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Anyone used Everbank
Old 08-16-2008, 09:56 PM   #1
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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?
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Old 08-17-2008, 07:04 AM   #2
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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.
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Old 08-17-2008, 09:02 AM   #3
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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.

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Old 08-17-2008, 02:34 PM   #4
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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.
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Old 08-19-2008, 06:41 PM   #5
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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
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Old 08-19-2008, 06:44 PM   #6
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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.
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Old 08-23-2008, 08:49 PM   #7
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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.

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