This review is based on a recently opened account (2 months).
I moved to Everbank from another Internet bank only due to the higher checking interest rates.

Basically, I'm getting what I expected based on their advertising. There are a few gotchas that are not obvious, but can cause frustrations.

- When you pay by online bill pay, Everbank automatically deducts the payment amount from your account 2 days after the "send" date - regardless if the payee cashed the check. This means you can not use the register or payment history to indicate checks that cashed by the payee. I've sent 3 checks so far. I have already had one payee that said they never received the check 9 days after the send date. I have not gotten confirmation that the other checks have been cashed either.

- 2nd online payment gotcha. You specify bill-payments by the payment send date. With my prior bank, I could specify the desired payment delivery date which was much easier since the bank handles the variances between snail mail checks and EFTs.

- 3rd online payment gotcha - when setting up recurring online payments. In the event of the a holiday or weekend. Everbank will schedule the payment to be sent the FOLLOWING business day. if you're the type of person that likes to pay a bill close to the due date, this could cause problems. At my prior bank, they would schedule the payment for the PRIOR business day. (much safer strategy)

- With my prior Internet bank, I could download transactions directly from the Quicken application. However with Everbank, I have to initiate the transaction download from the website. Those of you who run the batch transaction downloads in Quicken will know what I mean.

- With my prior bank, they could figure out the ATM transaction fees like $1.50, $2.00, etc. about 99% of the time and automatically credit my account. However, Everbank requires that I mail in the credit request in a deposit envelope.

I'm most disappointed with the way their bill-pay system works. I've already encountered one late fee from a payee for a check that "never arrived." Evberbank said they would investigate it, but if this happens again I'm going to consider going back to my old bank. The higher interest wouldn't be worth the hassle.

Recommended: No