Last I checked, this is the twenty-first century. In the last few years, I have developed certain expectations for the banks I deal with, particularly those that offer online banking. On July 8, I signed up for an account with EverBank, a money market account offering a high bonus interest rate for the first three months after opening. I’m aware that the PATRIOT Act established “Know Your Customer” regulations that require banks to protect themselves against laundering, identity theft, and theoretically, terrorism, but this is ridiculous.
After signing up for the account online, I received a pre-printed application in the mail four days later, July 12. I returned the application, signature card, and check — EFT or ACH funding was not an option — through the mail the next day. I received no further communication from the bank until July 20. This communication came in the form of an email to let me know my paperwork had been received and I must want until I receive a welcome packet in the mail. The welcome packet will include my account number, and like a wild goose chase, I won’t know my next steps for establishing this account until I receive this next communication.
It has been two weeks so far, and I do not have access to my account. Other modern accounts provide access and funding within days. While EverBank does not describe their High-Yield Money Market Account as an online account other than to say that online access is available, the amount of paperwork is reminiscent of the 1990s.
At some point, I hope to provide a full review of the opening process and accessing money through EverBank, but it’s taking longer to get to that point than I anticipated.
Updated June 16, 2011 and originally published July 21, 2009. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.