EverBank

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hirlaw
Posts: 464
Joined: Tue Sep 29, 2009 10:20 am

EverBank

Post by hirlaw »

Has anyone had any experience with EverBank? I am considering a money market there. I currently have Ally accounts and am bumping up on the FDIC max. I am looking for an account that allows check writing.

Thanks!
123
Posts: 10387
Joined: Fri Oct 12, 2012 3:55 pm

Re: EverBank

Post by 123 »

Their MMF checking is okay, rates are higher elsewhere. Since you are bumping up against FDIC limit you may want to use a bank that is offering more attractive CD rates as well. "New" banks go on campaigns to raise deposit with higher interest rates. Everbank seems to have stopped doing that now for the most part. Synchrony Bank (formerly GE Capital Retail Bank) seems to be often be at the top of current rate offerings, you might want to check them out. Synchrony did an IPO earlier this year so they want to build deposits. American Express Bank offers a good MMF Savings rate as well but their CD rates haven't been as attractive as Synchrony.

With internet banking we have to be aware that the "Leader" in interest rates typically drops rates lower over time.
The closest helping hand is at the end of your own arm.
aerofreaky11
Posts: 195
Joined: Fri May 02, 2008 5:49 am

Re: EverBank

Post by aerofreaky11 »

I've used Everbank as my primary checking account for years. They reimburse for atm fees and I earn interest. All assistance I have needed has been friendly and prompt.
Small Change
Posts: 112
Joined: Wed Oct 20, 2010 11:51 am

Re: EverBank

Post by Small Change »

I've also used them as my primary checking account (for upwards of 10 years).

The website has improved but still isn't as slick as Ally's. I concur with aerofreaky11--the customer service (when I'm forced to call them since no online 24/7 chat available) has been friendly and efficient (with nice Long Island accents to boot).
madbrain
Posts: 6504
Joined: Thu Jun 09, 2011 5:06 pm
Location: San Jose, California

Re: EverBank

Post by madbrain »

I like them and I still have an account, though it's not my primary one anymore.

I really like the scanner check deposits, which almost no one else offers . They also offer mobile deposits, but I find the scanner to be a faster and more convenient process.

You can also get your ATM withdrawal limit increased if you need to occasionally, something many other online banks won't do.

They are good for international wire transfers too.

I agree their rates are not the best anymore, but then again deposit rates are low pretty much everywhere.
ourbrooks
Posts: 1575
Joined: Fri Nov 13, 2009 3:56 pm

Re: EverBank

Post by ourbrooks »

Maybe not of much interest to the OP, but EverBank offers foreign currency accounts and doesn't charge for SWIFT wires into the accounts. For converting foreign currencies back to dollars, they claim they offer market rates less a 1% fee. If you've ever had someone try and send Euros and the conversion was done by the sending bank, the fees can be $50 or more.
random_walker_77
Posts: 2207
Joined: Tue May 21, 2013 8:49 pm

Re: EverBank

Post by random_walker_77 »

I've had everbank as my primary checking/savings for the last 14 years. Their customer service has been good, and I like the automatic ATM reimbursement. Deposits can be via scan or via prepaid mail. Their interest rate has always been competitive, if not among the top. I think their billpay is very reliable and convenient, and given their interest rate, I've not had to bother w/ segregating between savings/checking accounts. Their online ACH transfers have worked well.

I now have just a nominal MMA with everbank due to chasing better interest rates elsewhere, but a substantial checking account. Do note that their webpages can be misleading because of teaser interest rates for new accounts -- be sure to click through to find the ongoing rates. That said, I wholeheartedly recommend them for a primary checking account (used as a savings account too) and as a general "good enough" account that will consistently have decent rates. You can't go too wrong w/ everbank's MMA or checking account.
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kramer
Posts: 1952
Joined: Wed Feb 21, 2007 1:28 am
Location: World Traveler

Re: EverBank

Post by kramer »

I have been with Everbank for close to a decade. I have traveled and lived overseas for most of that time.

The good: Everbank consistently offers excellent CD rates and I now own one CD there. It is my only CD in a taxable account. Their overseas transaction fee with their debit card is 1% which is not bad but I have other 0% options so I use them strictly as a backup. They have a free service where you can login and send a paper check to someone. This has been very useful to me for sending money to my family for gifts and help from overseas, as my family doesn't have Paypal, etc.

The bad: I think they only reimburse ATM transactions if you are over some average account size limit which is several thousand dollars, and there is a fee for an average monthly balance of less than $800. This could have changed. My main pet peeve is that they are very strict about overseas use of their account, even if you have alerted them. I logged in to my Everbank account the other day and mis-typed my password one time. Now my account is locked until I call them and I have been too lazy to do so yet. I don't think I have actually used their debit card abroad since 2008 (for several years they raised the foreign transaction to 3% but now it is down to 1% again). Back in 2008 I was traveling abroad and they knew exactly where I was as I had alerted them. I bought an inexpensive airline ticket with the debit card, less than a $100 transaction. Shortly after that, the card was dis-activated. I had no idea about this (I was not alerted) until I tried to use it again at an ATM (even after that I was not sure) and this caused me problems. When I called to get it reactivated, they gave no reason for the original dis-activation.
retired recently
Posts: 579
Joined: Sun Oct 04, 2009 6:09 pm

Re: EverBank

Post by retired recently »

I have used them as my primary account for probably 10 years and am satisfied with them. Nothing extraordinary but better than BoA...
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siamond
Posts: 6003
Joined: Mon May 28, 2012 5:50 am

Re: EverBank

Post by siamond »

I recently opened a business checking account at EverBank for a small profit that I am the treasurer of. This turned out to be a tad more complicated than it should have been, but yes, customer service was friendly and reasonably efficient. And I really like the fact that this account is both a checking and a savings account (i.e. it generates reasonable interests), thanks to our non-profit status. Web interface is ok, yes, could be slicker, but does the job. Mobile deposits are great. Overall, I am happy with them. Only reservation: can't deposit cash.

PS. and yes, agreed with the previous poster, WAY BETTER than BoA. Which isn't exactly hard.
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Rob5TCP
Posts: 3811
Joined: Tue Jun 05, 2007 7:34 pm
Location: New York, NY

Re: EverBank

Post by Rob5TCP »

I used Everbank for years, mostly for their foreign currency accounts (before ETF's were available).
Their service was fine, never had a problem. I use Ally now. Mostly because they had CD's paying
around 2.7 or 2.75% with only a 2 month penalty for early withdrawal.
I have found Ally's service to be pretty responsive and I liked their website better.
Zhen
Posts: 56
Joined: Sun Jun 29, 2008 10:11 am

Re: EverBank

Post by Zhen »

Not sure whether anyone has used MySavingsDirect. It claims the highest rate of 1.05% on a saving account.
DWD
Posts: 153
Joined: Thu Feb 14, 2008 5:38 pm

Re: EverBank

Post by DWD »

Used Everbank for about a decade. I like that they pledge to be in the top 5% rates for checking, money market and CD's. Also like that you can scan checks to deposit.
Dave
marcos123
Posts: 145
Joined: Sun Sep 18, 2011 10:35 pm

Re: EverBank

Post by marcos123 »

Have been a customer for just over 10 years. Their MM and CD rates are no longer as competitive as they once were, and my balances there clearly reflect that fact. The rates on their 5-year CDs continue to be very competitive; however the EWP is WAY above market at 15 months.

Customer service is excellent. I usually get a one-day turnaround on their site's secured email or when I call.

Avoid their World Markets division. Their products encourage carry-trade speculation on primarily 'commodity currencies' - including the rampant use of NDFs (non-deliverable forwards) where physical currency delivery is of course impossible. Very un-Boglehead as an "investment," and you'll have to pay their transaction spreads of up to 1% twice (on both the forward purchase and sale of the currency).
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