Consumers are increasingly making the change from traditional bricks and mortar banks to internet banks that often provide better deals. The Ever Bank is an internet bank that offers a high yield interest bearing checking account with no monthly maintenance fees, making it an attractive option for consumers who want to earn interest on their checking account balance.
Many of the traditional bank charges are not applied to the checking account. There is no overdraft protection fee or fees for checks. However customers reap the most benefits if they can maintain an average daily balance of $5,000. Those who do so are guaranteed that all ATM surcharges incurred by using out of network ATM’s will be refunded in full.
Additionally online bill pay is offered as a free service to customers who maintain the daily balance requirement. Customers with average daily balances below $5,000 are charged $8.95 per month for the online bill pay service and do not receive automatic refunds on ATM surcharges.
As Ever Bank offers a competitive interest rate on balances customers are not losing out by maintaining a high balance in their checking accounts. Regarding the interest rates paid on the checking account the bank makes this pledge: “Ever Bank promises to keep the yield on your account in the top 5% of competitive accounts as measured the last Wednesday of each month in Bankrate Monitor.”
As of August 2011 the current tiered variable interest rates payable on checking account balances begin at 0.51% on balances of $9,999 and less, rising through different rates until balances over $100,000 attract 1%.
Accounts can be opened with a minimum deposit of $1,500 but there is no requirement to maintain a balance once the account is opened. Checks can be sent or a wire transfer executed, to open the account. Customers then receive checks and a debit card, and may use direct deposit. Customers who enrol in the online bill pay can also access mobile banking. Ever Bank sends e-mails and text alerts, and statements are issued online.
Ever Bank says it is FDIC insured which is vital. However as at this time there is a note on their website regarding temporary changes to the application of FDIC across some accounts, it is recommended to clarify the exact position before opening an account. With only that one reservation to be clarified the Ever Bank offers a welcome change from traditional checking accounts with their bevy of fees.
The account is best suited to those who intend to maintain an average daily balance of more than $5,000 in order to take full advantage of the completely free service which this level of investment qualifies for.