Anyone use EverBank?

[RCA]

It seems that they offer some amazing accounts. For instance, they offer almost 3% interest on a checking account! I have been banking with BOA for all of my life. They also seem to offer other types of diversified investments like precious metals and foreign currencies. I was wondering, if you invest in a foreign currency or precious metals account and the bank were to fail, would all of your accounts be lost?

 

[Dr.3D]

Probably. It depends on what kind of contract you have with them. Even those banks with depositor insurance are not safe, because the insurance company can go bankrupt.

 

[Corydoras]

Ask Bradley about EverBank-- he's done business with them before.

But they aren't the only ones with good rates. Etrade.com, although they are mostly a brokerage, has some good rates for checking and saving, as they own a bank as well as a brokerage.

Also check out ingdirect.com.

 

[Fox McCloud]

remember, the higher the interest payed on your account, the higher the risk that exists, somewhere.

another good adage: If can't hold it, you don't own it--it's just numbers on a paper or bits in a computer that can "mysteriously" vanish.

 

[jonahtrainer]

It seems that they offer some amazing accounts. For instance, they offer almost 3% interest on a checking account! I have been banking with BOA for all of my life. They also seem to offer other types of diversified investments like precious metals and foreign currencies. I was wondering, if you invest in a foreign currency or precious metals account and the bank were to fail, would all of your accounts be lost?

Just about any bank, except Citi, is better than BOA. BOA is also extremely unhealthy with their capital structure.

I bank primarily with Wells Fargo. They are probably one of the most solid of the big banks. I also recommend using GoldMoney.

 

[Carole]

Question here.

If you have your gold stored by the entity from whom you purchse it, especially if it is bullion, is not that the first place the that government would go to confiscate gold if it should come to that? Like in the 1933?

I was under the impression that actually possessing your gold in semi-numismatic coins made it less likely to be confiscated.

 

[AceNZ]

If you have your gold stored by the entity from whom you purchse it, especially if it is bullion, is not that the first place the that government would go to confiscate gold if it should come to that? Like in the 1933?

I was under the impression that actually possessing your gold in semi-numismatic coins made it less likely to be confiscated.

In 1933 the government didn't actually "confiscate" gold. The public was "required" to exchange their gold for paper, but the government didn't actively search people's homes or anything like that. The reason behind what the government did was that they wanted to devalue the dollar by re-pricing gold as part of their "fix" for an ongoing banking crisis.

Gold isn't held anywhere near as broadly today as it was then, and the dollar isn't backed by gold, which means that the government doesn't have anywhere near the same motivation to do the same kind of thing again.

In 1933 numismatics were excluded. If something similar to 1933 were to happen again, that might offer some protection. Another option to store the gold in allocated form in an off-shore vault, in a country that respects property rights, such as Switzerland. You can do that with services such as GoldMoney or BullionVault.

 

[Bradley in DC]

Ask Bradley about EverBank-- he's done business with them before.

Yes, I have some accounts there including some foreign currency denominated CDs that have done well as the dollar has tanked. Overall, I've been happy, but one time on a phone conversation they didn't complete one in a series of transactions I requested. I noticed it a few months later, called, they checked the recording, corrected it and backdated the transaction so I got the gains.

 

[TastyWheat]

ING Direct and Charles Schwab have good rates. I kind of recommend Charles Schwab's free checking a little more. They give you stock trading ability.

 

[expatinireland]

Anyone use EverBank?

No, but given my experience in financial services a friend asked me to check them out.

I could not find any links to financial statements at Everbank's website so I contacted the company and was told that since they were a private company they were not required to make them public.

Well this immediately sent up a red flag for me, so I contacted the FDIC with a complaint and the FDIC sent me copies of their statements. I did not do an analysis of the statements as the fact that the bank would not openly divulge their financial position to a potential customer was enough to put me off.

The way the economy is going I would keep my investments spread around, as I expect many banks to be closing up shop before its all over. The FDIC has just started rehiring some of their retired workers getting ready for the deluge.

 

[expatinireland]

Everbank financial statements

Here is where you can access Everbank's financial statements at the FDIC:

You can find information on Everbank on our web site at our Institutional Directory http://www2.fdic.gov/idasp/main.asp. Once there under find all click on institutions. Put in the FDIC certificate number is which is 34775 where it says FDIC Certificate # and click find. From here you ill be able to see financial reports.

Oh, and by the way here is the response I received from Everbank when I requested their financial statements:

Thank you for your message. You can retrieve information about Everbank
on our homepage at www.everbank.com under the "about us" section of our
website. This section will provide you with our history as well as any
awards and recognitions we had acquired. As for a Balance Sheet or
Income Statement, we are a privately owned company and do not disclose
this information.

Should you have any further questions, please feel free to contact our
Customer Care Center 24 hours a day, 7 days a week toll-free at
888.882.EVER (3837) or if you prefer, email us at [email protected].

Happy EverBanking!