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The other weakness in Everbank's e/Checking product is that if the account falls below the $1,500 minimum balance (note it is NOT an "average daily balance"), you get zero interest paid on your money. Interest is only earned if the minimum balance is over $1,500 for the entire month.

At least I give Everbank credit, they do spell out these terms in plain English. I have seen other banks use obfuscatory and evasive language, this is not one of those cases. SN


This is not so. Everbank makes it clear on their website that the $1500 figure means average daily balance. I have been banking with them for almost three years now and my account has often fallen way below $1500 for many days and I've always been paid interest--every month--because my average daily balance has always been above $1500.

Just want to make that clear so no one here is scared away from banking with Everbank. My experience with them has been good for the most part and I find their online banking to be the most user-friendly of any I've encountered. I couldn't imagine using an online-only checking account with anyone else.
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