Consumer complaint received 2018-02-15
Company: EVERBANK, NATIONAL ASSOCIATION
State: NJ
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Banking errors

Complaint:
XX/XX/XXXX I feel EverBank-TIAA, FSB can not be trusted! 

I have several Yield Pledge Money Market Accounts with EverBank/TIAA, FSB. 

For the month of XX/XX/XXXX, on two of the accounts correct APY of 1.01 % was used to calculate total interest during the cycle. 

On two other accounts, a lower APY was used despite the fact that all 4 account statements were for the EXACT same dates, same interest tier, same cycle, etc. 

When I called EverBank, several people I spoke to on multiple phone calls saw the error using incorrect APY to calculate interest on 2 accounts in question but no one was able to explain the reason for it. 

The 1st representative saw the error but did not have the answer so she said someone will call back after looking into it but no one called. 

The 2nd representative gave ridiculously unrelated answers to the issue ( see some answers below ). 

The 3rd representative did not know what is going on either with this APY difference and allowed me to talk to a supervisor. 

The 4th representative - a supervisor who, like all others, saw the difference in APY on my  statements but also did not know why incorrect APY was used for interest calculation on those 2 account. She spoke to someone who she said was an expert in interest calculation department. The supervisor came back and told me how the interest is calculated ignoring the APY issue completely. I told her I know how the interest is calculated but the question is about using correct APY not about the calculation. She said she understood what I was saying but did not have any other answer from the interest calculator expert that she could give me. 

None of the EverBank/TIAA representatives, including 2 phone calls to supervisor, could give me a logical/clear answer. 

Then, a representative ( 5th one ) from Client Experience department called to offer help and claimed that she reviewed the entire information, including the phone conversations, yet did not know what the issue was at hand. When I explained to her the issue of incorrect APY used to calculate interest, despite already reviewing everything in detail, she interrupted the call saying she had to talk to someone else about it and call me back ; she did not call back. 

Following are some of the excuses/explanations given by various employees of EverBank-TIAA, FSB about my question of using incorrect APY to calculate interest for the same month, same cycle,  same interest-bearing days, same average daily balance tier, same bank, same type of account : Interest rate varies by the month : I know that but we are talking about the XXXX for the SAME month on all accounts. 
Interest varies by the average daily balance : The average daily balance tier is same on both accounts in question. 
APY used for 2 accounts in question is correct : Why then it is different on other two EXACTLY similar accounts. It means the ERROR is there on 2 other accounts. 
APY depends on the day the statement is printed : All statements were printed on the date. 
Most employees I spoke to contradicted the info given by other employees of the bank for the exact same question/information. 
APY on those accounts for XX/XX/XXXX was 1.00 % APY on those accounts for XX/XX/XXXX was 1.01 % APY on those accounts for XX/XX/XXXX was 1.05 % APY changed on XX/XX/XXXX : The question is about XX/XX/XXXX statement not XX/XX/XXXX. 
This is how the interest is calculated they sent an XXXX sheet with daily interest accrued : The question is about APY not about how the dollar amount of the interest is calculated. 

I am very concerned about the inaccuracy and inconsistency in the APY applied to calculate interest on these accounts. It is possible that thousands of other customers may also be affected with similar issue. 

Besides the miscalculation of total interest earned, there is serious question about the trust in the workings of EverBank-TIAA. Customers do not have time to calculate interest every month or to check if correct APY is applied for the calculation as we trust that the bank will correctly do that work for their customers. If we can not trust a FDIC insured bank for their workings as it affects their customers especially for the APY used for interest calculation, then there is a big problem. During the times when the interest rates are higher, incorrect use of APY could potentially lead to a significant amount of money lost by thousands of the customers. 

I urge Consumer Finance, and other banking regulatory agencies of the US Government, to investigate this matter further in detail for possible ongoing problems with EverBank-TIAA, FSB so  that I, and perhaps other consumers, am not adversely affected with similar issue in the future ( and in the past - which I may not be aware of at this time ). 

Thank you for your help. 

Their address : EverBank XXXX XXXX XXXX : XXXX XXXX XXXX, NY XXXX XXXX Headquarter XXXX, XXXX XXXX XXXX XXXX XXXX XXXX XXXX, FL XXXX XXXX

Company response to consumer: Closed with explanation