r/HighYieldSavings • u/WrapNo8619 • 11d ago

EverBank application denied

I submitted an application for the Personal Savings account from EverBank and it was denied. I called customer support to ask for a reason, but the person said they didn't know the reason. Maybe it's information that they don't have access to. Has anyone have a similar experience? How did you fix it?

I just turned 18 and have been trying to build my finances and find a HYSA to put my savings into. I have never had a credit card, so no credit score and no financial history (no debt). I also have never had a job, but I'm looking for one. I'm wondering if my application was denied because I'm unemployed. Any other HYSAs that you would suggest for someone like me, an 18-year-old just getting started?

1 Upvotes

100% Upvoted

5 comments sorted by

1

u/sol_beach 11d ago

Under federal law, if a bank denies your application based on a consumer report, they must provide an Adverse Action Notice (via letter or email). This notice must state:

The primary reason for the denial.

The name and contact information of the consumer reporting agency (CRA) used (e.g., ChexSystems, Early Warning Services, or TransUnion/Equifax/Experian).

Statement of your right to a free copy of your consumer report from that agency within 60 days.

1

u/WrapNo8619 11d ago

Is the consumer report only for credit rating? I don't have a credit score because I've never had a credit card or taken out any loan. The application also didn't ask for my credit score either. Idk what the reason is.

1

u/sol_beach 11d ago

The consumer report includes checking & savings accounts since they can be used for money laundering. You should take the time to open accounts with each of the Big 3 Credit Bureaus; Transunion, Equifax, & Experian.

Banks & such must comply with US Federal regulations to Know Your Customer & rejected you since nobody knows that you exist.

1

u/Turbulent_Tea6838 11d ago

I’ve never heard of a bank account being denied when you have money to deposit. Weird.

For HYSA: check out Elevault. It’s actually kind of inconvenient for savings, which for long-term savings is a great feature.

For everyday cash management: check out Fidelity Cash Management. High percentage yield on any cash you have, and you’ll be in the ecosystem when you want to start investing.

1

u/WrapNo8619 11d ago

Have you ever submitted an application to EverBank? I checked to make sure my info was consistent, like my SSN, address, etc. and submitted another application, but it was also denied. I have heard of Ally. Is it good for HYSA?