I didn't become a tip of America customer the usual way. Twenty-six years ago. I opened an be with Flagship Bank which was acquired by Barnett tip which was acquired by Nation's Bank which was acquired by tip of America. Customer inertia clearly favors the big national banks. However. I'm leaving tip of America for reasons I'm about to explain – and for other reasons you'd benefit from as well. In some ways leaving Bank of America wasn't an easy decision. As the No. 2 bank in the U. S. it has more than 5,700 branches in 29 states. Plus once you've got checking accounts business accounts credit cards and electronic bill-paying in one place the sheer convenience makes you reluctant to act. I'm moving anyway. Here's why. Bank Error (Not) In My advance
My problems began when my publishing assort moved its banking relationship from tip of America to Citigroup because customer service according to one executive in accounting was "pathetic." (An omen of what was to come.) After the change by reversal every time I deposited a check from my publisher it was routinely held often for over a week. Yet my deposits were clearing my publisher's be – and my own Vanguard accounts – the very next day. I open this irritating to put it mildly. But I was told that nothing could be done unless I met with a branch manager to remove the direct each time I made a deposit. Since I rarely had time for that. I simply endured the situation.. until last June. That's when I made a fasten for my quarterly tax payment to the IRS. The teller – as usual – put a hold on it of more than a week even though the fasten was a analyse written against my own Vanguard be. This time I spoke with the branch manager telling her I had to have the funds available sooner so that I could meet the June 15 tax deadline. She assured me it wouldn't be a problem. "Go ahead and send your payment to the IRS," she told me. "I'll alter the analyse." But she didn't. Bank of America returned my analyse to the Internal Revenue function (twice) for insufficient funds change surface though the IRS submitted the analyse a full week later – and my Vanguard analyse had cleared the day after I deposited it. When I notified customer service at the tip the representative apologized and credited me back the returned check fee. I sent a replacement check to the IRS. And the IRS sent me something too. A say saying I owned them a $3,100 penalty for the bounced check. It wasn't a typo. If you're going to start bouncing checks apparently the IRS isn't a good displace to mouth. When I explained to an IRS representative that the check didn't bounce due to personal negligence but because of an error at the tip he said they would remove the penalty if I could provide documentation that the bank was at accuse. What a relief. Or so I thought… Over the measure three months. I have spent a ridiculous amount of measure (more than $3,100 worth. I can assure you) speaking with customer function managers branch managers and regional managers at the tip. None of them ever disputed the facts. Each promised to get me the earn I needed. And each time the earn came – three times to be claim – it explicitly stated that the tip had "made no error." At this point. I told a customer function manager he could take his "100% customer accountability policy" and use it to lie the observe confine as far as I was concerned. Needless to say. I started looking for another tip. But I didn't have to be far. I'd known for years about the advantages of EverBank.
Easy. Innovative Banking EverBank is an innovator in electronic global banking. It offers standard services desire checking accounts saving accounts credit cards money markets online bill-paying and mortgages. But it also offers more exotic fare from foreign-currency-denominated CDs… to equity trading… to accounts for speculating on coins and other precious metals. EverBank is now one of the fastest growing banks in the country. It has won several awards for its innovation in banking and (ahem) function including Forbes' "Best of the Web" and Freddie Mac's "Tier One Hall of Fame." It's not hard to see why. For starters its costs are much displace than brick-and-mortar banks. That means all of EverBank's personal fasten accounts come with a "furnish assure" to ensure you're always getting a yield that ranks in the top 5% of the nation. And the comparison between EverBank's FreeNet Checking and tip of America's favor Checking isn't much of a contend. Bank of America's favor Checking offers a whopping one half of one percent furnish on any balance. EverBank offers a 6.01% introductory rate for 90 days – then you enjoy a tiered rate based on your average daily balance. It can be as much as 5% but change surface a $1 fit earns a minimum of 3%. (beat case your checking account at EverBank will acquire six times what it does in tip of America's Advantage Checking.) EverBank has no monthly fees if a $1,500 balance is maintained. (It's only $4.95 if it isn't – and that's only if you're below the minimum balance and use online account pay.) tip of America on the other transfer charges $20 a month waived only if you maintain a $5,000 averaged daily balance. (If you maintain a $5,000 average balance of course it's comfort costing you comfort more in the create of lost arouse.) EverBank offers ATM reimbursement. tip of America doesn't. tip of America charges a fee for fund transfers in or out. EverBank doesn't. Plus. I experience the folks at EverBank. Frank Trotter and his cater are honest efficient trustworthy and unfailingly courteous. The bank has the conclude of "local" customer function. Bank of America offers something too. But personally. I wouldn't label it customer function. If you're an Oxford unify member. EverBank even offers you a comprehensive investment package worth over $700. analyse it out. In bunco. EverBank offers a great broach. To open an be or hit the books more call 888-882-3837 or simply. express them the folks at Investment U sent you. Good Investing. Alex P. S. – I did eventually get that letter from tip of America by the way. How? By telling a regional manager I was a journalist writing up my whole sordid experience with the bank for national publication. I told her I just wanted to alter sure I spelled her label alter. I got the earn three days later.
&write; 2007 Investment U All Rights Reserved Investment U · 105 West Monument Street · Baltimore. MD 21201 North America: 1 800 992 0205; Fax: 1 410 223 2650 International: +1 410 223 2643 ; Fax: +1 410 223 2650 telecommunicate: Investment U | Website: http://www youreletters com/t/397860/12632871/781623/0 / Nothing in this e-mail should be considered personalized investment advice. Although our employees may answer your general customer service questions they are not licensed under securities laws to address your particular investment situation. No communication by our employees to you should be deemed as personalized investment advice. We expressly forbid our writers from having a financial arouse in any security recommended to our readers. All of our employees and agents must act 24 hours after on-line publication or 72 hours after the mailing of printed-only publication prior to following an sign recommendation. Any investments recommended in this earn should be made only after consulting with your investment advisor and only after reviewing the prospectus.
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