Comments on: EverBank Money Market Account Review

By: Jay J

Jay J — Thu, 01 Sep 2011 22:10:07 +0000

Thank you for the detailed review!
I was going to open an account today, this review was very useful and saved me from some major aggravation.
By the way one of the questions to open the account is : where did you hear from us?
Well Everbank, I heard about you from The Sovereign Society, that obviously has some major interest in the Bank.
Shame on you Sovereign Society for your lack of objectivity and recommending this Everhassle Bank!

By: rickz

rickz — Sun, 07 Aug 2011 02:03:05 +0000

I don’t think Everbank’s main goal is to provide premium money market returns. The reason I bank with them is that they have a lot of innovative products which let me do brokerage, hedge my cash with foreign currency CD’s, buy physical metals, etc. Frankly, I don’t mind a relatively cumbersome account activation process if it seems as if they are covering their (and my) collective arses. Just a thought.

By: joe

joe — Fri, 08 Jul 2011 06:37:05 +0000

Frank, if what you say is true why all the secrecy about what you call Market Rate and Spread??

By: Peter B

Peter B — Tue, 05 Apr 2011 18:43:29 +0000

Glad I read this. A friend told me about EverBank and I wondered about their fee schedules. I too shall pass.
+pb

By: Sharon Ouellette

Sharon Ouellette — Sat, 12 Mar 2011 23:08:32 +0000

I have had an Everbank account for a while and am very satisfied with the service, phone support, and excellent foreign currency options that I can’t get anywhere else that I am aware of. My concern is for the safety ratings. In January the Weiss Safety Ratings dropped from C to D-. I hope that this is temporary and that a new improved rating will be out at end of this quarter, which is the end of March. Does anyone have more information about this? I wasn’t able to get other info from the Bank. I am impressed that the president, Mr. Frank Trotter, took the time to respond to others on this site. I hope to finally get some answers as I really like this bank and want to continue doing business there.

By: beth

beth — Fri, 28 Jan 2011 19:12:21 +0000

I have my sig card and check filled out for Ever bank but I keep hesitating against it… Keeping 5000 in my account to avoid fees seems very high to me. Such a prob getting things started with them also. Also I am having problems with one thing. The check is to be made out to Everbank not me (beth) is that strange ?????? anyone else find that a little weird.

By: Barb Friedberg

Barb Friedberg — Sat, 25 Sep 2010 14:17:07 +0000

In searching for high yield cash options, came across Everbank. Thanks for the review. I’ll be interested to compare my experience with yours. The rates are the best I’ve found today.

By: Chris

Chris — Fri, 28 May 2010 19:06:13 +0000

Wow. And to think that this is my first exposure to EverBank. I’ve been seeing that they have good rates, but thought “I’ve never heard of this bank.” Unfortunately for EverBank, yours was the first review I found. I will probably still take advantage of their rates, but am thankfully forewarned of the headache I shall be expecting to endure.

By: Call me Bill

Call me Bill — Sun, 11 Apr 2010 08:48:17 +0000

Frank,
This is the first time I have posted on this site but I am unable to find your email address to reply to. I just checked back here because just yesterday I decided we would finally fill out the forms that you require to add a POA. As you know the form is not a POA form but you must use the Add Account Holder form and modify it by marking through the incorrect portions because you do not have the proper form. Well because of this there are questions I have about how to fill this out correctly. I called and asked for a Supervisor because I keep getting so many different and contradictory answers. One of the questions I had pertained to “account numbers”. It seems simple enough right? Wrong. First of all there are 5 accounts which I could just list. However I was told that future accounts we might open (for instance more CDs because we are laddering) would require this form to be filled out and mailed all over again for EVERY new account. Do you see how this bypasses the whole point of a POA? She stated that if we wrote “all accounts” that would only apply to curently opened accounts. I was also told that entering “all current and future accounts” was not acceptable. Well I found that unacceptable, the last straw, so I hung up on her out of frustration. Then I proceeded to move all her money out of Everbank save the CDs (because of penalties) and I stopped her monthly deposit to Everbank. Unless something drastic changes the CDs will be transferred out at maturity. I also have an account with Everbank and I have been looking for another bank due to these issues. I remember when Everbank had good customer service because I have banked there for quite some time.

By: Frank Trotter

Frank Trotter — Fri, 02 Apr 2010 15:47:59 +0000

Dear Don –

I would like to make a technical correction and make a comment.

1 – The BRIC CD’s are in fact calculated on a point to point basis. For a look at all the the terms and conditions for MarketSafe(r) CD’s click “MarketSafe Product Term Sheets” in the right bar of this page: http://www.everbank.com/001CertificatesMS.aspx.

2 – As to conversion rates we feel that they are amongst the best available to investors in the marketplace. Per our disclosures EverBank does not have a “2-4%” variance from market rates but in general conversions are in the range of 0.75% even for very small amounts. We also provide depositors with the opportunity to wire in the foreign currency if they feel they can obtain better conversion rates elsewhere.

Please feel free to email me directly if you have further questions.

Thank you

Frank Trotter
President – EverBank Direct

By: Frank Trotter

Frank Trotter — Fri, 02 Apr 2010 15:36:46 +0000

Dear Call Me Bill –

We take a proactive stance on customer service. When we see an issue like yours in social media we take action. Please reply privately to my email address and we will provide someone to follow up on your issues.

Frank Trotter
President – EverBank Direct

By: Willard

Willard — Sat, 27 Mar 2010 19:01:22 +0000

Thanks for the information on EverBank! I’m currently researching them against ING and Ally Bank. Ally is winning in most categories, but what I really like about EverBank is their “pledge” that their rate will always be in the top 5% of “competitive” products.

I think I’ll go with EverBank and hope for the best. Hopefully after the initial sign-up process things will be smooth and my rate will always be in the top 5% of other savings/money market accounts. I’m looking at the long term, since I don’t feel rate chasing is worth it.

By: Call me Bill

Call me Bill — Thu, 25 Mar 2010 23:31:33 +0000

Everbank has been nothing but problems for me and my mother. We both have separate accounts with Everbank. However, I also have a Power of Attorney on file with EverBank that allows me access to everything my mother owns aka a Durable Power of Attorney. After the POA was on file for about a year I called to set up some CDs for her. They pulled up the account and the POA and we discussed my options. I faxed in the paperwork to move some money from the MMA to some CDs, my mother signed the paperwork herself. A couple days later I called to inquire as to the status of the application. They said they had the POA but some paperwork the bank required had not been filled out thus they would not allow me to do anything with the account. This is likely not legal in light of Bank of America’s loss in court concerning this matter:

http://www.ncestateplanningblog.com/2009/11/articles/estate-planning/bank-of-america-liable-for-failure-to-honor-power-of-attorney/

Anyway 4 days later and still no CDs have been set up. All they had to do was move it from her Everbank MMA to the CDs. My mother and I have spoken to them at length about these problems to no avail. I have never been so frustrated with a bank in my life. Their CSR’s are rude and even the supervisors were no help. I would recommend avoiding this bank. It is doubtful we will stay with Everbank past the maturity of the CDs, that is if they ever even open the CD accounts as we instructed. If not then we can get rid of them that much quicker.

By: bob

bob — Mon, 15 Mar 2010 16:09:23 +0000

A week back, I went through a part of Everbank’s sign up process in the hopes of transfering my money. I actually didn’t mind the credit check and the request for employment details, even though it seemed like overkill just for setting up an MMA to handle my money. (If anything, they should provide me their credit ratings to indicate that they are qualified to handle my money!) But I became concerned when they did not have the linking up of an ACH account as part of the sign up and initial funding process. The only way I could fund it was to send a check or wire the money. That was a red flag.

So began a more extensive research on this bank — visited several sites, read hundreds reviews by different people. Reviews dated 2006 and before were overwhelming positive, while more recent reviews were overwhelmingly negative. Shoddy customer experience seems to have been the norm with them for the past few years — in the MMA/CD-type accounts as well as in mortgage accounts. Many reported experiencing a horrid sign up process. I counted at least two dozen ’stay away from Everbank’-type warnings recorded just within the past year. In short, Everbank’s customers are screaming Buyer Beware. In the end, I decided to heed their suggestion and not to sign up.

Though my money earns less now, I decided that the additional few decimal percents was not worth all sign up and customer service hassles that seems to be the norm with Everbank. At this day and age, any bank that does not allow the setting up of an ACH account during the sign up process seems suspicious.

If banks can sign me up for a credit card account with over $20,000 of their money, effect balance transfers in less than 10 days and send me the card in less than a week, surely they should be able to do better when dealing with my money. Everbank’s shoddy sign up processes and shoddy service strike me as designed and intentional incompetence to milk customers in every little way they can. How such a bank has been well-rated by some sites is beyond me. I suspect that some of these reviews were posted by Everbank’s own people as someone suggested.

I’m posting this here so some may potentially benefit off of my research — hopefully, it will at least minimize the amount of research for some.

By: Don

Don — Tue, 26 Jan 2010 16:51:04 +0000

Two more things about Everbank:
1) watch out for the way the returns are calculated on the BRIC CD. They take an average of how the currencies are doing vs. the dollar every six months, and your final payout is based on this average after 3 years. For example, say the BRIC currencies go up 2% every six months, so after 3 years the index is up approx. 12% vs. the dollar. Your payout on the CD is only 7% (the average of 2, 4, 6, 8, 10, and 12%). Very tricky and not well explained.
2) Everbank foreign currency CD’s have horrible exchange rates. Depending on which currency you look at, expect 2-4% off the market exchange rate. There are other ways to invest in foreign currencies that don’t rip you off as much. Do you homework, and buyer beware.

By: matt

matt — Mon, 26 Oct 2009 05:03:43 +0000

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.

By: debA

debA — Wed, 21 Oct 2009 18:12:20 +0000

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.

By: michael

michael — Sun, 30 Aug 2009 22:55:25 +0000

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.

By: djblack70

djblack70 — Mon, 24 Aug 2009 12:20:53 +0000

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.

By: martyh

martyh — Tue, 18 Aug 2009 21:18:56 +0000

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

By: Scott

Scott — Tue, 18 Aug 2009 15:19:18 +0000

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.

By: AndreC

AndreC — Tue, 11 Aug 2009 02:03:20 +0000

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.

By: martyh

martyh — Mon, 10 Aug 2009 18:06:33 +0000

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

By: martyh

martyh — Mon, 10 Aug 2009 17:28:10 +0000

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

By: Jean

Jean — Fri, 07 Aug 2009 13:18:10 +0000

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?

By: NM

NM — Fri, 31 Jul 2009 23:16:42 +0000

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.

By: ChrisV

ChrisV — Thu, 30 Jul 2009 20:54:12 +0000

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%)

By: AndreC

AndreC — Wed, 29 Jul 2009 03:04:41 +0000

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.

By: Alice Stone

Alice Stone — Tue, 28 Jul 2009 08:45:13 +0000

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!

By: amyb

amyb — Mon, 27 Jul 2009 09:21:37 +0000

Thanks for the review– FYI, the Customer Service phone is open 24/7.

By: Stephen R Cruz

Stephen R Cruz — Sun, 26 Jul 2009 19:42:00 +0000

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…

By: Eric

Eric — Sun, 26 Jul 2009 06:21:50 +0000

Yup sounds like utter complication to me. Pass.

By: carole

carole — Sun, 26 Jul 2009 01:29:40 +0000

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.)

By: bosco

bosco — Sat, 25 Jul 2009 19:07:39 +0000

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 :)

By: David C

David C — Sat, 25 Jul 2009 01:55:10 +0000

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.

By: Aryn

Aryn — Fri, 24 Jul 2009 16:27:32 +0000

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!

By: Flexo

Flexo — Fri, 24 Jul 2009 15:33:14 +0000

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.

By: MyJourney

MyJourney — Fri, 24 Jul 2009 15:22:09 +0000

Flexo,

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?