EverBank Does Business the Old Way

Now that we settled in Virginia, there are still many things for us to do besides getting to know this area. On top of my to-do list is update our address so mail will be delivered to our new home. With so many active accounts I have with banks, credit card issuers, mutual fund companies, and brokerages, updating the address with all of them isn’t something that can be done in minutes. Fortunately, many of them, except a few mutual fund companies, already have online access to account information, so making the change isn’t that difficult. Last night, I was able to update to update the new address with quite a few banks and credit card companies, except one: EverBank.

Before I opened an account with EverBank, I have heard quite a lot complains from unhappy customers about the level of difficulty and complication for doing business with EverBank. Most people had problem opening an account with the bank because, unlike many other online banks which conduct their business mainly online, EverBank, though allowing new customers to open an account online, it requires the signature page to be signed and mailed back before the account becomes active, providing that all other personal information can be verified successfully during online application (otherwise there will be more paperwork to submit). When I opened my account in July, I thought the process wasn’t that bad since EverBank isn’t the only bank that requires sending back the signature page (Ally Bank does that as well).

Then last night, when I logged into my EverBank and tried to find the link to change my address as I did with other banks early, I got to the page which tells me, in order to change my address, I will need to print out a form, fill it out, sign it, and fax (with my security code which I have no idea what it is) or mail it back. Then I understood why people don’t like EverBank, despite their competitive rate.

I mean, I already logged into my own account, meaning I am the owner, why can’t I just update my address online and EverBank confirm the change with me via email or mail later like other banks did? It’s online banking so I expect I can do most account maintenance online without having to print and mail back forms like in the old days. But somehow, EverBank seems to prefer to¬† do business the old way, even for minor tasks like updating mailing address. And that doesn’t make me feel more secure to bank with EverBank.

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