Key Public Checking.
This Account will be placed on ANALYSIS. The fees
for this Account will be waived through April 30, 2008,
after which, your account will be placed on a
relationship pricing schedule.
An uncollected funds service charge is computed
based on the average daily negative collected
balance for any days when the account has a negative
collected balance. The Bank’s uncollected funds rate
is used to calculate the uncollected funds charge.
The uncollected funds rate is the Bank’s prime rate
plus 3%. The “prime rate” is the rate the Bank
designates from time to time as its “prime rate” and
is not necessarily the lowest rate charged to clients.
An uncollected funds service charge is computed
based on the average daily negative collected
The Overdraft Item Charge and Return Item Charge
for this account is $33.00 per item.
PUBLIC CHECKING
Account holders with MUNICIPAL
22
YOUR ACCOUNTS
SAVINGS ACCOUNTS
increase to $4.00. To avoid the monthly Maintenance
Service Charge you may maintain either a minimum
daily Ledger Balance of $300.00 during the monthly
statement period or an Average Ledger Balance of
$600.00 during the monthly statement period.
Keep in mind these important facts
about your savings account:
You will receive a final savings account statement for
your former Union State Bank account reflecting activity
as of the close of business on January 17, 2008.
Interest will be credited through January 17, 2008,
and will be reflected on your last Union State Bank
account statement. The remainder of your interest for
the cycle will be credited and reflected on your first
KeyBank account statement. The monthly service
charges and activity charges will be waived on the
final Union State Bank statement and on your first
KeyBank statement. If a monthly maintenance fee or
an activity fee appears on your last USB statement,
you will see a refund reversal for the amount of the
charge on your first KeyBank Statement.
The Excess Withdrawal/Transfer Charge will increase
and the transactions will be counted as follows. If the
number of checks or debit card transactions payable
to third parties exceeds four per monthly period, or
if the number of transfers to another account of yours
with us and/or payments to third parties exceeds
seven per monthly period, or if a combination
of checks, debit card transactions, transfers and
payments exceeds a total of seven per monthly period
your account will be charged an Excess Withdrawal/
Transfer Charge of $5.00 for each transfer or payment
over the limits.
Interest is computed on your Collected Balance at
the Bank’s Key Business Saver rates. The interest rates
for all tiers on a Key Business Saver Account are
variable and subject to change as often as daily at the
discretion of the Bank. It is important to note that
there could be more than one interest rate balance
tier earning interest at the same interest rate. Interest
will be compounded daily and credited monthly,
based on the following tiers:
If you have check writing capabilities on your Union
State Bank Money Market Savings accounts, you may
continue to use your Union State Bank checks. You
do not need to reorder new checks. If you prefer to
order KeyBank logo checks, you can do so at any
KeyBank branch.
Your direct deposits and automatic payments will
continue without interruption.
$0.01–$2,499.99
$2,500–$4,999.99
$5,000–$9,999.99
$10,000–$24,999.99
$25,000–$49,999.99
$50,000–$99,999.99
$100,000–$249,999.99
$250,000–$499,999.99
$500,000–$999,999.99
$1,000,000 and above
Account holders with
GOLDEN STMT SAVINGS ACCOUNT
Your account will be renamed Key Business Saver.
The monthly Maintenance Service Charge will increase
to $4.00. The minimum balance required to avoid the
monthly maintenance service charge will change from
an average daily balance of $500.00 to a daily Ledger
Balance of $300.00. You will also be able to avoid the
monthly Maintenance Service Charge by maintaining
a monthly Average Ledger Balance of $600.00.
Account holders with NYC CT
HIGH YIELD BUSINESS SAVER
Your account will be renamed Key Business Saver.
The monthly Maintenance Service Charge will
23
Your Accounts
Tier I Interest Rate Tier II Interest Rate Tier III Interest Rate Tier IV Interest Rate Tier V Interest Rate Tier VI Interest Rate Tier VII Interest Rate Tier VIII Interest Rate Tier IX Interest Rate Tier X Interest Rate Savings Accounts (all types) are subject to withdrawal
and transfer limitations. There are no restrictions on
the number of withdrawals paid from a savings
account directly to you. However, you may make only
six transfers and/or payments to another Account of
yours with us or to a third party each monthly period.
The six transfers and/or payments may be made by a
preauthorized or automatic transfer or telephonic
(including data transmission) agreement and no more
than three of the transfers may be made by check
(if applicable), draft, debit card, or similar order
payable to third parties. Automatic deductions will
be considered paid in the monthly period they are
posted to the Account. See account specific details
below for the Excess Withdrawal/Transfer Charge
that will apply to these Accounts.
YOUR ACCOUNTS
us and/or payments to third parties exceeds seven per
monthly period, or if a combination of checks, debit
card transactions, transfers and payments exceeds
a total of seven per monthly period your account will
be charged an Excess Withdrawal/Transfer Charge of
$5.00 for each transfer or payment over the limits.
The Excess Withdrawal/Transfer Charge will increase
and the transactions will be counted as follows. If
the number of checks or debit card transactions
payable to third parties exceeds four per monthly
period, or if the number of transfers to another
account of yours with us and/or payments to third
parties exceeds seven per monthly period, or if a
combination of checks, debit card transactions,
transfers and payments exceeds a total of seven
per monthly period your account will be charged an
Excess Withdrawal/Transfer Charge of $5.00 for each
transfer or payment over the limits.
Interest is computed on your Collected Balance at
the Bank’s Key Business Saver rates. The interest
rates for all tiers on a Key Business Saver Account are
variable and subject to change as often as daily at
the discretion of the Bank. It is important to note that
there could be more than one interest rate balance
tier earning interest at the same interest rate. Interest
will be compounded daily and credited monthly,
based on the following tiers:
Interest is computed on your Collected Balance at
the Bank’s Key Business Saver rates. The interest
rates for all tiers on a Key Business Saver Account are
variable and subject to change as often as daily at
the discretion of the Bank. It is important to note that
there could be more than one interest rate balance
tier earning interest at the same interest rate. Interest
will be compounded daily and credited monthly,
based on the following tiers:
Tier I Interest Rate Tier II Interest Rate Tier III Interest Rate Tier IV Interest Rate Tier V Interest Rate Tier VI Interest Rate Tier VII Interest Rate Tier VIII Interest Rate Tier IX Interest Rate Tier X Interest Rate Tier I Interest Rate Tier II Interest Rate Tier III Interest Rate Tier IV Interest Rate Tier V Interest Rate Tier VI Interest Rate Tier VII Interest Rate Tier VIII Interest Rate Tier IX Interest Rate Tier X Interest Rate $0.01–$2,499.99
$2,500–$4,999.99
$5,000–$9,999.99
$10,000–$24,999.99
$25,000–$49,999.99
$50,000–$99,999.99
$100,000–$249,999.99
$250,000–$499,999.99
$500,000–$999,999.99
$1,000,000 and above
$0.01–$2,499.99
$2,500–$4,999.99
$5,000–$9,999.99
$10,000–$24,999.99
$25,000–$49,999.99
$50,000–$99,999.99
$100,000–$249,999.99
$250,000–$499,999.99
$500,000–$999,999.99
$1,000,000 and above
Account holders with HIGH YIELD
STATEMENT SAVINGS BUSINESS
Your account will be renamed Key Business Saver.
The monthly Maintenance Service Charge will
decrease to $4.00. The Average Daily Ledger
Balance required to avoid the monthly Maintenance
Service Charge will decrease to $600.00. You may
also avoid the monthly Maintenance Service Charge
by maintaining a minimum Daily Ledger Balance of
$300.00 during the monthly statement period. The
Excess Withdrawal/Transfer Charge will increase and
the transactions will be counted as follows. If
the number of checks or debit card transactions
payable to third parties exceeds four per monthly
period, or if the number of transfers to another
account of yours with us and/or payments to third
parties exceeds seven per monthly period, or if a
combination of checks, debit card transactions,
transfers and payments exceeds a total of seven
per monthly period your account will be charged an
Excess Withdrawal/Transfer Charge of $5.00 for each
Account holders with USB LIQUID GOLD
Your account will be renamed Key Business Saver.
The monthly Maintenance Service Charge will decrease
to $4.00. The minimum balance required to avoid the
monthly Maintenance Service Charge will change
from an average daily collected balance of $1,000.00
to an Average Ledger Balance of $600.00. You may
also avoid the monthly Maintenance Service Charge
by maintaining a Daily Ledger Balance of $300.00
during the monthly statement period.
The Excess Withdrawal/Transfer Charge will decrease
and the transactions will be counted as follows. If the
number of checks or debit card transactions payable to
third parties exceeds four per monthly period, or if the
number of transfers to another account of yours with
24
YOUR ACCOUNTS
tier earning interest at the same interest rate. Interest
will be compounded daily and credited monthly,
based on the following tiers:
transfer or payment over the limits.
Interest is computed on your Collected Balance at
the Bank’s Key Business Saver rates. The interest
rates for all tiers on a Key Business Saver Account are
variable and subject to change as often as daily at
the discretion of the Bank. It is important to note that
there could be more than one interest rate balance
tier earning interest at the same interest rate. Interest
will be compounded daily and credited monthly,
based on the following tiers:
Tier I Interest Rate Tier II Interest Rate Tier III Interest Rate Tier IV Interest Rate Tier V Interest Rate Tier VI Interest Rate Tier VII Interest Rate Tier VIII Interest Rate Tier IX Interest Rate Tier X Interest Rate Tier I Interest Rate Tier II Interest Rate Tier III Interest Rate Tier IV Interest Rate Tier V Interest Rate Tier VI Interest Rate Tier VII Interest Rate Tier VIII Interest Rate Tier IX Interest Rate Tier X Interest Rate $0.01–$2,499.99
$2,500–$4,999.99
$5,000–$9,999.99
$10,000–$24,999.99
$25,000–$49,999.99
$50,000–$99,999.99
$100,000–$249,999.99
$250,000–$499,999.99
$500,000–$999,999.99
$1,000,000 and above
$0.01–$2,499.99
$2,500–$4,999.99
$5,000–$9,999.99
$10,000–$24,999.99
$25,000–$49,999.99
$50,000–$99,999.99
$100,000–$249,999.99
$250,000–$499,999.99
$500,000–$999,999.99
$1,000,000 and above
Account holders with MONEY
MARKET PREFERRED BUSINESS
Account holders with STMT–BUSINESS
Your account will be renamed Key Business Saver.
The monthly Maintenance Service Charge will increase
to $4.00. The Average Daily Ledger Balance required
to avoid the monthly Maintenance Service Charge
will increase to $600.00. You may also avoid the
monthly Maintenance Service Charge by maintaining a
minimum Daily Ledger Balance of $300.00 during the
monthly statement period. The Excess Withdrawal/
Transfer Charge will increase and the transactions will
be counted as follows. If the number of checks or debit
card transactions payable to third parties exceeds
four per monthly period, or if the number of transfers
to another account of yours with us and/or payments
to third parties exceeds seven per monthly period, or
if a combination of checks, debit card transactions,
transfers and payments exceeds a total of seven
per monthly period your account will be charged an
Excess Withdrawal/Transfer Charge of $5.00 for each
transfer or payment over the limits.
Interest rates are variable and subject to change as
often as daily at the discretion of the Bank. The
interest rate balance tiers will change. Interest will be
compounded daily and credited monthly, based on
the following tiers:
Tier I Interest Rate Tier II Interest Rate Tier III Interest Rate Tier IV Interest Rate Tier V Interest Rate Tier VI Interest Rate Tier VII Interest Rate Tier VIII Interest Rate Tier IX Interest Rate Tier X Interest Rate Interest is computed on your Collected Balance at
the Bank’s Key Business Saver rates. The interest
rates for all tiers on a Key Business Saver Account are
variable and subject to change as often as daily at
the discretion of the Bank. It is important to note that
there could be more than one interest rate balance
25
$0.01–$2,499.99
$2,500–$4,999.99
$5,000–$9,999.99
$10,000–$24,999.99
$25,000–$49,999.99
$50,000–$99,999.99
$100,000–$249,999.99
$250,000–$499,999.99
$500,000–$999,999.99
$1,000,000 and above
Your Accounts
Your account will be renamed Key Business Platinum
Money Market Savings Account. There is no Monthly
Maintenance Service Charge for this account. The
Excess Withdrawal/Transfer Charge will increase
and the transactions will be counted as follows. If the
number of checks or debit card transactions payable
to third parties exceeds four per monthly period, or if
the number of transfers to another account of yours
with us and/or payments to third parties exceeds seven
per monthly period, or if a combination of checks, debit
card transactions, transfers and payments exceeds a
total of seven per monthly period your account will
be charged an Excess Withdrawal/Transfer Charge of
$15.00 for each transfer or payment over the limits.
YOUR ACCOUNTS
Account holders with
BETTER MONEY MARKET BUSINESS
exceeds a total of seven per monthly period your
account will be charged an Excess Withdrawal/
Transfer Charge of $15.00 for each transfer or payment
over the limits.
Your account will be renamed Key Business
Platinum Money Market Savings Account. There is
no Monthly Maintenance Service Charge for this
account. The Excess Withdrawal/Transfer Charge
will increase and the transactions will be counted as
follows. If the number of checks or debit card
transactions payable to third parties exceeds four
per monthly period, or if the number of transfers to
another account of yours with us and/or payments to
third parties exceeds seven per monthly period, or if
a combination of checks, debit card transactions,
transfers and payments exceeds a total of seven per
monthly period your account will be charged an
Excess Withdrawal/Transfer Charge of $15.00 for
each transfer or payment over the limits.
Interest rates are variable and subject to change as
often as daily at the discretion of the Bank. The
interest rate balance tiers will change. Interest will be
compounded daily and credited monthly, based on
the following tiers:
Tier I Interest Rate Tier II Interest Rate
Tier III Interest Rate Tier IV Interest Rate Tier V Interest Rate Tier VI Interest Rate Account holders with SIMPLY BETTER
MONEY MARKET BUSINESS
Interest rates are variable and subject to change as
often as daily at the discretion of the Bank. The
interest rate balance tiers will change. Interest will be
compounded daily and credited monthly, based on
the following tiers:
Tier I Interest Rate Tier II Interest Rate Tier III Interest Rate Tier IV Interest Rate Tier V Interest Rate Tier VI Interest Rate Tier VII Interest Rate Tier VIII Interest Rate Tier IX Interest Rate Tier X Interest Rate $0.01–$49,999.99
$50,000–$99,999.99
$100,000–$249,999.99
$250,000–$499,999.99
$500,000–$999,999.99
$1,000,000 and above
Your account will be renamed Key Institutional
Money Market Savings Account. There is no monthly
Maintenance Service Charge for this account. The
Excess Withdrawal/Transfer Charge will increase and
the transactions will be counted as follows. If the
number of checks or debit card transactions payable
to third parties exceeds four per monthly period, or
if the number of transfers to another account of yours
with us and/or payments to third parties exceeds
seven per monthly period, or if a combination of
checks, debit card transactions, transfers and payments
exceeds a total of seven per monthly period your
account will be charged an Excess Withdrawal/Transfer
Charge of $15.00 for each transfer or payment over
the limits.
$0.01–$2,499.99
$2,500–$4,999.99
$5,000–$9,999.99
$10,000–$24,999.99
$25,000–$49,999.99
$50,000–$99,999.99
$100,000–$249,999.99
$250,000–$499,999.99
$500,000–$999,999.99
$1,000,000 and above
Account holders with
MONEY MARKET BUSINESS
Interest rates are variable and subject to change as
often as daily at the discretion of the Bank. The
interest rate balance tiers will change. Interest will be
compounded daily and credited monthly, based on
the following tiers:
Your account will be renamed Key Institutional
Money Market Savings Account. There is no monthly
Maintenance Service Charge for this account. The
Excess Withdrawal/Transfer Charge will increase and
the transactions will be counted as follows. If the
number of checks or debit card transactions payable
to third parties exceeds four per monthly period, or if
the number of transfers to another account of yours
with us and/or payments to third parties exceeds
seven per monthly period, or if a combination of checks,
debit card transactions, transfers and payments
Tier I Interest Rate
Tier II Interest Rate
Tier III Interest Rate
Tier IV Interest Rate Tier V Interest Rate Tier VI Interest Rate 26
$0.01–$49,999.99
$50,000–$99,999.99
$100,000–$249,999.99
$250,000–$499,999.99
$500,000–$999,999.99
$1,000,000 and above
YOUR ACCOUNTS
Account holders with
USB PREMIER NOW ACCOUNT
Account holders with
MONEY MARKET MUNICIPAL
Your account will be renamed Key Premier
Institutional Money Market Savings Account. There
is no monthly Maintenance Service Charge for this
account. The Excess Withdrawal/Transfer Charge will
increase and the transactions will be counted as
follows. If the number of checks or debit card
transactions payable to third parties exceeds four per
monthly period, or if the number of transfers to
another account of yours with us and/or payments to
third parties exceeds seven per monthly period, or if a
combination of checks, debit card transactions,
transfers and payments exceeds a total of seven per
monthly period your account will be charged an
Excess Withdrawal/Transfer Charge of $15.00 for each
transfer or payment over the limits.
Your account will be renamed Key Public Money
Market Savings. The fees for this Account will be
waived through August 31, 2008, with the exception
of the Overdraft Item Charge and Return Item
Charge of $33.00 per item.
The interest rate on a Key Public Money Market
Savings Account is variable and subject to change as
often as daily at the discretion of the Bank. Your entire
collected balance will earn interest at the interest rate
associated with the tier level stated below. The interest
rate may vary based on Account balance. It is important
to note that there could be more than one interest
rate balance tier earning interest at the same interest
rate. Interest will be compounded daily and credited
monthly, based on the following tiers:
Interest rates are variable and subject to change as
often as daily at the discretion of the Bank. The
interest rate balance tiers will change. Interest will be
compounded daily and credited monthly, based on
the following tiers:
Tier I Interest Rate Tier II Interest Rate Tier III Interest Rate Tier IV Interest Rate Tier V Interest Rate Tier VI Interest Rate Tier I Interest Rate Tier II Interest Rate
Tier III Interest Rate Tier IV Interest Rate Tier V Interest Rate Tier VI Interest Rate Tier VII Interest Rate Tier VIII Interest Rate Tier IX Interest Rate Tier X Interest Rate $0.01–$49,999.99
$50,000–$99,999.99
$100,000–$249,999.99
$250,000–$499,999.99
$500,000–$999,999.99
$1,000,000 and above
$0.01–$2,499.99
$2,500–$4,999.99
$5,000–$9,999.99
$10,000–$24,999.99
$25,000–$49,999.99
$50,000–$99,999.99
$100,000–$249,999.99
$250,000–$499,999.99
$500,000–$999,999.99
$1,000,000 and above
PUBLIC SAVINGS
Savings Accounts (all types) are subject to withdrawal
and transfer limitations. There are no restrictions on
the number of withdrawals paid from a savings account
directly to you. However, you may make only six
transfers and/or payments to another Account of yours
with us or to a third party each monthly period. The
six transfers and/or payments may be made by a
preauthorized or automatic transfer or telephonic
(including data transmission) agreement and no more
than three of the transfers may be made by check (if
applicable), draft, debit card, or similar order payable
to third parties. Automatic deductions will be
considered paid in the monthly period they are
posted to the Account.
Your account will be renamed Key Public Saver.
The fees for this Account will be waived through
August 31, 2008, with the exception of the Overdraft
Item Charge and Return Item Charge of $33.00 per
item. The interest rate on a Key Public Saver Account
is variable and subject to change as often as daily at
the discretion of the Bank. Your entire collected
balance will earn interest at the interest rate associated
with the tier level stated below. The interest rate may
vary based on Account balance. It is important to note
that there could be more than one interest rate
balance tier earning interest at the same interest rate.
Interest will be compounded daily and credited
monthly, based on the following tiers:
27
Your Accounts
Account holders with
GOLDEN STATEMENT SAVINGS,
LIQUID GOLD MUNI or
MUNICIPAL STATEMENT SAVINGS
YOUR ACCOUNTS
Tier I Interest Rate Tier II Interest Rate Tier III Interest Rate Tier IV Interest Rate
Tier V Interest Rate
Tier VI Interest Rate Tier VII Interest Rate Tier VIII Interest Rate Tier IX Interest Rate Tier X Interest Rate periodic interest payment will be added to the
interest paid at maturity.
$0.01–$2,499.99
$2,500–$4,999.99
$5,000–$9,999.99
$10,000–$24,999.99
$25,000–$49,999.99
$50,000–$99,999.99
$100,000–$249,999.99
$250,000–$499,999.99
$500,000–$999,999.99
$1,000,000 and above
For Certificate of Deposit Accounts you will not
receive a stand-alone statement. However for
Certificates of Deposit with terms greater than 13
months, you may request that your Certificate of
Deposit account be combined with your KeyBank
checking or savings accounts in order to receive a
regular combined statement.
For KeyBank Certificate of Deposit accounts with
terms 32 days and greater you will receive a maturing
Certificate of Deposit account notice prior to your
next maturity date. Upon maturity, your automatically
renewable KeyBank Certificate of Deposit will renew
at a current interest rate in effect on that date. If you
have any type of non-automatically renewable
Certificate of Deposit account, once the Certificate
Account has matured, if you do not renew or reinvest
the funds, the funds will cease to earn interest.
Certificates of Deposit
On January 18, 2008, Union State Bank (USB) Time
Certificates of Deposit will become KeyBank Certificates
of Deposit. Your KeyBank Certificate of Deposit will
become a “book entry” Account which means the
Certificate of Deposit Account is owned by the person(s)
shown on KeyBank records. You will be required to
present the USB Time Certificate of Deposit in order
to make a withdrawal or close the Account. You must
notify us at once if your certificate is lost or stolen.
At KeyBank’s option, you must give us a bond from a
surety company satisfactory to us in an amount not
exceeding the balance in the Account, or other
satisfactory indemnity, if you close a certificate Account
without giving us the certificate.
The following sections describe the terms and
conditions that will go into effect upon maturity/
renewal of your KeyBank Certificate of Deposit
Account (Certificate Account). Please review these
sections and note the changes in the penalties for
early withdrawal and payment of interest. The receipt
referred to below will be provided if you change the
terms of your Certificate Account on the maturity date
for seven to 31 day term Certificate Accounts, during
the 10 calendar day grace period following maturity
on Certificate Accounts with terms of 32 days and
greater or, if you open a new Certificate Account.
USB Time Certificates of Deposit with balances of
$100,000.00 or greater will be renamed Key Business
Jumbo CD. USB Time Certificates of Deposit with
terms of six months or greater will be renamed Key
Business CD. USB Time Certificates of Deposit with
terms of seven days to 179 days will be renamed Key
Business Short Term CD. USB Time Certificates of
Deposit held by public entities will be renamed Key
Public Certificate of Deposit. During your current
term there will be no changes to your account other
than a possible change in interest payment frequency.
For all types of USB Time Certificates of Deposit with
monthly, quarterly, semi-annual, or annual interest
payment frequencies, interest will continue to be paid
based on that frequency and at maturity.
Interest Rates & Payments
The Interest Rate is the rate in effect on the day
the Account is renewed/opened and the Annual
Percentage Yield (APY) quoted is the yield which
would result if the initial Interest Rate were to remain
in effect for an entire year. The APY assumes interest
remains on deposit until maturity. A withdrawal of
interest (including by check or by deposit to another
account) prior to maturity will reduce earnings.
If your last periodic interest payment cycle date does
not coincide with your maturity date, interest for the
remainder of the term will be paid at maturity. If
you receive interest by check or transfer to another
account and your last periodic interest payment cycle
date is 15 days or less prior to your maturity date your
The initial interest rate on a Certificate Account will be
in effect for the length of the term of your Account.
A Certificate Account earns interest from the date of
deposit to (but not including) the maturity date. If the
maturity date shown on the deposit receipt falls on a
28
YOUR ACCOUNTS
exceeds the amount of interest earned to the date
of withdrawal, the difference will be taken out of
principal. When closing a Certificate Account early,
you will not be paid up to the 30 days of accrued but
not yet credited interest; if the penalty exceeds the
amount of interest credited to the date of withdrawal,
the difference will be taken out of principal.
Saturday, Sunday, or a legal holiday, the Certificate
Account will be payable on the next bank business
day and will earn interest until that day. We use the
Daily Balance method to compute interest on
Certificate Accounts. This method applies the daily
percentage rate to the balance in your Account at the
close of business for that day. We compute the daily
percentage rate by dividing the interest rate by the
actual number of days in the year. Interest begins to
accrue on non-cash items (for example, checks)
presented to us no later than the business day we
receive credit for the deposit.
Term of Certificate
of Deposit
Interest earned on all Certificate Accounts excluding
negotiated Certificate Accounts will be compounded
daily. If the Account is a negotiated Certificate
Account, the compounding and/or interest payment
frequency will be reflected on your receipt.
Interest will be credited as specified in the chart below.
Your deposit receipt indicates the option applicable
to your Account. Interest will be left in the Account
unless you instruct us otherwise. Once credited,
interest may be withdrawn from the Account without
penalty before the maturity date of the Account.
Payment
Frequency
Interest
Payment Dates
Payment to
Other Accounts
At Maturity
On your
Maturity Date
Optional for
all terms over
31 days
181–364 Day
and 12 Month
Certificate
of Deposit
Monthly or
at Maturity
Monthly on
Anniversary
Date or
Maturity Date
Optional
13 –120 Month
Certificate
of Deposit
Monthly,
Quarterly or
Annually
Monthly on
Anniversary
Date or
Quarter end
Optional
All simple interest earned with a minimum
penalty of seven days’ simple interest
32– 89 days
One month’s simple interest
90 – 359 days
Three months’ simple interest
360 days – 23 months
Six months’ simple interest
24 – 47 months
Nine months’ simple interest
48 months and more
12 months’ simple interest
All Certificate of Deposit accounts will renew
automatically unless you specifically request that the
Certificate be single maturity. Your Certificate Account
will automatically renew at maturity if the automatic
renewal provision is checked on your deposit receipt. If
the term of your Account is 32 days or greater and it
renews automatically, we will notify you before the
maturity date. If the term of your Certificate Account is
less than 32 days and it renews automatically, a notice
will only be provided if there is a change in the terms of
your Certificate Account. The Key Business Short Term
CD, the Key Business Jumbo CD, and Public CDs will
be renewed automatically to the same account type
with the same term at the then prevailing interest rate
(excluding any premium or special rate we may then be
offering for Certificate Accounts of the same type and
with the same term), unless you notify us otherwise. A
Key Business CD will be renewed automatically to the
same account type with the same term at the Key
Business CD renewal interest rate (excluding any
premium or special rate we may then be offering for a
Key Business CD with the same term), unless you notify
us otherwise. If upon renewal the balance in your Key
Business Jumbo CD is less than $100,000.00, your
Certificate Account will convert to a Key Business CD
with the same term at the renewal interest rate.
Early Withdrawal Penalties
You have contracted to keep funds in your Certificate
Account on deposit with us until the maturity date.
We retain the right to refuse to allow early withdrawal
at our discretion. If we allow you to make an early
withdrawal (partial or full account closure), the
penalties in the table below apply. For a partial early
withdrawal from a Certificate Account, if the penalty
29
Your Accounts
Up to 180 Day
Certificate
of Deposit
7– 31 days
Account Maturity and
Automatic Renewal
Interest Payment Options
Type of
Account
Penalty
YOUR ACCOUNTS
to renew or reinvest a Certificate Account.
If upon renewal the balance in your Key Business CD is
$100,000.00 or more, your Certificate Account will
convert to a Key Business Jumbo CD with the same
term at the renewal interest rate.
RETIREMENT DEPOSIT ACCOUNTS
You will receive information pertaining to your
Retirement Deposit Accounts in a separate mailing.
If the term of your Certificate Account is 32 days or
greater, there is a 10 calendar day grace period after
the maturity date. If the term of your Certificate
Account is less than 32 days, there is no grace period.
You may withdraw your funds in part or in whole, make
additional deposits, or change the term of your
Certificate Account within the 10 calendar day grace
period for Certificate Accounts with terms of 32 days
or greater, or on the maturity date for Certificate
Accounts with terms less than 32 days. If the tenth day
for Certificate Accounts with terms of 32 days or
greater is a Saturday, Sunday, or a legal holiday, you
have until the last business day before that day to
make these changes. If the maturity date for Accounts
with terms of less than 32 days is a Saturday, Sunday,
or a legal holiday, you have until the next business day
after that day to make these changes.
OTHER CHARGES (Charges may vary
for Analyzed Accounts)
This section reflects KeyBank fees and charges that
may pertain to your Account. As indicated below by a
single asterisk (*), in some cases the fee/charge is an
increase from the comparable fee/charge at USB. In
other cases as indicated with a double asterisk (**),
the fee/charge is a new fee/charge. Charges may vary
for account holders with accounts on analysis. Please
see the information sent to you under a separate
cover. Please read this section carefully.
Service Charges in Connection
with an Account:
Your Certificate Account will not renew automatically
if the automatic renewal provision is not checked on
your deposit receipt. If the term of your Certificate
Account is 32 days or greater and if your Certificate
Account is not one that automatically renews, we will
notify you before the maturity date of your Certificate
Account and may, at our discretion, give you the
option to reinvest the funds in a new Certificate
Account. Once the Certificate Account has matured, if
it is not renewed or reinvested (within the 10 calendar
day grace period for Certificate Accounts with terms
of 32 days or greater), it will cease to earn interest and
the funds will not be transferred to a savings Account.
We will pay the proceeds of the Certificate Account
to you or reinvest the proceeds of the Certificate
Account in accordance with your instructions.
•. Abandoned Account Escheat Charge. ....... $5.00**
•Abandoned Account Notification Charge
.................................... Cost of Certified Letter**
•Abandoned Account Publication Charge
................... Varies based on newspaper charge**
•Account Reconciliation Charge.....$25.00 per hour*
•Account Research Charge............. $25.00 per hour
•Banking Card Charges: There are charges for
certain types of Bank Card transactions. Please
refer to the Bank’s Small Business Debit Card
Cardholder Agreement found in the booklet titled
KeyBank Agreements, Disclosures and Privacy
Policy for the description and amount of each type
of transaction charge.
Any Certificate Account with a term of 32 days or
greater that is renewed automatically, or reinvested
at your option within 10 days after the maturity date,
will earn interest without interruption. Otherwise,
no interest will be earned after maturity. Interest
credited to the Certificate Account and not withdrawn
before renewal or reinvestment will become part of
the balance of the Certificate Account at maturity
and may not be withdrawn without penalty, except
as mentioned above. We reserve the right not
•Checkbook Reconciliation Charge
.................................................$25.00 per hour*
•Charge for Counter Check.............................. $1.00
•Charge for Certified Check(s) (each)............ $15.00**
•Charge for Handling Legal Process.......... $100.00*
30
YOUR ACCOUNTS
Canvas/Non-Standard Night Drop Bag. ...... $6.00*
•Charge for Account Early Close-out (Account
closed within 180 days after opening)..........$25.00*
Hold Bag
............. $7.00** ($6.00 for Key Business Checking)
•Charge for Copy of Item(s) for all Business
Accounts except Key Business Checking:
•Night Drop Deposit Correction................. $3.00**
Safekeeping: Up to 12 copies of canceled Checks
per calendar year................................No Charge
•Replacement Bag(s)..................................$20.00*
Charge for Each Copy
in excess of 12 per calendar year................ $3.00**
•Charge for Key or Replacement................. $5.00**
•Charge For Zipper Bags............................ $5.00**
Non-safekeeping:
Charge for Each Copy of a Check. ............. $3.00**
•Night Bag Currency Charge
................... Rate of $0.11** per $100.00 deposited
•Charge for Copy of Item(s) for Key Business Checking:
Safekeeping: Up to 24 copies
of canceled Checks per calendar year...No Charge
•Outgoing Currency Strap............ $0.40 per strap**
•Outgoing Rolled Coin. .................... $0.10 per roll*
Charge for Each Copy in excess
of 24 per calendar year. ............................ $5.00**
•Overdraft and Return Item Charges on all
Business Accounts except Key Business Checking:
Non-safekeeping: Charge for
Each Copy of a Check. ............................. $5.00**
Overdraft Item Charges and Return Item (NSF)
Charges will be assessed to your Account according
to the tiered transaction limits described below.
•Charge for Each Copy of Statement........... $6.00**
•Charge for Special Statement.................... $6.00
We will count each overdraft and returned item
over a rolling 12 statement period (current statement
period and previous 11 statement periods) to
determine the charge to be assessed.
•Chargeback Fee: (for each check deposited
to your account that is returned to us unpaid)
................$10.00 ($8.00 for Key Business Checking)
•Fedwire Service Charge:
Domestic Incoming.................................... $15.00*
(Free for Key Business Reward Checking)
Tier
#OD/NSF
Transactions
OD/NSF
Per Item Charges
1
1–2
$34.00
2
3 and above
$38.00
•Overdraft Item Charge and Return Item
Charge for Key Business Checking:...............$33.00*
Domestic Outgoing. ..................................$20.00
(Three free per month for Key Business Reward Checking)
•Recurring Overdraft Service Charge: In addition
to a base overdraft service charge assessed for each
item that overdraws your Account, if your Account
remains overdrawn for five consecutive business days
your Account will be assessed a Recurring Overdraft
Service Charge of $28.50** and will be charged
$28.50** once every five business days thereafter
until your Account balance becomes positive
(including the payment of all outstanding fees) or
until the Account is closed. (Does not apply to Key
Business Checking)
International Incoming............................. $15.00*
International Outgoing............................ $35.00
Special Handling for Analyzed Accounts.... $10.00**
•Incoming Wire Transfer Notification Fee:
If you have requested that you be notified by
phone of incoming wire transfers, each incoming
wire transfer charge will be increased by $5.00**
•Night Drop Processing Charge:
Standard Night Drop Bag. ...................No Charge
31
Your Accounts
•Deposited Currency Charge: rate of $0.17 per
$100.00 deposited in excess of $5,000.00 per day.
(Does not apply to Key Business Reward Checking)**
YOUR ACCOUNTS
receive the KeyBank BusinessCard Debit Card to
replace your USB Check Card. When you call the 800
number located on the card to activate your KeyBank
BusinessCard Debit Card, you will be asked to select
your Personal Identification Number (PIN). You will
NOT receive a PIN for your KeyBank BusinessCard
Debit Card via a separate mailing. You will receive
your new Card and if applicable, your KeyBank ATM
Card PIN before January 14, 2008. Additional
information will be provided with your Card. Your
KeyBank BusinessCard Debit Card can be used for
purchases at merchants displaying the MasterCard®
Debit logo as well as to access your checking account
at ATMs.
•Redeposited Item Charge.............................. $5.00**
•Returned Statement Charge: If your statement is
returned to the bank due to an incorrect address,
your Account will be assessed a $10.00** Returned
Statement Charge. For each month that follows
(months two through a maximum of 12 consecutive
months) where a current address has not been
provided, a Statement Information Safekeeping
Fee of $10.00** per month will be assessed.
•Stop Payment Charge:
For each stop payment or to renew a stop payment
on a check/withdrawal for a six month period. ..... ........................................................................ $34.00*
KeyBank offers you a number of convenient ATM
locations which can provide you with KeyBank account
access seven days a week and 24 hours a day.
To stop payment or to renew a stop payment on a
range of checks: (multiple items in sequence)
............................................................ $34.00**
The KeyBank Agreement for Small Business Debit
Card and Electronic Funds Transfer Services is in the
enclosed KeyBank Agreements, Disclosures and Privacy
Policy booklet. This disclosure provides important
information about your KeyBank BusinessCard Debit
Card, KeyBank ATM Card and other electronic funds
transfer services. Please read the entire disclosure,
however, we would like to draw your attention to the
following sections which include additional terms and
conditions: Section 1.(c) Liability for Unauthorized
Transfers, Section 3. Identification of Terminals
Available to Cardholders, Section 9. Our Liability;
Limitation of Our Liability, Section 10. Error Resolution
Notice, and Section 11. Other Important Terms.
•Telephone Funds Transfer Charge. ............ $2.50**
•Special Instructions Charge: This monthly charge
of $9.00** will apply to any business customer who
requests special handling of returned deposited
items for Checking and Savings Accounts.
•Safe Deposit Box Rental Charge: Varies based on
size of box
•Safe Deposit Lock Replacement: Greater of actual
cost or $100.00 plus tax
•Safe Deposit Box Late Charge
....................... $5.00 for 30 days or more past due
As reflected in Section 4.(b) Limits on Dollar Amount
of Card Transactions, some of the daily withdrawal
and purchase limits differ from the USB limits. For a
KeyBank ATM Card and a KeyBank BusinessCard Debit
Card the Daily ATM withdrawal limit will remain
unchanged at $400.00. For a KeyBank BusinessCard
Debit Card the Daily POS/PIN Purchase Limit will
increase and the Daily POS Purchase Limit will increase.
A Daily POS/PIN Purchase Limit will be available for a
KeyBank ATM Card. The number of purchases made
with a KeyBank BusinessCard Debit Card is limited to
20 per day.
•Safe Deposit Keys: (non-refundable)......$10.00 each
•Uncollected Funds Items Charge: Each day
items are drawn on uncollected funds $18.50**
(Applies only to Key Business Checking)
Cardholders with a
UNION STATE BANK ATM CARD or a
UNION STATE BANK CHECK CARD
If you currently have a Union State Bank (USB) ATM
Card, you will receive a KeyBank ATM Card to replace
your USB ATM Card. Your new Personal Identification
Number (PIN) will be sent in a separate mailing. If you
have a Union State Bank (USB) Check Card, you will
Section 5. Charges for Transactions, Transfers and
Other Services describes service charges that may
apply. There is no charge for withdrawals, transfers,
transactions or balance inquiries made at a KeyBank
32
YOUR ACCOUNTS
COMMERCIAL LINES OF CREDIT,
TERM LOAN OR MORTGAGE
terminal. For each KeyBank ATM Card or KeyBank
BusinessCard Debit Card withdrawal, transfer,
transaction or balance inquiry made at a non-KeyBank
terminal the fee will remain unchanged at $2.00.
Your commercial line of credit or term loan will
continue under the same terms and conditions as
originally agreed upon. The index that determines the
interest rate on your variable rate line or loan will stay
the same, and any applicable rate changes will be
made in accordance with terms of your agreement.
Continue to make payments in the current manner
until you begin receiving your monthly statements
from KeyBank. If you currently have your loan payment
automatically deducted from your checking account,
your payment will continue on the same day without
interruption. The funds transfer date and payment
amount will not change.
Please note Section 7. Types of Available Transfers
Initiated Using Telephone Banking and Limits On
Them. This section describes the types of transfers
that can be initiated using KeyBank’s automated
telephone service. If you currently transfer funds, via
telephone banking, from your USB business checking
or savings account to your USB personal checking or
savings account or from your USB personal checking
or savings account to your USB business checking
or savings account, this service will be discontinued
after January 17, 2008. You will still be able to initiate
telephone transfers from one personal checking or
savings account to another personal checking or savings
account or from one business checking or savings
account to another business checking or savings account.
COMMERCIAL AND RESIDENTIAL
CONSTRUCTION, OR LAND LOANS
Your construction or land loan will continue the under
the same terms and conditions as originally agreed
upon. The index that determines the interest rate on
your variable rate loan will stay the same, and any
applicable rate changes will be made in accordance
with terms of your agreement. Continue to make
payments in the current manner until you begin
receiving your monthly statements from KeyBank.
SAFE DEPOSIT BOX INFORMATION
If you currently have a safe deposit box at Union State
Bank (USB), effective January 18, 2008, the following
changes modify the Agreement or Lease that governs
your USB safe deposit box.
If you currently have your loan payment automatically
deducted from your checking account, your payment
will continue on the same day without interruption.
The funds transfer date and payment amount will
not change.
•KeyBank may transfer its ownership of the box to
another bank or safe deposit box company and will
give you 30 days written notice of such action. You
may transfer your ownership of a box from one
KeyBank branch to another KeyBank branch.
SMALL BUSINESS ADMINISTRATION
(SBA) LOANS
Your SBA loan will continue under the same terms
and conditions as originally agreed upon. Any variable
rate changes will be made in accordance with the
terms of your agreement. Continue to make payments
in the current manner until you begin receiving your
monthly statement from KeyBank.
•If you fail to pay your annual rental fee and invoice
charge within 10 days of the due date, you will be
assessed a $5.00 non-returnable late charge.
•There is a key replacement fee of $20.00 per key.
•The box drilling charge is $200.00.
If you currently have your loan payment automatically
deducted from your checking account, your payment
will continue on the same day without interruption.
The funds transfer date and payment amount will
not change.
•If you rent an additional or new safe deposit
box, upon the opening of that safe deposit box,
you will be assessed a one-time $5.00 set-up fee
in addition to the annual rental amount.
33
Your Accounts
•KeyBank has the right to move your safe deposit
box and its contents to a new location if it should
decide to change its business location. KeyBank
will send you a written notice by ordinary mail to
notify you of any change in location.
YOUR ACCOUNTS
LETTERS OF CREDIT
KeyBank will now service your secured or unsecured
standby letter of credit. Any applicable change to
your letter of credit account will be explained in a
separate mailing.
CREDIT CARDS
You will receive information about your business
credit card shortly. Please refer to the important
information in that communication for details on any
changes to your account.
34
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35
YOUR QUESTIONS
Questions?
Helpful answers are here.
We’d like to make your transition as smooth as possible. Below you’ll find the
answers to many of your questions.
Q: When will my accounts officially transfer to
KeyBank accounts?
Q: What will happen to my USB ATM and/or Check
Card? Will I receive a new KeyBank card?
A: Your current Union State Bank accounts will transfer
automatically to KeyBank effective January 18, 2008.
A: Y
ou will be able to use your USB ATM and/or Check
Card up until 8:00 a.m. on Sunday, January 20, 2008.
If you currently have a Union State Bank (USB)
ATM Card, you will receive a KeyBank ATM Card to
replace your USB ATM Card. Your new Personal
Identification Number (PIN) will be sent in a separate
mailing. If you have a Union State Bank (USB) Check
Card, you will receive the KeyBank BusinessCard
Debit Card to replace your USB Check Card. When
you call the 800 number located on the card to
activate your KeyBank BusinessCard Debit Card, you
will be asked to select your Personal Identification
Number (PIN). You will NOT receive a PIN for
your KeyBank BusinessCard Debit Card via a
separate mailing. You will receive your new Card
and if applicable, your KeyBank ATM Card PIN
before January 14, 2008. Additional information
will be provided with your Card. Your KeyBank
BusinessCard Debit Card can be used for
purchases at merchants displaying the MasterCard®
Debit logo as well as to access your checking
account at ATMs.
Q: What will happen to my USB account numbers?
Will they change?
A: Unless notified otherwise, your new KeyBank
checking and savings account numbers will remain
the same as your USB account numbers.
Q: May I choose a different type of KeyBank
account than the one you’ve selected for me?
A: Yes. Our goal is to place you with the KeyBank
account that’s right for you. If you prefer to choose
another account you’ve reviewed in this booklet,
please visit one of our branches; we’ll be happy to
accommodate your request.
Q: May I continue to use my existing checks, or do
I need to order new checks from KeyBank?
A: You do not need to reorder new checks. You may
continue to use your USB checks. If you prefer to
order KeyBank logo checks you can do so after
January 18, 2008, by calling 1- 800 -503 -2345 or by
visiting key.com/orderchecks.
If you do not receive your card or PIN by the dates
stated above, please call:
Q: Will my direct deposit service for automatic
payments and transfers continue?
1-800-KEY2YOU.
It’s important that you destroy all USB ATM and
Check Cards on January 20, 2008.
A: Your current direct deposits and automatic payments
will continue without interruption. When setting up
new direct deposits or automatic payments, use the
account and routing number information found on
your new KeyBank checks or obtain the information
by calling 1-800-539-6125. You can find information
about how to set up direct deposit and where to
locate your check’s account number and routing
number at key.com/directdeposit.
Q: Do KeyBank’s fees and service charges
differ from USB?
A: T
here may be some changes to the terms and
conditions of your accounts. While some fees
and charges may decrease, others may stay the
same or increase. In this booklet, you’ll find that
36
YOUR QUESTIONS
Q: How can I expect Key to fulfill my business
banking needs?
we’ve highlighted how each account works,
including information on any applicable fees and/or
service charges. In addition, we’ve outlined any
changes to the terms and conditions, as well as
important provisions, in the KeyBank Agreements,
Disclosures and Privacy Policy.
A: Y
ou will be able to take advantage of a variety of
new services, such as corporate finance, cash
management, investment banking/capital markets,
equipment finance and other services designed
for small and midsize companies.
Q: H
ow can I find out what the interest rate is on
my deposit account?
Q: Does Key offer private banking services?
A: Y
ou may call 1- 800 -539- 6125 or visit your branch on
or after January 18, 2008.
A: Y
es. If you qualify and are interested in private
banking, you now will be able to take advantage
of Key’s private banking and investment
management services.
Q: If I currently bank online with USB, will I be able
to do the same with KeyBank?
Q: Given Key’s size, will it still feel like my
community bank?
A: Y
ou will be happy to know that KeyBank also has
Online Banking services and Bill Pay through key.com.
You will receive information about banking online
with KeyBank before January 18, 2008.
A: E
ven though we’re big, we still act like a
community bank—just as we always have. Each
of our 23 districts runs with a lot of autonomy.
That means you won’t see any difference in our
service. We’ll be just as fast, efficient and
responsive as we always have been.
Q: W
ill there be a rate change with my USB loan
and/or line of credit interest?
A: Y
our fixed and variable rate loans and lines of
credit will continue under the same rate, terms and
conditions originally agreed upon. You will receive
a separate mailing if there are any changes to your
loan or line of credit.
For additional questions or assistance
•Call toll free 1- 800 -539- 6125 Monday through
Friday 8:30 a.m.– 6:00 p.m. EST.
•Visit your nearest banking branch.
A: R
ight here in the Hudson Valley, we have
63 branches and 84 ATMs available for your
business needs. You’ll be able to use KeyBank
branches in many more communities—and
that adds a lot of convenience. In fact, the
USB and KeyBank combination creates one
of the largest banks in the area.
•Visit key.com/unionstate, which contains a copy
of this package plus other helpful information.
37
Your Questions
Q: How large is Key’s presence in my area?
SM
CS72116.02
©2007 KeyCorp