Latest Icelandic Krona/US Dollar Quote

The latest quote for the ISK/USD exchange rate is 145/$. This comes from Everbank's own publication the "Daily Pfenning" as of today. Everbank closed out my first "CD" two months ago at 250/$ and my second "CD" two weeks ago at 175/$. Both were converted back to $ against my wishes. If they had remained open as I had requested, the first "CD" would today be worth 40% more, the second "CD" 15% more. What exchange rate did Everbank use to close out your "CD"?

Class Action Lawsuit

I've read that several victims of Bernard Madoff have already filed class action lawsuits against Madoff as well as the hedge funds that invested their money with him. I'm very interested in filing a lawsuit against Everbank. What are the advantages and disadvantages of filing a lawsuit as the lone plaintiff vs. a class action lawsuit? Has anyone filed any type of a lawsuit against Everbank for their Icelandic krona shenanigans?

Currency Investing Alternatives to Everbank

Investing in foreign currencies with Everbank is like exchanging your US dollars at a hotel desk when you're visiting a foreign country. You have no control over the rate of exchange, and the rate frequently is much worse than where the currency is trading at in the open market. There are better alternatives. There are many currecncy exchange traded funds (ETFs) that pay higher interest than Everbank. Moreover, you can specify the rate of exchange at which you're willing to execute the trade and since these aren't time deposits, you can trade in and out of them at will.
List of Currency ETFs

FDIC

Its doubtful that FDIC insurance was envisioned as a tool for banks to hawk currency forward contracts. Yet that's exactly what Everbank does, misleadingly as "foreign currency ceritificates of deposit". The FDIC website has an online complaint form. While its unlikely a complaint to the FDIC would result in any recovery of lost funds, they might be interested in Everbank's deceptive abuse of their insurance coverage. It might be worthwhile to complain to your congressman on the same count.

Iceland Currency Controls

I've found the website www.icenews.is to be a very good source of information on the Icelandic krona. A few days ago they published several frequently asked questions international investors have regarding the recently enacted currency controls. Contrary to what Everbank has claimed, maturing instruments denominated in Icelandic krona can be reinvested in krona.

Iceland Currency Controls Info