Is any of our readers an expert on banking laws and customs? The reason I ask is that recently, EverBank World Markets, after agreeing to renew a CD denominated in Icelandic Krona, suddenly closed it, purportedly because the “currency stopped trading.”
The bank then “converted” my CD from Icelandic Krona into dollars at an eye-popping rate of 171.98 per dollar on October 6, cutting the value of my CD from $5691.11 to $3744.68 — a loss of two thousand dollars — by assigning the krona an extraordinarily low value.
What is extremely odd about this is that the exchange rate that EverBank recorded — 171.98 per dollar — is strikingly different from the rate of 112 Krona per dollar cited on EverBank’s own web site yesterday, and the rates cited by other financial information sources, like exchange-rates.org. (Even those rates were themselves a huge drop for the Krona, which traded at around 60 per dollar at the beginning of 2008). The net result of EverBank’s using this bizarre currency exchange rate was to reduce the value of my CD by nearly $2,000. Icelandic currency traded at much higher rates on October 6 than the rate that Everbank used.
The rate EverBank used also finds no support at Bloomberg, the nation’s leading source of financial information, which shows the Icelandic Krona ranging from 96.68 per dollar to 128.17 per dollar in the period of October 3 through October 7.
Can any of our readers explain why EverBank did this? And what remedies may exist under banking or contract law for what it did?
ADDENDUM, NOVEMBER 11: To all the folks who have emailed me about this: I apologize for this, but I am so busy now that I can’t respond to all your emails. I believe that one avenue for you to pursue is to file a complaint with the Office of Thrift Supervision. Another option would be to file a class action lawsuit in court. I received an email a long time ago from an attorney, Mike Millen of 119 Calle Marguerita #100, Los Gatos, California 95032, expressing interest in learning more about this situation (MikeMillen-at-aol.com). Mr. Millen might be able to provide you with some advice or assistance if you write to him.
SECOND ADDENDUM, DECEMBER 12: Attorney Mike Millen asks if anyone who suffered at the hands of EverBank lives in California. Please let me him, or me, know if you are. You can reach him at MikeMillen-at-aol.com, or me at hbader-at-cei.org. Thanks.
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Same problem here. I want to sue. I had $50,000 in Icelandic Krona. Now it's worth $18,000.
If you lost money, you can write me at hbader@cei.org, or call me at 202-331-2278 to tell me your story. You can also write to me at Hans Bader, Competitive Enterprise Institute, 1001 Connecticut Ave., NW, Ste. 1250, Washington, D.C. 20036.
My background is in constitutional and civil-rights law, not banking law, and I cannot promise you any legal assistance. But maybe I could find a law firm to refer you to. Maybe I could put you in contact with a law firm that does handle class-action lawsuits against banks.
The more people who were affected by this, the greater the likelihood that a law firm could bring a class-action against the bank over this. Thus, it would probably be useful for each of us to learn more about each other's situation.
I know that the Lieff Cabraser law firm has brought class-action lawsuits against banks over things like bank exchange fees (they can apparently be reached at the email address mail@lchb.com); I don't know whether this is something that they would handle, although it couldn't hurt to ask them, I guess.
I just found out that Everbank wants to liquidate my ISKs. I wrote to them the following:
“The Islandic Krona is still in existence. Everbank's account disclosures doc states and has stated that the “account will be used to HOLD funds denominated in a currency other than U.S. dollars”. I will not accept a forced liquidation/conversion. If you choose to close my accounts, I demand you send me the actual physical ISKs.
Furthermore, it is absolutely incredible you have not notified me of your intentions, as I had to find out by reading some online-blog. I am ready to consult an attorney and sue Everbank should the need be.
Lastly, I will make this a very public matter, as I'm sure most people aren't aware of how Everbank negates its relationship to its customers and open contracts as soon as the wind blows another way.”
Hi, I am in the same boat…let me know if there is something can be done about it.
Everbank also liquidated my ISK Cds without permission. I am a retired attorney, but unfortunately, my specialty was not banking or securities. I do think Everbank is at least in breach of contract in that the CDs were supposed to roll until we told them otherwise. I have sent them a demand letter and threatened to make a claim with the FDIC. I believe the stopping of interest payments (when Iceland interest rates had actually gone up) was an act of default and the unilateral liquidation a second default.
I believe the first action we can take must be to make claims with appropriate regulators (the FDIC i think) and exhaust all administrative remedies or a court will not even hear the case. Please stay in touch, and network to find out who else has been victimized.I think a lot of claims will get more attention than just a few.
My $50,000 went to $18,000 and is now being valued at $12,000. I am disgusted. The “official” exchange rate is 110. We should also note that Everbank began to reduce the interest rate on this investment in early summer citing market volatility. This was as the principle was being shaved away.
Truly disgusting that this was advertised and promoted in their very own newsletters.
Thanks for your thoughts. I wonder whether the OTS might be the relevant regulator rather than the FDIC. It's probably worth checking with both to see which is the appropriate place to complain.
You can write to me at hbader@cei.org or call me at 202-331-2278.
If you want, I can send you Bloomberg graphs showing that Everbank liquidated CDs at a rate of 171 per dollar on October 6, even though prevailing rates were much better than that on October 3-7.
But I don't know when they liquidated your CD, so maybe those graphs would be less relevant to you.
You can write to me at hbader@cei.org.
Hi all,
Currently, the exchange rate would be around 350-450 per dollar, so you should feel quite lucky if you were liquidated in the 100s. IF you force Everbanks hand, they could easily purchase very cheap Krona when it becomes available again, and your CDs would be worth much less.
Given that this is a breach of contract issue, I'm guessing that you would only be entitled to the maturation value of your CDs (which would be very low with the current 350-450 exchange rate).
Those that were liquidated — count yourselves very, very lucky.
Christian posted this interesting comment on October 20, but the comment was inadvertently eaten by this blog's spam filter:
“Hi Charles, MSA, all. I sent a Fedexed letter to Everbank with my instructions. I screen-grabbed their advertised rates and other data. I am in contact with all Icelandic banks to gather data to open and account there, plus 3 Nordic states that are sympathetic with Iceland:
sedlabanki@sedlabanki.is
info@kaupthing.is
info@landsbanki.is
Glitnir
nationalbanken@nationalbanken.dk
central.bank@norges-bank.no
registratorn@riksbank.se
I am preparing for a long battle with Everbank should the need arise. Here's a list of valuable web links:
http://www.sec.gov/complaint.shtml
https://tts.sec.gov/acts-ics/do/complaint
https://www2.fdic.gov/starsmail/index.asp
http://www.ots.treas.gov/?p=ConsumerComplaintsI...
Now, it is my view, as Everbank World Markets is operating outside of the typical CD market due to the foreign currency nature of 'deposits', that it will eventually boil down to standard banking rules described here: http://en.wikipedia.org/wiki/Certificate_of_dep...
Remember, we PAID Everbank for the upfront conversion of one currency (in my case, EUR and USD, depending on CD) so that Everbank could HOLD our CDs. The only way Everbank is entitled to force us to liquidate our DEPOSITS is if ISK were to no longer exist, in which case, we have the option of taking delivery of the ISKs ON DEPOSIT, even if it's just to use as wallpaper!
I am also investigating contacts with State Attorney Generals (my state and theirs, namely MO and FL), Class-Action specialists, consumer channels and of course, a personal attorney.
I will keep you all posted, and of course, please post progress you may have made on your own fronts…”
In response to John's comment: Your point is only valid if you presume a current liquidation and current damages. I have a long horizon and it was my intention to ride out the current crisis. Iceland was not hit by an asteroid and has not disappeared into the North Atlantiic. My biggest issue with Everbank is that they closed out my position without even consulting me. Since they have breached the contract and the future value of Iceland currency is unknowable, a more appropriate current measure of damages is the value of principal (my principal) they were entrusted with.
They are more than just a contract party and have fiduciary duties to the depositors. I can only hope the bank regulators see it the same way.
Remarkably, I just received the same (unless we receive instructions from you) automatic rollover notice about another ISK CD 3 days ago.
I also read and printed out the fine print we all accepted when we bought the CDs. The bad news is that they reserved the right to change interest rates at their discretion. The good news is that there is no language giving them the power to close out CDs at will or shifting the risk of a market meltdown to the CD holders.
In response to John: You are absolutely correct. I work in currency markets, and the ISK is not trading at the current time. There is no spot market nor a forward market for the currency. I also see the quotes on Bloomberg etc for ISK, but when I go out to the market there is NO bid on the currency. No bid = no value. I agree, you should consider yourself lucky if you were able to liquidate in the 100's, let alone, at all. From what I can figure the CDs you speak of do not sound like they would be able to renew in that currency if there is no forward market. And considering the bank probably does not deal in the actual physical cash, the ISK you guys want to keep would have to be wire transferred to another bank. I do not think you will be able to a) find a bank to accept that deposit, and b) if they did, there are no Icelandic banks to clear the transaction at the time.
From a outsider's prospective, it sounds like you are getting worked up over an investment decision you made that lost money/value and you are looking to recoup your losses through the bank that offered the investment. It's like if you bought a stock and the value went to nothing, and it stopped trading. Would you then sue the brokerage firm you bought the stock through? It doesnt sound like this would hold up in court in my opinion for what it's worth.
The 'luck' and 'stock market' quips are both irrelevant and quite disingenuous. Do we have shills in here? The bottom line is:
1. We have Certificate of Deposits in a foreign currency that is still legal tender in Iceland;
2. Everbank has not informed customers of their intention to liquidate. If fact, they continue to claim CDs will be rolled over by default;
3. Everbank is not acknowledging either secure email on their web site or even Fedex letters sent to them
4. Everbank is not meeting even remotely their fiduciary duties, instead they are acting in a way that disregards their customers wishes and interests, rejecting their own commitments to a product they have promoted.
In today's world of currency trading, all transactions are done electronically. I am sure the bank does not hold the physical cash on deposit in ISK's, which is probably why they will not send you the cash (the legal tender). Therefore, if you wanted to hold onto your (electronic) deposit, you would have to either have Everbank hold the deposit for you, which it sounds like they are not willing to do, or have them wire it to another bank. The issue still remains, that since they are most likely using forward contracts for these CDs, there is NO bank in Iceland to clear the deposit or wire transfer. I am sure that if you could find a bank that is willing to accept a wire transfer in ISKs that Everbank would be more than willing to transfer your money to that account instead of having to deal with trying to liquidate them on a best efforts basis. (and also deal with all the disgruntled customers not quite understanding how the process works)
Your points above are valid, but these seem like operational issues that you may not agree with. It does not change the fact that the currency is frozen and transactions cannot be cleared.
1. I think we have established the CDs are not legal tender in that country.
2. From the above posts, it sounds like they did notify you they were liquidating the CDs
3. I dont think a bank is required to post online that they received a FedEx letter?
4. This is true, that they are acting against your wishes, but it sounds like neither you nor the bank has much of a choice at this point.
I am not directly involved in this, so I apologize if I come across as butting in, but it sounds like someone needs to play devil's advocate, and a lot of what I have read just seems contradictive.
I guess what I am trying to figure out is what, exactly, are you trying to recover? I can guarantee you will not get your initial investment back, and if you are looking to recover what your investment is worth, by my account that value is little to nothing at this point. It seems to me that you are looking for the bank to take on your loss…. a risk of loss you assumed when you began the investment. It doesnt sound like Everbank crippled the Icelandic financial system, so why should they have to pay for your loss?
BTW, if I were investing in currencies (which I do) I probably wouldnt have gone with Iceland in the first place, which by most accounts is a VERY speculative currency. There is a such thing as risk/reward trade-off.
“I guess what I am trying to figure out is what, exactly, are you trying to recover? I can guarantee you will not get your initial investment back[...]
[...]by my account that value is little to nothing at this point[...]
[...]I probably wouldnt have gone with Iceland in the first place, which by most accounts is a VERY speculative currency. “
I guess what I'm NOT going to try to figure out, is what your angle is and who told you I was interested in what you would “have gone with in the first place”. Also, who has asked Everbank “to pay for a loss”,, which is only one once it is one. I'm also not going to explain that to you: I have no time to bring newborns like you up to speed.
Just trying to give you an unbiased opinion, no need to be a jerk about it Christian… You obviously think your responses through carefully before you write, but I guess that's what the internet is good for. Anyone can make angry, uneducated responses with no reprecussions. Good luck with your “lawsuit” and trying to get anyone that knows about this type of thing to help with that kind of attitude.
I'll agree with you on this:
“Anyone can make uneducated responses with no reprecussions”.
On the other hand, I just can't bring myself to your level of hypocrisy by wishing you “good luck”… and I certainly can't fathom your claim of “non-bias”. You may have done your job here, but that won't deter me and hopefully others…
it seems to me the more accurate question we should have of “Jason” is when did he start work at Everbank? It would seem prudent that a ocmpany such as Everbank would hire a PR firm to polish its image and prevent lawsuits by attempting to tarnish the facts and sway “public” opinion. the fact is that Everbank has broken its contract. Simple enough for me to understand. No where in the “fine” print will you find a provision for what tehy are doing.
Chris
CgmT and other non-shill posters here: I received a Fedex letter back from Everbank's General Counsel 2 days after the liquidated my 1st CD (I don't have the name in front of me ATM). Essentially, it boils down to this:
1. Everbank bought a forward contract at the time of CD opening with a non-disclosed financial intermediary, which in turn opened another forward contract with Iceland's central bank, SedlaBanki;
2. At maturity, they converted allegedly at the “auction” rate from Sedlabanki.
At the core:
* Everbank ISK CD customers did NOT buy a forward contract; we bought an FDIC insured Certificate of Deposit. We paid a SPOT conversion fee;
* Everbank forcefully liquidated our deposits at non-published rates (256:1) on a day (2008-10-29) the average quote from several sources were at 117:1;
* Everbank made no effort to inform its customers of what their intentions were, and went so far as to indicate rollovers up until they liquidated.
Now then, what’s the best course of action? I provided links above to initiate complaints via regular channels. We should all do so promptly. I am in contact with a corporate attorney at this time looking into a attorney reference that can best handle a personal lawsuit. And last but not least, we need to get a good lawyer for a class-action lawsuit, this last situation in which I have no experience.
Here’s what I am going to go for:
• Either they provide what they promised, that is a DEPOSIT of ISKs, plus their advertised interest (BTW, the interest gains were declared on my tax returns) - OR - either they provide restitution of my initial capital, plus prevailing 3-month CD rates of currency deposited;
• Everbank is liable for damages and legal costs;
• Everbank World Markets must cease and desist on their products as they are not what they claim.
Lastly, please all assemble whatever documents you have to prove what Everbank was advertising. I believe I have all I need, including printed account agreements, web-site printouts and screen grabs. But the more, the merrier…
Oh, sorry Hans for taking so much space here, but I need to point out, there's not a single reference in any of their prospectus or account agreements mentioning “Forward Contracts”. It is important to save your EXISTING documents, because Everbank will no doubt attempt to plop it in there during litigation…
Jeez, I forgot another important detail:
Forward contracts don't have a interest rate yield: Everbank was advertising, and providing at least initially, APYs within 2-3% of currency interest rates, which naturally increased the illusion we had deposits in ISK.
We too just received our conversion statement and were outraged at the 256 conversion rate. Like others, we expected our CD to be rolled forward as we did not give them other instructions. Also, we have been monitoring the conversion rate and the Icelandic Central Bank has been quoted around 120 of late.
I agree, it is deceitful that we thought we were buying CDs but Everbank was actually buying forward contracts. That might also explain why they couldn't get the 12+% interest rate that the Central Bank has been offering in recent months.
I tried to have it out on the phone with the Everbank representatives, but they defer any difficulty and blame to the “non-disclosed financial intermediary.” I would really like to know who this intermediary is, as I suspect is is a subsidiary of Everbank, and thus Everbank is benefiting from our misfortune much more than we are aware of.
Please inform us of the action being taken in regards to class-action or other effective outlets to voice our displeasure.
I have had the same problem, I lost about $15K when they sold me out!!
I'm trying to contact banking regulators to ask what can be done. Can we sue?
Last week I contacted the OTS (Office of Thrift Safety) and they confirmed that they regulate Everbank. Go to their website and download their instructions for filing a consumer complaint. It is a straightforward process that does not require a lawyer. OTS should have received my complaint with attachments today. I will be glad to share my complaint with any other ISK victims who email me directly at cjacksonlaw@yahoo.com. Lets help each other. We are required to exhaust our remedies at OTS before we can file a lawsuit.
Correction and more information: It is the Office of Thrift Supervision, Department of the Treasury. (ots.treas.gov). They regulate Everbank. Under “Information for Consumers” click on “file a complaint” and you can download very clear instructions for filing a complaint.
I sent in my EverBank OTS complaint!! Hopefully many others will. Thanks for your help.
I've finally got some time to work on this. I'm filing complaints in more places than one. Charles, you wrote “We are required to exhaust our remedies at OTS before we can file a lawsuit”. Where do you see that?
PS - good that you both filed a complaint. I've never had confidence in these so-called oversight entities but it won't hurt to try…
PS - OTS states they do NOT resolve “contractual” disputes… If they just hide under the desk, as I suspect they will, you should not give up… They may very well just be a mouthpiece for the banks!
As a general principle in litigation, where regulation of a business segment has been delegated to an agency, a court will not hear a case until the legislatively empowered agency has been allowed to do its job. As you mentioned, OTS specifically states that they do not resolve contractual disputes and will look for a violation of banking regulations in reviewing a complaint. Let's hope they find something. If not then they will rule that our complaint is contractual in nature and we are then free to seek a remedy in court. As an example, you cannot sue a town over a zoning regulation until you have raised the issue with the town's zoning board.
I hope there are regulations about CDs that will help us. At some point we will probably need to hire an attorney with banking experience. I have no idea if the OTS is a proactive agency with real clout. Certainly the timing is right for the government to be kicking some bankers in the ass.
Okay, thanks for the info.
As for the timing, it could go both ways, namely banks are on the hot seat, or that authorities are numb and view this only in the context of “much bigger fish to fry”. Everbank no doubt hopes and is calculating on the latter.
Did you notice that Everbank is finally quoting ISK this morning at 182!! The Central Bank of Iceland is quoting 137 today.
Well, I've filed my “complaint” with the official channels, including OTS, attorney generals, governors, SEC, FDIC. We'll see if they are in the mood…
My ISK CD was closed by EverBank on Nov.19 @ 183.4658 when other sources give ~139.4.
I just got off the phone with their rep. He claims that Bloomberg/PacificExchange/etc rates are bogus and don't represent any real market rates someone could actually get.
I will file all and any possible complain there is. I don't believe the 30% “spread” between EverBank and Bloomberg on that day. I don't believe they could just close Certificate of Deposit at will.
If I open CD at local bank at let say X%, but later market conditions would make the bank to lose money paying me X%, could bank just say: “All right, the game is over, we close your CD”?
Should I care how my bank invests my money and what treatment it gets on the open market? I risked by investing in foreign currency and lost when it tanked, but EverBank also risked by offering me the CD with fixed duration, so they should at least share the loses and not to rip me off with those strangely-looking rates.
I just received a reply to my OTS complaint from the EverBank lawyer !!??
Everbank commmitted fraud when they sent out statements showing accounts denominated in ISK. In fact, they purchased currency forward contracts with our money, made up an interest rate, and skimmed huge margins each and every time we rolled the “CD” over. File complaints with the OTS but don't stop there. Contact your state's attorney general office. And then file a lawsuit. Everbank doesn't have a leg to stand on.
BOB - Interesting, that an OTS complaint ends up being handled by an Everbank counsel… Just proves that one needs to take things into own own hands. I have not received a reply yet.
I just read the November issue of Chuck Butler's 'newsletter' of November. He has the nerve to state they have been informing ISK CD holder's of what was coming down by emailing account holders every week since Spring. Their dishonesty knows no bounds! 1st, I never got such an email, even though I held 2 CDs with them (my email is valid with them; I receive the usual statement notification email from them). 2nd, I doubt they were informing customers their CDs would be shut down forcefully and at 1/2 market value! Of course, their online and written statements showed “rollover” even up to the day of maturity!
Everbank are truly the worst kind of crooks. I will not let this thing just drop and neither should any of us…
Just sent my complaint to the OTS. They forcibly sold me out yesterday. I lost $38,000, folks. From $50 to $12. They also charged me commission on the way out!
I had started hoping that given the Icelandic Bank raised rates to 18 percent and announced they would float the currency, there would be some chance to recoup losses over time. Just today, Krona appreciated 10%.
I have a regular savings account with Everbank and I am transferring everything to Citi and JP Morgan ASAP.
I hate Everbank.
I mailed my complaint to the OTS yesterday. Has anyone else heard back from OTS? Has anyone filed complaints with their state's attorney general?
How about Missouri and Florida where Everbank World Markets and Everbank is headquarted?
USDISK now being quoted at 121, whereas Everbank sold us out at 256! We had CDs, an investment vehicle of the most SAFE kind! Yet because Everbank gambled with our funds, UNBEKNOWN to us, we have taken the fall!
Yes, I have filed complaints with the Attorney Generals in 3 states (MO, FL and mine), still waiting to hear from them! No response from OTS yet either! I looks like I'm going to have to sue independently…
Christian,
256? You got lucky. I was sold out at 263 and the Krona has appreciated 20% in the subsequent 2 days. Plus Ever-fraud charged commission on the way out just to piss on me while I was down.
Unbelievable.
I've already gotten an attorney for this. I'm looking to recoup 100% on this now based on Everbank's abdication of their fiduciary duty and false advertising of the product.
This nugget of wisdom from Chuck Butler in the December 1 edition of the “Daily Pfennig”:
There have been quite a few individuals that have ripped us for our handling of the Iceland meltdown, but as you can read above, there WERE CURRENCY CONTROLS in place…
Chuck, if any of the account statements that were sent out by Everbank were in fact true, and we actually had certificates of deposit denominated in ISK instead of a currency forward contract, we could have waited until the CURRENCY CONTROLS were lifted- you prick.
…you know why, of course, Chuckie Butler is “publishing” that there and others places… So that the deception is not uncovered… yet!
I too have been riped off by EVERBANK Today EVERBANK closed my CD and exchanged my ISK to USD at the rate of 217.1162 to 1 where other sites on the WWW showed an average of 116 ISK to 1 USD!
Looking for a SheepSkin for hire.
John, we all clearly have a case here.
Dan, you hit the nail on the head, Butler, Everbank = PRICK SCAM ARTISTS.
For disclosure, I want everyone to know that I have contacted the OTS by fax and am going to follow up by phone this week. I have also followed Hans Bader's post from November 11th and contacted Mike Millen. I sent him the latest renewal letter (and other supporting documents) showing how much ISK I supposedly owned and when my CD would be rolled over. He is gathering information for the class-action lawsuit.
I am asking for 100% of my money back PLUS interest PLUS lawyers' fees for what I think was an illegally marketed product. Remember, Everbank is a regulated BANK, not an unregulated Ponzi Scheme. There are rules that need to be followed.
ADDENDUM, NOVEMBER 11: To all the folks who have emailed me about this: I apologize for this, but I am so busy now that I can’t respond to all your emails. I believe that one avenue for you to pursue is to file a complaint with the Office of Thrift Supervision. Another option would be to file a class action lawsuit in court. I received an email a long time ago from an attorney, Mike Millen of 119 Calle Marguerita #100, Los Gatos, California 95032, expressing interest in learning more about this situation (MikeMillen-at-aol.com). Mr. Millen might be able to provide you with some advice or assistance if you write to him.
I received a reply from OTS, which provides ZERO guidance other than to wait 60 days for a reply from Everbank, after which they will “close the file” if they “determine there was no violation of federal law or regulation they administer”. Above, they affirm they do not even administer ALL federal laws or ANY state laws. They “encourage the voluntary resolution of DIFFERENCES between consumers and institutions”. Furthermore, “disputes must generally be resolved in a court of law”.
Finally, Christine Ozburn (Consumer Affairs) concludes: ” If you have not heard from the institution of from us within 60 days” call our junk consumer line to talk to an employee who not only can't do anything, but doesn't give a shit. (that last part is my free interpretation). By the way, they took over a month just to put that form letter in the mail…
OTS is obviously a firewall for banks and other so-called “institutions”. So we should not expect any help there. In fact, it's a complete waste of time and energy. I do have some hope, however slight, with state general attorneys, especially mine, whose job it is to uphold citizens’ rights.
That said, we really do need to organize and be able to provide a full frontal, potent engagement against this scam. If Mike Millen is at all serious in providing this, I ask he post here DIRECTLY and state his goals/estimate of success.
Good day Mike [Millen]. Please review my comment on this situation here: http://www.openmarket.org/2008/10/07/everbank-c...
Preferably, I would like to go after Everbank as a well organized, potent, group of victims of this SCAM. If nothing comes form this, or from the 3 state attorney generals I have contacted (FL, MO and xx), I will probably pursue this matter individually.
I would like for you to address this on the OpenMarket.org forum directly, as I think it's important victims are made aware of VALID ways to defend themselves, rather than some vague possibilities as described on the site.
Regards,
Christian
Christian, let me also point out that we/affected customers need to complain to everbank IN WRITING within 60 days.
- mr sarkar
I would request Hans to forward my email address to Christian, so I can coordinate my efforts with him. Thanks
One possibility is to start SEVERAL linked blogs on this issue, so that we can get in touch with more customers that got drawn into everbank's unilateral CD actions.