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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: sea_biscuit who wrote (60385)5/6/2006 12:20:49 PM
From: RJA_  Read Replies (1) of 110194
 
>>Thanks. And for exposure to other currencies, how about www.everbank.com? Does anyone here have any experience with this bank?

Yes, I have CAD and Euro there.

Advantages:
FDIC Coverage.
800 number access.
Monthly statements on access accounts.

Disadvantages:
3/4 of 1% commission in and out.
They only trade once a day, usually in the early AM.
You need to get your call in by 7:30 AM central time if you want to trade that day.
Since they aggregate all the previous days orders, and do only one trade, you take the price at the time they trade. I'm not sure if they finagle with the price inter day...
Their CD rates are generally lower than the central bank rate in the currency (as described on dinl.net. This is irksome.

In spite of all the disadvantages, i have not really found a good US competitor. I have considered opening accounts in other countries. Some will let you (NZ), and some will not (Canada) -- at least that's what I was told when I called banks in each place.

HSBC has branches all over the world, but each branch is incorporated locally, and the US branch does not want to hold foreign currency on deposit (at least that is what I was told).

So, for now, Everbank has been my not so ideal solution.

If someone has better ideas, I'm open.
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