I received a notice that EverBank is making a few changes to some of their more popular accounts as of June 1, 2009. Below is a summary. FreeNet Checking
The Everbank FreeNet Checking account is their high-yield checking account with ATM rebates. The current promotion is a introductory rate of 1.10% for the first 6 months, and then a tiered yield from 0.70% to 0.86% APY.
- Online Billpay Requirements. The minimum balance required to get optional online billpay for free increases from $1,500 to $5,000. Otherwise, the monthly fee for billpay rises from $4.95 to $8.95. In my opinion, this doesn’t make any sense. Most banks offer billpay for free in order to attract balances. If you pay bills, you gotta have money flowing in, right? However, if you don’t use this service, there is still no monthly fee or minimum balance requirement for just the checking account.
- Automatic ATM Rebates. EverBank will now automatically reimburse up to $6 per calendar month in U.S. ATM fees if you maintain a $5,000 average monthly balance. Before, you had to send in ATM receipts in prepaid envelopes. They continue to not charge any ATM fees on their end, for either domestic or international ATM usage.
- $50 Satisfaction Guarantee. They always had it, but had stopped advertising it for a while. To qualify, first you must be a new customer, open an account, and make 3 bill payments. Then, if you still choose to close your account within 30 days of your 3-month anniversary, they’ll send you a check for $50.00.
Yield Pledge Money Market
The Yield Pledge Money Market account is their high-yield savings account, offering a 6-month bonus rate of 1.10%. The regular rate is currently 0.86% APY. The account “pledges” to stay amongst the top 5% of competitive banks. Sadly, these rates are competitive these days.
- Minimum Balance Requirements. The monthly account fee if you don’t maintain the minimum balance will rise to $8.95 from $4.95. The minimum balance itself will rise to $5,000 from $1,500.
I guess they are trying to clear out the lower balance accounts. These follow changes from Bank of America and WaMu/Chase. You can read my Everbank application review here.
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I’ve been an EverBank customer for four years and I am thinking of moving to ING to avoid the bill pay fee…$5,000 in a checking is too much in my opinion.
Yes, $5,000 in a checking account is way too high. I currently have chase but they offer peanuts of an interest rate, hence the reason I have only a few bucks in the checking account. I have a decent rate with the savings account though ~2.5%.
Hi Ryan?
Who do you have saving acct with? 2.5% is pretty high.
Hi Sandy,
Sure, I have doral (www.doralbankdirect.com) for savings.
Ryan
Why would I get rid of my Schwab Investor Checking account for this? Sure, Schwab only offers 0.75% interest, but there’s no minimum balance/fees, as many ATM refunds as you want (though you have to wait until the end of the month), and free bill pay. Plus, their savings account offers higher non-promo interest (1.75%) and no minimum balance. Much more friendly.
Any ideas for a high rate savings account?
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.
Well, once (long ago) Everbank disproved the rule. Today, however, Everbank lives the rule — banks are simply (even) bigger fee-pigs than ever before. Customer be damned. Started with Wingspan in 1999. Great until they were bought by some big greedy bank and shut down (unless you wanted to “log on” to the big bank’s clunky, cumbersome, pork-filled online “bank.” Move to Everbank. Fine for several years. Oh, sure, always wondered why they couldn’t really post my ACH paychecks until AFTER they’d “cleared” (typically 4 to 6 days after my employer posted them [I’m the accountant, so I know when the employer-bank actually posts the ACH payment to Everbank]). But, of course, they were living off the float. Soon after they were bought (or merged or whatever with some other “bank”) things went awry. The Evertrade account could no longer be conveniently tied to the Everbank account (a convenience for which I was dumb enough to pay 9.95 a trade). So, move that account to another outfit. Now, 5K minimum to transact billpay and, apparently ATM (we have seen no ATM rebates for awhile). Yep, these guys are fat and happy getting fatter and happier. Neat how the banks are using the whole charade of “banking system failure” to prop those bottom lines while everyone else is below net zero. It won’t be long before we move our account from Everbank. Thanks to previous posters for some good ideas on other online services.
EVERBANK closed my corporation accounts without any reason or explanation. The account balance never was below 10K or even more.
They just do things because they feel it and nobody cares to explain or help.
This bank cannot be trusted.