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Still Waiting for EverBank to Open My Account

This article was written by in Banking. 8 comments.


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.

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About the author

Luke Landes is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about Luke Landes and follow him on Twitter. View all articles by .

{ 8 comments… read them below or add one }

avatar Apex

It’s easy to provide a 3 month bonus interest rate when they can hold your money interest free for a month. :)

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avatar Aryn

It only took about 10 days total to get my account open. I also started collecting interest from the date they received my check, even though I didn’t get the account number and online access until a few days later.

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avatar Eli Sarver

That’s odd, ING never asked me to sign anything physical at all.

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avatar Luke Landes ♦127,550 (Platinum)

It’s been a while since I opened my first ING account, but I don’t believe I had to sign anything for them either. (When I opened a business account at ING there was a lot more paperwork, but that’s expected.) Several other online banks required no physical paperwork at all. A few required a signature card, though that was after the account was open and I already had access.

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avatar melodiiii

i’m trying to get money back out from ShoreBank. So far nothing but trouble.

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avatar Greg

When I attempted to open an account with Everbank, (a year ago) they sent me the application in the mail,
and when I sent it in (WITH my check), I heard nothing. When I called them, they told me I couldn’t
have an account, because I was deceased (and were pretty snippy about it) . My Dad, who had a similar name, HAD died a
couple of years ago, and Experian (and only Experian) had made a mistake and declared me dead.
Rather than doing the minimal amount of detective work to determine I was still alive, Everbank
refused to deal with me anymore (they DID eventually return the check), so I won’t ever deal with
them, and will in fact recommend no one else do so either. Admittedly, they do offer a good deal, I
guess, but ‘buyer beware’. I don’t have a warm feeling about their intelligence or customer
relations.

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avatar Craig @ Money Help For Christians

I had an Everbank account for about 4 months. I also had a painful experience getting the account open and then continually had issues with transferring funds. Not the kind of service I was looking for in a bank. I moved on to ING and have never been more pleased with a bank.

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avatar Scott

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 $255000.00 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.

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