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EverBank Fees Change on FreeNet Checking

May 19th, 2009

Everbank‘s FreeNet Checking Account, which offers an intro rate of 2.51% for the first 3 months followed by between 1.02 to 1.65% APY, has recently updated its fee schedule. They used to have an online billpay requirement of $1,500 but now has been bumped up to $5,000. If you have online billpay and fail to meet this minimum balance the monthly fee is between $4.95 and $8.95. This new fee seems very silly for me as most banks try to encourage their customers to use their online billpay feature.

It’s not all bad however, EverBank has always reimbursed $6 in ATM fees per month. The new change is that you don’t have to send in your receipts to get your money back, they will now refund you the charge automatically. This is a nice feature as holding on to your ATM fees every month is quite annoying. The downside again is that you must have the $5,000 minimum balance to get the reimbursements.

EverBank has a $50 satisfaction guarantee. If you open a checking account, make 3 bill payments, and keep your account open for 3 months, you can get a check for $50 if you close your account. Again, this doesn’t make much sense as a business to give away money for closing your account, but I guess they seem to think it works.

Everbank offers a Yield Pledge Money Market Account which is their high yield savings account offering a 3 month intro rate of 2.51%. After that the rate falls to 1.65%. Again, the minimum balance on this account is $5,000 to avoid the monthly fee.

Everbank has a very strong 4 out of 5 star soundness rating from bankrate and is FDIC insured.

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  1. Steve
    June 29th, 2009 at 19:57 | #1

    Did you say………a……intro……I think you meant…..an….intro rate

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