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ebank's ePremium Checking Account Now 5.00%

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Update: The ePremium Checking rate has fallen. Please check the bank's website for the latest rates.

ebank just increased the rate on its ePremium Checking Account from 3.00% to 5.00% APY. I just spoke with the customer service rep and was told that this rate increase occurred last night, and the website is not completely updated with this change. The new 5% is advertised on the home page, but the rates page is still showing 3%.

The CSR said this is not a teaser rate, but there's no guarantee how long this will last. All the details listed on the webpage for the ePremium Checking apply. This includes the $2.5K minimum balance to avoid a $10/month fee. The two nice features include free checks and free ATM usage. According to the CSR, they'll refund ATM fees charged by other banks automatically. The CSR also said that they do a hard credit pull with Equifax when opening the checking account.

You can also get some competitive CD rates with an ePremium Checking Account. The checking gives you an extra 0.25% on the CDs. This currently will give you 5.50% APY on the 12-month CD.

ebank has been FDIC insured since 1998. ebank has a low 1 out of 5 star safe-and-sound rating (weak) at Bankrate.com. BauerFinancial gives ebank a 3 out of 5 star rating (adequate). It's interesting there's this much difference. Both are based on September 30, 2006 financial data.


Comments
10 Comments.
Comment #1 by montee4 (anonymous) posted on
montee4
It looks as though they do not have anyACH capabilities, but will accept pushes and pulls from other institutions.

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Comment #2 by Anonymous posted on
Anonymous
I've been banking with them for about a year and never had any problems. They happily send pre-paid deposit enveloped and pre-printed deposit slips. They refund all ATM fees automatically - the extra charge doesn't even show on your statement. They even refunded a $4 ATM fee from an Atlantic City casino! Their billpay works great too - I give them 5 stars...

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Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
montee4, thanks for the info on the ACH.

anonymous, thanks for the info. The automatic refunding of all ATM fees is a very nice service.

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Comment #4 by Anonymous posted on
Anonymous
I just (today) looked at their revised rate page. It looks to me like the 5% is just a teaser rate. I think the real rate is only 3%.

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Comment #5 by Anonymous posted on
Anonymous
any other comments about your experiences with this bank. is it a safe place to keep large amount of money?

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Comment #6 by Banking Guy (anonymous) posted on
Banking Guy
I just rechecked Bankrate and BauerFinancial (see links above) and ebank's rating has gone down. Based on 3/31/07 data, Bankrate only gives it 1/5 star rating and BauerFinancial only gives it 2/5 stars. So I would recommend that you keep under the FDIC insured limits.

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Comment #7 by Anonymous posted on
Anonymous
I have been using ebank for over a year now, and I am quite happy with them. I recently asked them about how long the 5% checking account rate would last, and I was told that they could not say but when it changes it probably will remain higher than 3%. Customer service has always been helpful in sending as many prepaid check envelopes as I request. Free ATM use and check deposits through mail have worked without a problem. Having the extra 0.25% kicked into the CDs makes them some of the best deals out there.

Especially because of the poor rating, I would not keep more than the insured $100k. If you want to keep that much cash outside of riskier investments, then open up CDs at several banks.

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Comment #8 by Anonymous posted on
Anonymous
Would NOT recommend ebank. They received my significant deposit and paperwork, and PROMISED to call back to set up internet acccess to my account as well as email me directions on how to do so. Amazing that this can't be done without their control. To date no info or call backs received. Disappointing and stressful to think they've got my money and I cannot get at it.

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Comment #9 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Sorry to read about the problems. They seem behind the times in online efficiency. An internet bank should require no or very little paperwork.

From their application page it seems you had received the welcome letter and mailed back the initial deposit, ID copy, and other documentation?

And now you're waiting for the call/email so you can access your account?

How long has it been since you mailed the paperwork?

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Comment #10 by Alex G. (anonymous) posted on
Alex G.
Just checked eBank's website and found out that their ePremium checking account is only earning 1.5% APY.

It didn't hold up. Oh well. Salem Five is still holding up though.

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