Your post is the exact reason why I don't understand rate chasing; literally the exact reason. Time, Fees, and for what? An extra how much? an extra 40 bucks for the year?
Flexo
· 4 months ago
I agree. Rate chasing is rarely or never a worthwhile way to spend time and effort. But it's a good idea to always be on the lookout for the best place to put "new" money -- and best doesn't always mean highest interest rate. If I can do some of the work for readers, like opening up accounts and testing the waters, assuming readers trust me, it could save them time.
And I'm looking deeper into the issue of the differing minimum balance and fees. It looks like the bank changed their terms (too the less favorable option from the customers' point of view) on June 1. The old fee schedule was available on their website as of July 8, but it is no longer linked. A new fee schedule is now linked, though the old still resides on the everbank.com server.
Aryn
· 4 months ago
OMG! Thanks for alerting me to the change in minimum balance and fee! I'd been planning to go back down to the minimum because we bought a house. But we wanted to keep the Everbank account. I'm going to have to look into different options now. A $5,000 minimum is ridiculous!
David C
· 4 months ago
Thanks for the heads-up, I think I'll pass on EverBank. They should reconsider the "no ACH because there is a business at your address" tactic because that statement may not even be true: Experian or Equifax (it starts with an 'E' but I don't remember which one) insists that a business has been registered at my address even though it isn't true. My first attempt to fix that error was rebuffed but your post here might give me the motivation to try again.
bosco
· 4 months ago
Yes...the rules have changed but I opened an account online today with no problem. Cant beat that rate. I am waiting for "small deposits" to my linked account, then I will fund it. THANKS for the tip about this bank. On the application where it asks "where did you hear about us" I entered "Consumerism Commentary Blog". Maybe if enough people do this they will send you a free toaster :)
carole
· 4 months ago
I've been plodding through the Everbank account opening process for more than a week as well. After completing the online application, I had to mail them my signature and proof of my address, and now am waiting to receive the welcome packet with the wire instructions. I wouldn't bother if the rate weren't so good, and the money I''ll be depositing is sitting at TDAmeritrade earning nothing because my 3% 3-month CD with them expired and they couldn't offer anything to match Everbank's rate. (They did, however, offer to waive my wire fee.)
Eric
· 4 months ago
Yup sounds like utter complication to me. Pass.
Stephen R Cruz
· 4 months ago
Until a few minutes ago, I never heard of EverBank. I was reading an e-mail from International Living (InternationalLiving.com). They had an article on investing in foreign currencies. This got my attention because of the dollar's decline. IL's e-mail was promoting foreign currency investment through EverBank. Instead of clicking on their link to EverBank, I decided to go through Google. That's how I found Consumerism Commentary as well as EverBank's website. After reading your commentary (which I found to be an eye opener) and other people's comments as well, I am not sure if opening an account at EverBank is for me. I am big on customer service especially with financial institutions because they will be making money off of my money. In the meantime I will continue to search the web...
amyb
· 4 months ago
Thanks for the review-- FYI, the Customer Service phone is open 24/7.
Alice Stone
· 4 months ago
Thanx much!!!! I'm looking to move some money around, their high rate caught my attention, and I started the application process. Since I have little to zero patience, I quickly got frustrated, and exited the application. I then did a search for Everbank to see what others were saying, to see if perhaps I was too hasty too abandon them. I found your site, and read your story and the "comments" section. Needless to say, I won't be going into their site to start the application again. Keep up the good work!
AndreC
· 4 months ago
I discovered EverBank through a financial site. I was not allowed an ACH transfer even though I answered all of the questions correctly. It is frustrating not being able to open an account with an ACH transfer. I am about to mail a check to see how long it takes to open the account. I will keep you posted.
AndreC
· 3 months ago
Well, here is an update on my application. I did mail a check to open an account the next day, Wednesday, July 29th. By the following Tuesday, August 4th, I received a cell phone call asking my permission to look at my credit reports. (I have them locked down and they needed my verbal okay to look at them.) I then received my account information by Friday, August 7th. I do have to say that EverBank did respond quickly and efficiently in opening my account.
I do not like mailing a check to open an account but I do have to say that all of the steps needed to open an account does show that EverBank has good security.
I am now in the process of setting up the External fund transfer.
By the way thanks for mentioning the $5000 needed to avoid a fee. I was just looking at the minimum that was needed, $1500, to open an account. This was all I was going to send through the mail and then do an EFT/ACH transfer for a larger amount.
ChrisV
· 4 months ago
Thanks for the in-depth review. Found their rate at bankrate, but anything requiring me to mail in something and wait two weeks is just too much of a hassle for the benefit received... especially since the rate isn't guaranteed after the first three months. May look at them again later, but I'll stick with HSBCDirect for the time-being (1.55%)
NM
· 4 months ago
Thanks for the review. I was going to open a new account to get this bonus rate but decided to check some reviews at the last moment. Good thing I landed on this blog. I think I should stick with hsbc direct for the time being.
Jean
· 3 months ago
Thanks for this in-depth review. I was looking into EverBank for both the Money Market and the BRIC CD's.
Do you have an update on how the actual banking process is going?
One reviewer I have read was convinced that the bank was actually holding onto their money for a few days to collect interest, because there was such a delay between depositing and accessing money, and between (for the checking account) the date of a scheduled bill pay, and the actual date of payment. Do you think this is likely?
Any opinion on the BRIC CD's?
martyh
· 3 months ago
I had a Washington Mutual Platinum account for many, many years; used to make nearly $100 per month on interest; but over the past year or so I noticed the slow decline in the interest -- until the first part of this year, once the Chase name took over, when my interest earned for the entire month was like 51-cents. That's right: CENTS. I contacted the consumer person, Sue Kwon, at CBS-5 in the Bay Area and they actually brought a reporter and cameraman to my house to interview me. It made the 5:00 news; I then sent the link of the online article and video to Chase Customer Service so that they would know why I was taking all the money out of my Platinum account. I even got a telephone call from a Chase rep trying to give me alternatives, but the best they could offer was an online account just over 1%. So, I moved nearly all of my money to CapitalOne online banking: they had a special offer for Costco business customers for a 2.06% rate, plus a $60 signing bonus. Transferred my money, received the bonus, but within just a couple weeks, the rate dropped to something like 1.89%, then a couple weeks after that 1.78%; I just checked now and the rate is 1.64%. It's not too far above the best that Chase was able to do! They get your money, they use your money to make their money, and they pay little or nothing for it -- and yet when you borrow their money, the rates are 17% -24% depending on your credit card bank and credit rating. Atrocious.
I sent an email to CapitalOne online banking at the 1.78% drop and told them I was extremely disappointed, and if they dropped again I'd pull my money. Never heard from them, but regardless, I think it's time to play the money transfer game. Maybe if enough people do this, even if there is a paperwork hassle that takes some time, the banks will get the idea and stop screwing their customers who entrust their money to said banks.
I appreciate your work here on the site -- I found it during a search for information on Everbank. And like the other person above said, when I'm asked for a referal name, I'll enter your blog. Maybe that toaster will be more than just chrome plated!
Cheers, - martyh
martyh
· 3 months ago
I have a follow-up: I just went through the Everbank online account creation process; it appears that I will have to do the check mail-in as well; it gave me no EFT/ACH option. However, what really pissed me off -- I got through all the name/address/employer stuff, beneficiary, and to the screen where I select the mail-in check option and the amount of my initial deposit. I click the button to accept and move to the next screen --
And lo and behold I get a server error, unable to process, try again later. I started at 10:40am; it's now 11:00am -- I had to telephone my daughter to get her social security number for the beneficiary line, so that took a couple minutes. But all the data entry and time lost and I get to do it again. I guess Monday mornings is not the best time to do online banking: web sites too busy, too much input from customers, weekend processing, who knows... Sigh...
But, yes, I'll try again later -- but when I'm in a better mood!
- martyh
Scott
· 3 months ago
I have to say that Everbank is the worst bank I have ever considered using. I deeply regret the choice to open an Everbank account. The high interest rate was definitely the drawing point. But after filling out the application online, I had to PRINT it and MAIL it in. That should have set off alarms for me. Unfortunately, it didn't. I paid $8.00 to get a CASHIERS CHECK for $25500.00 which then sent OVERNIGHT to the tune of $19.00. So far this cost me $27.00. After a FULL WEEK, I FINALLY received notification that my account had been opened and that I would receive my account materials in ABOUT another week. OK, NOW ALARMS were going off. I emailed Everbank only to be told that I had to call to get my account number. Everbank "Doesn't email account numbers because it's not secure." So, I phoned per the instructions. The response I got was "Everbank doesn't give the account numbers out over the phone but you can request an email with the account number." I still had the email from the first rep, so I read it to the second. After being put on hold to get approval, I finally got my account number so that I could set up online access. I immediately logged in to set up online access, only to fine that ALL EFT transfers would take a MINIMUM of 4 BUSINESS DAYS!!!!! When you request the transfer, Everbank takes the money out of your account and holds it for 2 business days so that you can't earn money but they have 2 days to keep using it. Then, on the 3rd day they initiate the transfer. So, either the 4th day or perhaps later, you will finally receive your money. ABSOLUTELY UNACCEPTABLE!!!!!!!!! But I'm not done. Online bill pay is PAPER CHECKS CUT AND SENT. NOT EFT!!! As if this wasn't enough, my $25500.00 CASHIERS CHECK was held for a total of 3 weeks!!!!!!!!!!!!!!!!!!!!!!!!! CASHIERS CHECKS ARE CASH. So, needless to say I immediately removed my money as soon as the hold was finally released. I've only told you the major points and I strongly recommend that you avoid Everbank like the plague. I guarantee you nothing but aggravation, fury, loss of money, and everything else. In the instant, electronic society that we live in, this antiquated bank needs to give it up and go out of business. Please help me spread the word and put them out of our misery. I opened a YIELD PLEDGE MONEY MARKET Account.
djblack70
· 3 months ago
Scott,
This appears to be the price paid for a better rate. Everything you described was exactly the same for the 2 other online savings accounts that I have and is not strictly an Everbank thing. My current favorite, Capital One Online Savings took about 3 weeks to get the initial deposit "available" for use which had to be mailed in via a check. However, now that everything is in place, transfers *always* take exactly 3 business days beyond the day I initiate the transfer. Which isn't too bad as long as you plan ahead and keep an additional emergency fund where you can get immediate cash if needed. Also, Cashier's Checks and Money Orders are two highly counterfeited items today, so it is no surprise that they would take just as long to process as any other means of snail mail payment. To me, the three day waiting period is worth it to earn $25-$30 per month interest on my savings which was earning about $0.25-$0.30 per month sitting in my local Chase Bank savings account.
martyh
· 3 months ago
I guess I'm not in as big a hurry as Scott, above. Prior to Everbank, I opened a CapitalOne Online banking account, and my initial funding took over 10 biz days to clear, though I knew this going in, per the bank's upfront information. Once my account was more than 30 days old, then my funds cleared in roughly four or so biz days. And these were all EFTs, too. From what I understand, external EFTs (between unrelated banks) simply do not happen overnight. So, I just have to plan ahead. But, oh, planning ahead when it comes to money? Who does that?
As far as Everbank is concerned, I opened my account, had THE BANK print my application and mail it to me; I wasn't in such a hurry that I had to print it myself, and then pay for overnight delivery. The forms arrived within a week, I wrote a check (guess today's gen doesn't know what checks are; banks typically now provide them for free -- as long as you have money in one of their accounts) for my initial funding, and then mailed it off in THE BANK's postage-paid biz envelope. A day or so after I initiated the account, I received an email from a rep of the bank offering to answer any questions that I had; I had one, and he indeed explained it sufficiently; though I wasn't happy with the answer, it did correctly explain something that I had thought I understood (incorrectly, it turned out).
As far as Scott's bill-paying goes, I'm using Everbank's Money Market Acct strictly for savings and to earn the highest interest I can. Once my money goes in, I don't plan to take it out except a) if they screw me too much dropping interest rates, or b) an emergency arises. Remember, I'm coming from Chase Bank, in which my Platinum account's interest rate was dropped to 0.01 percent. One needs a magnifying glass to view a percentage that small. However, my bill-paying still comes out of a Chase free checking account; this is my "working" account, so to speak.
So I mailed my initial funding check in on Monday, along with the signed form, and we'll see what happens next. So far, I have no problems with Everbank.
- marty
michael
· 3 months ago
The only thing worse then going through their process is their horrible customer service. You would think that with the limitations of an online bank they would make it up with superior service or flexibility.
debA
· 1 month ago
well, at least now i know this bank is legitimate. i received an offer (through a financial newsletter)to deposit $$ in a 3 yr.CD which invests in BRIC nation currencies. supposedly, your principal is guaranteed 100%. sounds too good to be true; especially in the Madoff generation. but if this is a legitimate bank guess i can take the risk. i'm glad i found your site.
matt
· 1 month ago
Everbank is legit although antiquated in their processes. They are the only bank I know of that you can invest in foreign currency and yet remain FDIC insured. Read the fine print of that BRIC CD though. It's true that you will get your full deposit back if the foreign currencies lose money. But once you open that CD, your money is committed to the full term. They reserve the option to deny you an early withdrawal.
All Comments
Your post is the exact reason why I don't understand rate chasing; literally the exact reason.
Time, Fees, and for what? An extra how much? an extra 40 bucks for the year?
And I'm looking deeper into the issue of the differing minimum balance and fees. It looks like the bank changed their terms (too the less favorable option from the customers' point of view) on June 1. The old fee schedule was available on their website as of July 8, but it is no longer linked. A new fee schedule is now linked, though the old still resides on the everbank.com server.
I do not like mailing a check to open an account but I do have to say that all of the steps needed to open an account does show that EverBank has good security.
I am now in the process of setting up the External fund transfer.
By the way thanks for mentioning the $5000 needed to avoid a fee. I was just looking at the minimum that was needed, $1500, to open an account. This was all I was going to send through the mail and then do an EFT/ACH transfer for a larger amount.
Do you have an update on how the actual banking process is going?
One reviewer I have read was convinced that the bank was actually holding onto their money for a few days to collect interest, because there was such a delay between depositing and accessing money, and between (for the checking account) the date of a scheduled bill pay, and the actual date of payment. Do you think this is likely?
Any opinion on the BRIC CD's?
I sent an email to CapitalOne online banking at the 1.78% drop and told them I was extremely disappointed, and if they dropped again I'd pull my money. Never heard from them, but regardless, I think it's time to play the money transfer game. Maybe if enough people do this, even if there is a paperwork hassle that takes some time, the banks will get the idea and stop screwing their customers who entrust their money to said banks.
I appreciate your work here on the site -- I found it during a search for information on Everbank. And like the other person above said, when I'm asked for a referal name, I'll enter your blog. Maybe that toaster will be more than just chrome plated!
Cheers,
- martyh
And lo and behold I get a server error, unable to process, try again later. I started at 10:40am; it's now 11:00am -- I had to telephone my daughter to get her social security number for the beneficiary line, so that took a couple minutes. But all the data entry and time lost and I get to do it again. I guess Monday mornings is not the best time to do online banking: web sites too busy, too much input from customers, weekend processing, who knows... Sigh...
But, yes, I'll try again later -- but when I'm in a better mood!
- martyh
After a FULL WEEK, I FINALLY received notification that my account had been opened and that I would receive my account materials in ABOUT another week. OK, NOW ALARMS were going off. I emailed Everbank only to be told that I had to call to get my account number. Everbank "Doesn't email account numbers because it's not secure." So, I phoned per the instructions. The response I got was "Everbank doesn't give the account numbers out over the phone but you can request an email with the account number." I still had the email from the first rep, so I read it to the second. After being put on hold to get approval, I finally got my account number so that I could set up online access.
I immediately logged in to set up online access, only to fine that ALL EFT transfers would take a MINIMUM of 4 BUSINESS DAYS!!!!! When you request the transfer, Everbank takes the money out of your account and holds it for 2 business days so that you can't earn money but they have 2 days to keep using it. Then, on the 3rd day they initiate the transfer. So, either the 4th day or perhaps later, you will finally receive your money. ABSOLUTELY UNACCEPTABLE!!!!!!!!! But I'm not done.
Online bill pay is PAPER CHECKS CUT AND SENT. NOT EFT!!! As if this wasn't enough, my $25500.00 CASHIERS CHECK was held for a total of 3 weeks!!!!!!!!!!!!!!!!!!!!!!!!! CASHIERS CHECKS ARE CASH. So, needless to say I immediately removed my money as soon as the hold was finally released. I've only told you the major points and I strongly recommend that you avoid Everbank like the plague. I guarantee you nothing but aggravation, fury, loss of money, and everything else. In the instant, electronic society that we live in, this antiquated bank needs to give it up and go out of business. Please help me spread the word and put them out of our misery. I opened a YIELD PLEDGE MONEY MARKET Account.
This appears to be the price paid for a better rate. Everything you described was exactly the same for the 2 other online savings accounts that I have and is not strictly an Everbank thing. My current favorite, Capital One Online Savings took about 3 weeks to get the initial deposit "available" for use which had to be mailed in via a check. However, now that everything is in place, transfers *always* take exactly 3 business days beyond the day I initiate the transfer. Which isn't too bad as long as you plan ahead and keep an additional emergency fund where you can get immediate cash if needed. Also, Cashier's Checks and Money Orders are two highly counterfeited items today, so it is no surprise that they would take just as long to process as any other means of snail mail payment. To me, the three day waiting period is worth it to earn $25-$30 per month interest on my savings which was earning about $0.25-$0.30 per month sitting in my local Chase Bank savings account.
As far as Everbank is concerned, I opened my account, had THE BANK print my application and mail it to me; I wasn't in such a hurry that I had to print it myself, and then pay for overnight delivery. The forms arrived within a week, I wrote a check (guess today's gen doesn't know what checks are; banks typically now provide them for free -- as long as you have money in one of their accounts) for my initial funding, and then mailed it off in THE BANK's postage-paid biz envelope. A day or so after I initiated the account, I received an email from a rep of the bank offering to answer any questions that I had; I had one, and he indeed explained it sufficiently; though I wasn't happy with the answer, it did correctly explain something that I had thought I understood (incorrectly, it turned out).
As far as Scott's bill-paying goes, I'm using Everbank's Money Market Acct strictly for savings and to earn the highest interest I can. Once my money goes in, I don't plan to take it out except a) if they screw me too much dropping interest rates, or b) an emergency arises. Remember, I'm coming from Chase Bank, in which my Platinum account's interest rate was dropped to 0.01 percent. One needs a magnifying glass to view a percentage that small. However, my bill-paying still comes out of a Chase free checking account; this is my "working" account, so to speak.
So I mailed my initial funding check in on Monday, along with the signed form, and we'll see what happens next. So far, I have no problems with Everbank.
- marty
Read the fine print of that BRIC CD though. It's true that you will get your full deposit back if the foreign currencies lose money. But once you open that CD, your money is committed to the full term. They reserve the option to deny you an early withdrawal.