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Home > Goodbye, Netbank; No thanks, Everbank

Goodbye, Netbank; No thanks, Everbank

May 22nd, 2007 at 05:56 am

In case you hadn't come across this, Netbank is being taken over by Everbank, and the changeover may be finished by the end of June.

Text is biz.yahoo.com/pz/070521/119898.html and Link is

I've read good things about Everbank, but their money market account is too rich for my blood right now. I'm using our Netbank MM to try and build up a Fully Funded Emergency Fund. Netbank wants to you keep a minimum of $500 in the account, so although we have $955 in there, only $455 is really available for emergencies. I found that frustrating enough. But Everbank wants even more--a minimum of $1500 to avoid a monthly fee of $4.50.

Text is www.everbank.com/001MoneyMarketYP.aspx and Link is

So I'm looking for alternatives. Right now it looks like Capital One Bank is our best bet. $1 to open their MM, no minimum balances to maintain, no fees. Plus they apparently send out paper statements! Smile

If anyone has experience with Capital One as a bank, I'd like to hear it. I only had a credit card with them years and years ago.

3 Responses to “Goodbye, Netbank; No thanks, Everbank”

  1. C Says:

    I've had a Capital One MMA since October of last year. I've had a pleasant experience with them. It even comes with an ATM card just in case you have an emergency that cannot wait for an ACH transfer. Plus, withdrawals are limited to 6 per month so you won't be tempted to spend all of your money. And I have yet to have been charged a fee for anything.

  2. gabrielfreeman Says:

    I don't know what kind of APY you're looking to get, but ING Direct is an easy way to go. Currently, they're paying 4.50% and you can transfer money back and forth from your linked account very easily. Of course, it does take a few days for the money to post. The interest is paid monthly and it's better than most branch banks.

  3. David Says:

    I am in the process of leaving Everbank after almost 10 years of what started out as a satisfactory and sometimes pleasant banking experience.
    As with a lot of companies, Everbank today spends much more in resources and capital on getting a new customer than in keeping them, losing any sense of customer service save the department name.
    My recommendation; if you must, use them for their initial offer, then switch to a bank that is more devoted to their customers over time and seeks to not only meet, but exceed expectations.



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