<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > Everbank Makes it Ever-Difficult
 

Everbank Makes it Ever-Difficult

August 23rd, 2014 at 07:03 am

After a fair amount of time researching CD rates (I'm determined to do better than the measly .06% I'm getting with my Vanguard money market), I decided to put $10,000 in an Everbank 5-yr CD earning 2.30%.

I called last night and since it was after hours, he emailed me the forms I'd need to fill out. There were 3 different forms with over 25 pp. After using up a good deal of printer ink, I saw in one form where they actually ask for your employer's name and how much annual income you make.

This is ridiculous. Since when do banks ask for this info? I'm aware of some credit card applications that ask for income and type of occupation, but this is going too far. And frankly, I don't see the relevance of my earnings when I'm handing over ten grand.

I've opened up CDs before (at State Farm, last year, most recently) and never had to disclose this.

I called to confirm that this info was in fact a requirement and she said yes, it was. I voiced my disagreement over the phone and again over email and then tossed the printed out application forms.

Truly annoying and way too invasive. I'm tired of having to disclose every nuance of my financial life whenever I want to do something. So I won't.

7 Responses to “Everbank Makes it Ever-Difficult ”

  1. My English Castle Says:

    Seems completely unnecessary. I'd be tempted to say I worked at MYOB Inc.

  2. MonkeyMama Says:

    MEC - perfect!

    I don't know that I have ever been honest about my income on *any* application ever, except maybe a mortgage application. Everyone asks for it, and it's nobody's business. (I under-estimate income, of course).

    I signed up for a 6% CD this year with a CU and they are clearly very interested in having me sign up for loans and investments with them. I am guessing they asked me for my income when I signed up. I feel like I do about the credit card rewards. I signed up for one thing and if they are super annoying about it than I Will never sign up for anything but their promotional rates and bonuses. IT's not a way to win long-term customers.

  3. creditcardfree Says:

    I decided not to put any money in with Everbank either. I think it was because I wouldn't be able to transfer the money back to the original bank account, or something really weird like that.

  4. scfr Says:

    Blech - No reason they need to know that! Consider Barclay's ... 2.25% for a 5-year CD. I've been banking on-line w/ Barclays for over 2 years and have been happy with them.

  5. PatientSaver Says:

    I am with barclay's already, scfr, but strangely, they don't do IRA products.

  6. rob62521 Says:

    How ridiculous.

    We had money in our money markets making next to nothing and decided to take part of it out and ladder it into cds. We had our financial adviser do it for us (the banks paid him)and he got a little better rates than we could have and we didn't have to deal with all this.

  7. scfr Says:

    Ah - I did not realize that it was an IRA. And I did not know that Barclay's did not offer IRA CDs. Bummer. I hope you find something you like!

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]