Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Anyone used Everbank
Old 08-16-2008, 09:56 PM   #1
Recycles dryer sheets
Join Date: Oct 2005
Posts: 325
Anyone used Everbank

Thinking of moving some "business" (really just personal cash that is protected under an LLC) cash over to Everbank Business MM. Their MM rate is 3.25%, which seems really good right now. I'm thinking about putting about $700K there but I am a bit worried about some of the "bad" customer service stories I've read online. I've also seen some wierd things like they have a $10K per day ACH limit, which would obviously force me to do a more expensive wire transfer if I needed more.

Currently my cash is at Ameritrade earning a paltry 2.01% so we are talking several thousand dollars.

Anyone used everbank with a lot of money?

CybrMike is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-17-2008, 07:04 AM   #2
Gumby's Avatar
Join Date: Apr 2006
Posts: 9,214
I have about $70k with Everbank -- a checking account and some Brazilian Real-denominated CD's. Haven't had any problems with them, but then my needs are fairly simple.

Living an analog life in the Digital Age.
Gumby is offline   Reply With Quote
Old 08-17-2008, 09:02 AM   #3
Recycles dryer sheets
Join Date: Feb 2008
Location: Tucson
Posts: 118
I bought $100K Chinese renmimbi through them in January of 2008, keeping in mind the FDIC insurance limit of $100K for a single person like myself. The $5.5K in currency appreciation earnings since then are not covered. This is part of my "cash" position.

Their customer service is awful. I get to say this, because for seventeen years I ran a business which depended on customer service for it's success. From when I first attempted to obtain a hard-copy application (I don't have a printer to download their online version) until the account was actually opened, over three weeks passed, as the currency climbed. It took three calls to convince these hillbillies to put one in the mail to me. (No offense to anyone, I love the South, I just can't think of a better word to describe the obnoxious and unprofessional service I have consistently received from these maniacs.) With the exception of one female with whom I spoke, I've had a series of seemingly young, cocky and condescending reps who have consistently given me bad information, and talked down to me while they were at it. What more could I ask for from a bank?

In spite of all this, I remain fully aware that I approached them for the purpose of making money, not friends. They had a product (721,500 RMB) that I wanted, and were, at least at that time, the only game in town. May they get squashed by well-run competition.

tomintucson is offline   Reply With Quote
Old 08-17-2008, 02:34 PM   #4
Recycles dryer sheets
Join Date: Oct 2005
Posts: 325
They advertise $50 million FDIC insurance for business accounts. I had never heard of that before...still don't really understand it.

I am in the process of trying to get my bank to match the 3.25% MM offer. We'll see.
CybrMike is offline   Reply With Quote
Old 08-19-2008, 06:41 PM   #5
Confused about dryer sheets
Join Date: May 2008
Posts: 2

They use Cdars to insure your account over the 100k limit. Look up cdars on google. Their customer service sucks but there bank is supposed to be very strong. They give a little less interest on those CD'S. I closed my acct. a couple years ago but just opened a new account to get the secured cd
Tango is offline   Reply With Quote
Old 08-19-2008, 06:44 PM   #6
Recycles dryer sheets
Join Date: Oct 2005
Posts: 325
Yeah, I checked CDARs out after I posted that. Basically they just split the deposits up to multiple banks, but it appears as one statement, and it "appears" like it is at the one bank.

It says their Business MM is FDIC insured as well, but it doesn't give a limit, so I'm assuming the $100K limit. Looks like if I want some security in this day and age, I should go for the CDARs.
CybrMike is offline   Reply With Quote
Old 08-23-2008, 08:49 PM   #7
Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 1,127
I just use them for regular banking and checking. Their service with me has been excellent and I have called them a number of times.

Also, for overseas ATM withdrawals, they only charge a 1% currency exchange fee.

The only problem I had was that they once cut off my ATM/debit card awhile after I bought a cheap plane ticket with it in Thailand. Even though they knew I was there and I had been using the card regularly for ATM withdrawals.


kramer is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Everbank cds and low current cd rates DMS FIRE and Money 9 04-05-2008 04:40 PM
Everbank Icelandic CD 8.24% free4now FIRE and Money 23 05-15-2006 02:50 AM
Everbank seems to be a class act. GTM FIRE and Money 0 03-03-2005 06:24 PM
Everbank??? Beachbumz FIRE and Money 6 10-11-2004 02:21 PM


All times are GMT -6. The time now is 10:31 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.