EverBanker Newsletter
6 bank fees you won't find at EverBank®
Rather than helping you save money, you may sometimes feel that banks do just the opposite with the fees they charge consumers. But as with most banking matters, EverBank® does things differently.
Below are some fees that you'll find increasing at many other banks, but not at EverBank.
ATM fees
When you get cash at an ATM, you may get charged two fees. If you’re using an ATM that doesn't belong to your bank, you may incur a charge from your bank, and from the bank that owns the ATM.
EverBank doesn't charge ATM fees-no matter what ATM you use. And EverBank also reimburses customers up to $6 a month for ATM fees that other banks may charge.1
Here are some ways to minimize or completely avoid non-customer ATM fees:
- Use the EverBank online ATM locator to find free-ATMs in our network—there are more than 13,000 across the country. See our monthly tip to learn more about our ATM locator.
- Find ATMs that are free of fees or locate ATMs with the lowest fees.
- Take out a larger amount of cash at once at ATMs instead of taking out several smaller amounts over time.
- Get cash when making a check card purchase—some stores will allow you to get cash with your purchase at no additional cost.
- Make your purchases by credit card—which can help you save the amount of cash you have on hand and may even help you earn cash through rewards programs.
PIN initiated transaction fees
When you make a purchase with a check card, you can complete the transaction with a Personal Identification Number (PIN) or your signature. Since banks typically get paid a fee from the retailer when you sign for a purchase, some banks now charge you a fee when you use your PIN to buy something.
EverBank doesn't charge PIN fees for debit card purchases. But if you need to make a purchase, it might be best to use your credit card instead. That way, you can take advantage of your credit card’s reward program. If you don't already have a credit card with rewards, consider the EverCard® Visa® Platinum credit card—with an optional rewards program, no annual fee, industry-leading low rates, and categorization and reporting in the Online Financial Center.
IRA fees
If you have an IRA at a bank, you may have had to pay a fee to open the account as well as to maintain the account. Some banks may also charge other fees.
At EverBank, there are no fees for personal Yield PledgeSM Money Market Accounts or Yield Pledge Certificates of Deposit (CDs) that are opened as IRA products. If you're unfamiliar with the Yield Pledge products, their yields are pledged to be in the top 5% of competitive accounts of leading banks.2 You can learn more about each by clicking on the name of the product above. Or, click here to learn more about all the IRAs EverBank offers.
Assistance fees
To get you to use more automated or online services and reduce their number of branch workers, some banks charge fees when you speak with a service representative, whether in the branch or by phone. Some banks even charge a fee for using their automated phone system.
EverBank is mostly a branchless bank and doesn't charge assistance fees. There are no fees for phone, e-mail or any other type of customer assistance—including World Markets account assistance, which can be difficult to find for free of charge in the industry. And we're available 24/7 so you can reach us for no fee when it's convenient for you (except banking holidays).
Dormancy fees
You may have accounts open at several banks, but may not use them regularly. There are some banks that charge you a fee to keep such inactive accounts open.
There are no dormancy fees at EverBank. But if you do have other bank accounts that you don't use, you might consider closing them, just in case. Since closing bank accounts doesn't impact your credit score, you can close as many as you need.
Account-closing fees
If you intend to keep a bank account open for a short amount of time—possibly 12 months or less—check if the bank charges a fee for closing accounts within a specific time period. Some banks charge $5 or more.
As much as we wouldn't want you to close an account, EverBank charges no account-closing fees as long as you don't close your account within 30 days of opening it.
Fees EverBank does charge—and how to minimize or avoid them
EverBank does charge a $4.95 monthly fee for Online Bill Pay if your FreeNet® Checking balance goes below $1,500. EverBank also charges a $4.95 monthly fee for our Yield Pledge Money Market Account if your account balance goes below $1,500.
The best way to avoid these fees is to make sure maintain the $1,500 minimum balance in your account(s). You can keep track of this in the Online Financial Center, from your Internet enabled mobile phone or by setting up an alert to be sent to your e-mail address whenever your account balance drops below the minimum. That way, you'll be sure you maintain the minimum balance in your account(s) to prevent these fees from being assessed.
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