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EverBank has shown steady asset growth since its inception in 1961. The bank has grown substantially through the difficult economy of the past few years, indicating its ability to withstand difficult times. EverBank has not needed TARP assistance and has not fallen prey to some of the home lending practices that have damaged its competition.
Account Incentives
For personal banking customers who open a high interest checking account, EverBank has a $50 satisfaction guarantee. Customers who use the Online Bill Pay service at least three times and still choose to close their account within three months will receive a check for $50. Customers who keep a $5,000 average daily balance will receive unlimited ATM fee refunds.
Unique Offerings
EverBank offers both business and personal bank accounts. The personal High Yield Checking has a high APY of 1.26 percent a year. They also have a CDARS CD, which provides FDIC insurance for deposits up to $50 million and has terms from three months to three years. Personal banking customers also benefit from the bank’s money market account, which allows them to write three checks a month from their savings.
For business banking customers, EverBank has cash management, small business banking services, global transactions capabilities, and online banking services. High yield business money markets have an APY of 1.01 percent.
Awards and Accolades
EverBank earned four out of five stars for financial strength and stability in 2010 from Bankrate.com. It also has consistently received a “Superior” rating each quarter from IDC Financial Publishing. BauerFinancial gave the bank four stars in 2008, indicating they felt it was a safe and financially sound institution.
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EverBank provides a workable solution for short term savings with some of the higher interest rates among its competition. In 2010 the bank’s money market had a three-month introductory rate of 2.01 percent, which is one of the highest in the industry. However, banking customers need at least $1,500 to open this account, which some may not have. Other accounts also have high minimum and average daily balances required for all benefits. For instance, in order to use the free online bill paying service or to qualify for the Yield Pledge Money Market Account, customers may need a $5,000 minimum deposit.
Some customers have complained that the checks and cashiers checks they sent for substantial deposit amounts were held for extended periods of time. Others have stated that the process of getting access to the online accounts is quite difficult, often requiring a call to a sometimes unhelpful customer service department.