Comments on: Everbank Review

By: bob

bob — Mon, 15 Mar 2010 16:05:11 +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: Melanie

Melanie — Thu, 31 Dec 2009 16:14:20 +0000

As of Dec. 31, 2009, the current APY is 1.50% after the first year for the high yield account which is .27% lower than the first year APY.

By: Melanie

Melanie — Tue, 29 Dec 2009 03:32:16 +0000

Does anyone know what happens to your interest rate after 1 year at Everbank? I checked their website and it’s hard to figure out exactly how the rate changes. Please help explain it to me, thanks.

By: Susan

Susan — Mon, 14 Dec 2009 03:38:42 +0000

Seems like I’m the minority here but my account with Everbank has been fine. They are similar to other banks, just with a better yield for my money. I have their yieldpledge account and I’m happy with them so far, although I rarely have problems with any bank. If you are looking for a good return on your money and you want safety, it seems like there are no better choices today.

By: Mark Fleischer

Mark Fleischer — Thu, 26 Nov 2009 22:53:39 +0000

My experience with Everbank has not been very positive. About 18 months after they recruited my buisness banker from BBT , Everbank decided they did not want to be in the commercial banking business and fired most of the commercial loan department. Then Everbank went about the task of calling a lot of the commercial loans they had. This is certainly within the banks contractual rights but it only adds to the problems small business faces in this unprecedented recession. It also helps contribute to the unemployment problem as it has greatly impacted a lot of small businesses ablility to operate.

By: John

John — Fri, 20 Nov 2009 03:55:42 +0000

I recently applied for a savings account with EverBank. With an opening fund of $5k, soon to triple, I was /turned down/. For a money market savings account. It first took them a week and four phone calls to even acknowledge they had my paperwork (despite my having a tracking number proving they had it from the first day I called), at which point they said “Sorry, you’ve been declined, but I can’t tell you why”, although in all fairness the guy was really polite about it, and did apologize for the problems.

A week later I got a letter saying I’d been turned down. They’re obviously doing so well they don’t need additional depositors. I can’t say I’m inclined to attempt to do business with them again.

By: Juno

Juno — Thu, 19 Nov 2009 18:20:36 +0000

I heard that Everbank is expanding that they are trying to attract more deposits. If this is true, could a rate increase be far off? It’s looking good for this bank and I have a hard time believing that everyone is having so much trouble with them.

By: Tony

Tony — Wed, 04 Nov 2009 23:34:02 +0000

Agree with Scott…..I got nothing but a run around, and in the
mean time they are using my desposit.

By: Jason

Jason — Fri, 02 Oct 2009 07:44:51 +0000

I don’t know why everyone is having so much trouble because I still love the bank. Great rates and no problems so far. It also seems like most people are having issues with the mortgage side when this post is more about the bank and the everbank yield pledge (money market) account.

By: Terry Smith

Terry Smith — Mon, 21 Sep 2009 01:21:25 +0000

Stay away from EVERBANK and EVERHOME mortgage in Jacksonville, Fla. They have ripped me off for for about 35,000.oo to 40, ooo.00 dollars and mortgage fees, late fees, etc. There phone service is inadequate particullary when it comes to any changes like a zip code or addres change. If you request personal service for there own vault it only last for a short while and then gets evern worse.

Zero follow up, Loss of funds to me because Everhome would not allow me to make payments early on a no prepayment loan and continue to delay monies for there own personal gain….This is not legal. They claim to have left the state to Florida and it appears they are scurting the inevitable Robert Clement’s arrest.