BBB Logo

Better Business Bureau ®
Start With Trust®
San Diego, Orange and Imperial Counties
Download

BBB Accredited Business since

Bank of Internet USA, a division of BofI Federal Bank

Phone: (877) 541-2634 Fax: (858) 350-0443 View Additional Phone Numbers 4350 La Jolla Village Dr #140, San Diego, CA 92122 http://www.bankofinternet.com View Additional Web Addresses

Print

BBB Business Reviews may not be reproduced for sales or promotional purposes.

Description

This company offers banking services in all 50 states via the internet and mortgage services for multi family and residential homes.

BBB Accreditation

A BBB Accredited Business since

BBB has determined that Bank of Internet USA, a division of BofI Federal Bank meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.

Reason for Rating

BBB rating is based on 16 factors. Get the details about the factors considered.

Factors that raised the rating for Bank of Internet USA, a division of BofI Federal Bank include:

  • Length of time business has been operating.
  • Complaint volume filed with BBB for business of this size.
  • Response to 8 complaint(s) filed against business.
  • Resolution of complaint(s) filed against business.
  • BBB has sufficient background information on this business.


Customer Complaints Summary Read complaint details

8 complaints closed with BBB in last 3 years | 2 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 1
Billing/Collection Issues 1
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 6
Total Closed Complaints 8

Customer Reviews Summary Read customer reviews

0 Customer Reviews on Bank of Internet USA, a division of BofI Federal Bank
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 0
Total Customer Reviews 0

Additional Information

top
BBB file opened: July 13, 2000 Business started: 07/01/2000
Licensing

This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

These agencies may include:

Federal Deposit Insurance Corp
550 17th St NW, Washington DC 20429
http://www.fdic.gov
Phone Number: (877) 275-3342
The license number is 35546.

Type of Entity

Corporation

Business Management
Ms. Sandy Hill, First Vice President / Compliance Manager
Contact Information
Principal: Ms. Sandy Hill, First Vice President / Compliance Manager
Number of Employees

300

Business Category

Banks

Referral Assistance

The following Government Agency(s) or Association(s) may be able to provide you additional information:

U.S. Federal Deposit Insurance Corporation (FDIC) 15 Rockdale Street, Braintree MA 02184-0172 http://www.fdic.gov/

Industry Tips
Credit Card Promotions Debt Collection Rights-Spanish Debt Relief Strategies Fair Credit Reporting Financial Industry Identity Theft

Additional Locations

  • 4350 La Jolla Village Dr #140

    San Diego, CA 92122 (877) 541-2634

  • 1
X

What is a BBB Business Review?

We offer free reviews on businesses that include background, licensing, consumer experience and other information such as governmental actions that is known to BBB. These reviews are provided for businesses that are BBB accredited and also for businesses that are not BBB accredited.

X

About BBB Business Review Content & Services:

Some Better Business Bureaus offer additional content & services in BBB Business Reviews.
The additional content & services are typically regional in nature or, in some cases, a new product or service that is being tested prior to a more general release.
Not all enhanced content & services are available at all Better Business Bureaus.

Professional AffiliationsX
X

Types of Complaints Handled by BBB

BBB handles the following types of complaints between businesses and their customers so long as they are not, or have not been, litigated:

  • Advertising or Sales
  • Billing or Collection
  • Problems with Products or Services
  • Delivery
  • Guarantee or Warranty

We do not handle workplace disputes, discrimination claims or claims about the quality of health or legal services.

X

BBB Complaint Process

Your complaint will be forwarded to the business within two business days. The business will be asked to respond within 14 days, and if a response is not received, a second request will be made. You will be notified of the business's response when we receive it (or notified that we received no response). Complaints are usually closed within 30 business days.

Discount CouponsX

Discount Coupons for Bank of Internet USA, a division of BofI Federal Bank

Discount: Bank of Internet USA’s Rewards Checking Offers a “Build your Own Rate” with up to 1.25% APY.

This company offers High Interest checking, Savings, CDs and Mortgage Loans.

To receive discount, contact (858) 350-6200 or print out this BBB Discount Offer and bring it with you.

This BBB Discount Offer is not valid in conjunction with any other discount, offer, special or promotion.
X

What is BBB Advertising Review?

BBB promotes truth in advertising by contacting advertisers whose claims conflict with the BBB Code of Advertising. These claims come to our attention from our internal review of advertising, consumer complaints and competitor challenges. BBB asks advertisers to prove their claims, change ads to make offers more clear to consumers, and remove misleading or deceptive statements.

X

What government actions does BBB report on?

BBB reports on known significant government actions involving business' marketplace conduct.

X

Thank you for your feedback!

Help us improve by taking our survey.

X

BBB Reporting Policy

As a matter of policy, BBB does not endorse any product, service or business.

BBB Business Reviews are provided solely to assist you in exercising your own best judgment. Information in this BBB Business Review is believed reliable but not guaranteed as to accuracy.

BBB business Reviews generally cover a three-year reporting period. BBB Business Reviews are subject to change at any time.

X

Additional Phone Numbers

  • (858) 350-6200(Phone)
  • (858) 350-0976 (Fax)
Find a LocationX

  Change Location
Show Only Accredited Locations


Complaint Detail(s)

4/23/2014 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: this complaint relates to Bank of Internet (BOI) fiduciary responsibility and the customer service associated with upholding this responsibility. I recently closed a checking account with Bank of Internet, requesting the remaining balance be sent as a check be sent to my address on file. This was done promptly and without issue. I first tried to deposit this check to another bank via online deposit and was unable to deposit using this method (although I have used this online deposit successfully many other times). I then took the check to my local bank branch office, and deposited it in person. The next day I received notification from the bank that they had reversed the transaction on the check deposit, because they could not process it as it was not valid. They called the bank it was drawn on and they said it was voided. It's missing characters with the routing #'s and account number. They also call Bank of Internet (operations area) and they said it was a voided check. Personally, when I look at the check after the fact, I can tell it's missing OCR characters and only has "|" and "<" and ">" between the routing and account numbers. I immediately contacted BOI customer service and they noted the issue, and stated it would be resolved within 24 hours. I called within the 24 hours to make them aware the issue was with the missing OCR characters, but quite simply, didn't really want to listen to what I had to say. I then waited to hear from them, but after the 24 hours were up, called them. After being put on hold for a lengthy time, they came back and said they issue wasn't yet resolved. Once again, they were trying to blame the bank where I attempted to deposit the check without wanting to listen to what was causing the issue. The issue has not yet been resolved, and my sum**** of the issue is they appear to believe the funds in my check account belong to BOI and they have no fiduciary responsibility of transferring this remaining balance to the me (the depositer).

Desired Settlement: Remaining monies in my checking account ($366..34) be wired IMMEDIATELY to my checking account with my local bank. Also, an apology stating that they indeed breached their fiduciary responsibility.

Business Response: Please see attached response letter for Bofi Federal Bank's response to Ms. ********. Thank you.

Dear Ms. ********:

Please allow this letter to serve as a response to the complaint that you lodged against Bofl
Federal Bank afkfa Bank of Internet USA (the "Bank") with the Better Business Bureau (BBB) on
March 20, 2014.

In your complaint you indicate that you recently closed your account with the Bank and asked to
have the balance of your funds sent to you immediately via check. You stated that you received
this check without any issue. However, upon attempting to deposit the check you had difficulties
and it was ultimately determined that the check had been prepared with faulty encoding.

During our attempts to assist you, we had you read us the MICR line of the check; but if we had
asked for an image of the check instead, we would have immediately seen the problem.
Unfortunately, the situation was further complicated by the fact that we did not have a good
phone number on file for you. We attempted to call the numbers that we had, but were
unsuccessful.

First, I want to apologize for the bad experience you had with this check. Because of the encoding
error and our delays in recognizing the nature of the problem there was an unfortunate delay in
getting your funds to you. We have researched the check and made corrections to guard against
this happening in the future. As we became aware of the mistake, our Processing Supervisor,
**** ********* spoke with you to assist you and resolve the situation. On March 25, 2014, we sent
you a new check in the amount of $366.34, which was the remaining balance in your account, via
overnight mail.

We apologize for any inconvenience you may have experienced. Thank you for bringing this issue
to our attention so we were able to get your funds to you and to make corrections to avoid
problems of this nature in the future.

Please feel free to contact us or **** ********* directly if you have any other questions. There
being no further action required, we will close this case.

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

10/3/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: Bank of Internet bought out my old bank, Principal Bank, and after I reviewed their withdrawal policies along with no having any physical locations near by, I decided to not bank with them but instead to bank with a local bank here in town. I contacted bank of the internet immediately after my decision to ask them to close both my checking and savings accounts before they got transferred over from principal bank. They re-assured me that request is in process and it will take few days for me to get the remainder balance of my checking account ($99.55). After over 2 weeks, I contacted bank of internet to inquire about why I still have not received the check and they informed me that they made a mistake in the closing process of my account! They also suggested that I write a personal check from one of my remaining principal bank checks to myself for the above amount and that would automatically close out my account. I followed that suggestion, and this morning I found out that my local bank rejected the check and charged me a $7 transaction fee on top of it! I contacted my local bank and they informed me that the check I tried to deposit didn't go through because the account was closed!!! I was furious, I contacted the bank of internet to let them know of the situation and they told me this time that a check has been mailed to me and that my account was closed! I was even more furious about their incompetent behaviors and about the lack of information sharing between their team members about what was going on with my situation. I asked them to refund me the $7 that my local bank charged me for the mistake that they made, they instead asked me to 3-way call my local bank so that they can explain to them that it was a mistake on their end. I informed them that I was at work and that this process has already cost me so much time and money for something so simple as to closing ones account. The CSR was incredibly rude and careless and combative with me on the phone. It is my professional opinion that this bank is not ran by professionals but my mobsters. I also got feedback from friends of mine here in town that used to bank with principal bank that got transferred over to bank of the internet and received similar feedback about this bank.

Desired Settlement: I expect a bank to take ownership of the problems and headaches they cause to their customers, especially when it comes to maintaining the highest standards in customer service and in handling situations that should have not happened in the first place. I expect a check from them for the amount of $7 for the transaction fee my local bank charged me because of their incompetency.

Business Response: Dear Mr.  *****,


We are sorry to hear about your experience during the conversion of your deposit  account  from 
Principal Bank to Bank of the Internet (Bofl) that occurred on September 9, 2013.  We tried very 
hard to make the transition of all the products,services, and accounts as seamless as possible for 
the previous customers  of Principal Bank as they converted over to Bofl.


From the details you provided, we did not meet that goal in the handling of your request to close 
your account after the conversion.   We apologize  for the inconvenience that was created  based on 
the responses and instructions you received from  our staff regarding this request.


We are enclosing a check for $7 to reimburse you for the expense you incurred because of the 
conflicting instructions. We once again apologize  for the misunderstanding.


Sincerely,


****** **********
FVP, Deposit Operations

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

7/29/2013 Problems with Product/Service | Complaint Details Unavailable
4/26/2012 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: In Sept 2011, We applied for a home refinance loan over the internet. I have emails that were sent back & forth with ******* ******, tel:(888)*************, but I did not get to speak with her, she never called me back, and **** ******, underwriter @ (888)*************, which turned out to be the problem. She sent me an email stating that she was the Sr. Processor collecting documentation and would be the point of contact. I was to have 3 days to provide the information. I had questions about the information requested and called her 3 times, leaving messages for a call back but she never called back. I ran out of time to provide the information and the loan request expired. I sent an email laying out this scenerio and asked for my $495. back which was posted to my **** credit card on 09/15/11, but I never heard from them again. They did not keep up their end of the process. I have emails but don't know how to add them to this. If you send me an email that I can reply to, I can send the information.

Desired Settlement: They should refund the $495.00 that they charged us to get a home refinance. I have emails to support everything but don't know how to add email to this.

Business Response:

Mr. **** ** ******** applied for a mortgage refinance transaction with Bank of Internet USA on 9/12/2011.  His lock to secure his interest rate request was confirmed on 9/12/2011 with an expiration of 10/27/2011.  We received his Intent to Proceed on 9/15/2012 which allowed us to assign his loan to our processing department on 9/15/2011.  A needs list was sent to the borrower on 9/26/2012 and the required appraisal was ordered.  Processing received a call from the ********* ********** ******* on 10/3 stating the borrower cancelled the appointment with the scheduled appraiser.  In the interim, the borrower had sent an email to the assigned Senior Loan Processor which was sent to her junk email.  The Mortgage Consultant reached out to the borrower to discuss his cancellation request and noted the file he wished to cancel his transaction due to non-responsiveness from the Senior Loan Processor.  Upon review, we will be refunding the borrower his Application Deposit Request in the amount of $495.00.

 

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.

Regards,

**** ********

BBB's Final Determination: Consumer accepted resolution offered by the business.

3/23/2012 Billing/Collection Issues | Read Complaint Details
X

Additional Notes

Complaint: THIS BANK IS VERY UNPROFESSIONAL AND RUDE. THEY ARE A BIG JOKE IN THE BANKING INDUSTRY. **** * TOLD ME I WOULD GET A CARD IN DEC 2011 BUT NEVER GOT IT. I WAS TOLD BY ****** ****** I FILE A COMP0LAINT THAT MAKES ME RUDE AND UNPROFESSIONAL. ***** ***** IS HARASSING AND NEEDS NEVER TO TALK TO CUSTOMERS. THIS BANK REFUSES TO HONOR THERE WORD BELOW:This email is in reference to your BofI Federal Bank inquiry ****************.Per your phone conversation with **** ******* your request will be processed. If you would like further assistance, simply reply to this email. We can also be reached by telephone at **************.Thank youTHIS WAS NOT DONE AND UPON REQUEST OF THE CARD I WAS CALLED A LAIR AND REFUSED TO BE SENT A CARD EVEN THOU THERE IS MONEY IN THE ACCOUNT AND I WAS TOLD BY **** * I WOULD GET A CARD AND HE WAS SORRY FOR THERE ACTIONS.BEFORE ALL THIS I WAS LEFT ON HOLD BACK IN DEC AND HEARD THE TEAM TALK ABOUT ME AS A CUSTOMER AND TALK ABOUT OTHER CUSTOMERS. I HEARD PERSONAL PHONE CALLS ABOUT GOING TO *** *****. I WOULD EMAIL THEM I WAS HEARING AND THEY KEEP ME ON PHONE WHERE I COULD HEAR IT ALL. THIS BANK IS RUNNING POORLY AND SEEMS TO BE NOT FOLLOWING THE LAW. THIS MAYBE SOME RIP OFF OR SCAM AND SHOULD BE SHUT DOWN OR FINED FOR THE POOR ACTIONS. IT WILL BE MY DUTY TO BLAST THE WORLD WITH MY STORY SO NO ONE ELSE HAS TO BE TREATED WITH SUCH BAD MANORS.AFTER I TOLD ***** TO STOP CALLING ME OR I WOULD FILE HARASSMENT CHARGES SHE SAID SHE WOULD DO SAME. THIS AGAIN SHOWS THE UNPROFESSIONAL ACTS OF THERE COMPANY AND WORKERS.

Desired Settlement: HAVE THE INVESTIGATED AND FINED FOR THE UNLAWFUL AND UNPROFESSIONAL ACTS. THE PEOPLE IN QUESTION BE FIRED AND NEVER TALK TO CUSTOMERS AGAIN. I WANT A FORMAL LETTER OF SORRY FROM THE PRESIDENT OF THE BANK AND EACH WORKER WHO TREATED ME BAD.

Business Response:

*** ****** was allowed to open an account in July of 2011.  The account was closed in August of 2011 because *** ****** never made a deposit into the account.

 

November 9, 2011 *** ****** submits his initial deposit for less than the required amount per the account discloser; however the bank made an exception and reopened the account.

 

November 18, 2011 *** ****** contacted the bank and inquired why his Debit card was not functioning.  He was informed that his card needed to be replaced since he allowed the account to close by not making a deposit in the account.  He was also informed that he needed to make the disclosed minimum deposit in order to receive a replacement card.

 

December 2, 2011 *** ****** contacted the bank and requested a status on his replacement card order.  Again *** ****** was communicated with and told that his card would not be ordered until the disclosed minimum deposit was received.

 

December 7, 2011 *** ****** contacted the bank and again inquired about his replacement card.  At this time the request was escalated to management and a decision was made to make an exception and order a Debit card even though the minimum required opening deposit had still not been met.

 

December 8, 2011 *** ****** Debit card was order and delivered to the address on file.

 

March 7, 2011 *** ****** contacted the bank to inform us that he never received the card and requested another card.  Still the minimum required opening deposit had not been met.

 

March 9, 2011 *** ****** was contacted regarding the lack of activity and minimum required opening deposit not being met and why he didn’t notify us sooner of not receiving the card that was ordered in December. *** ****** also left a message for a supervisor after he was not satisfied with the response given to him earlier in the day.

 

March 12, 2011 the supervisor contacted *** ****** to discuss his request for a Debit card.  After further review by management it was decided that *** ******** account be closed and his remaining balance was mailed to his address on file.

 

During all of the communication with *** ****** he commonly was rude, irate, and used foul language with the employees that were communicating with him.    This is the main reason *** ******** account was closed.

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

the account had a couple deposits and i did not make no more because i had no access to the account. the workers ****** and ***** were rude, unprofessional, used foul words and made threats because i told them i would file complaints. **** * who is over them promised me i would get a card. a card was not ordered or sent to my address. i was called a lair and treated with much disrespect. i told ***** to stop calling me or i would file harassment charges and she treated to do the same.  the actions of this bank are bad., they story they tell you are lies and not the full truth. i was not treated as a customer should have been. the ag of fl and ag of ky has been looking at this matter and feels something is not right about there actions. if you make a promise you should honor it. you do not treat your customers rudely, threaten then, and you do not lie or go back on your word. this banks should not have a a rating dude to there lack of professional actions. even thou they pay the bbb a fee there should be dropped in there letter grade. i will make it my mission to let everyone know what sham this bank is running.

Regards,

Russell Claxon

 

 

 

Business Response:

Our prior response dated March 16th 2012 is the banks full response regarding *** ******* account, no further action will be taken.

BBB's Final Determination: After reviewing the position of all parties, BBB determined that the business made a reasonable effort to address the complaint. However the consumer remains dissatisfied.

2/2/2012 Problems with Product/Service | Complaint Details Unavailable
1/13/2012 Advertising/Sales Issues | Complaint Details Unavailable
12/22/2011 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I opened a new account with Bank of Internet. I started a new job and was not going to get a paycheck for 30 days. I payed the penalties and cashed in my 401k to cover my rent. I deposited the check with BOI on November 29th. On Tuesday December 6th I called Fidelity and asked them if the check had cleared on their side because I had not seen the money put on my account. It had cleared. I called BOI and they told me they have a mandatory 7 day hold and it did not matter that the check had cleared. They returned my rent check unpaid and charged me 35 dollars insufficient funds fee. This is unacceptable considering the money was their and management would not bend a little and release my money. Also now my apartments are charging me 90 dollars late fees and I can no longer write checks to pay my rent. It has to be money orders only because this check bounced. Charging me a fee when my money was sitting in the bank on a hold is unacceptable and self serving to the bank.

Desired Settlement: I would like the 90 late fee I have to pay my apartments and the 35 dollar fee paid back to me and an apology letter.

Business Response:

The Bank provides Disclosures to customers upon application; specifically, the Bank's Disclosures relating to funds availability for new accounts states:

  1. "Special Rules for New Accounts

    If you are a new customer, the following special rules will apply during the first thirty (30) days your account is open:

    1. Funds from electronic direct deposits to your account will be available on the day we receive the deposit.
    2. Funds from deposits of cash and wire transfers will be available the first business day after the day of your deposit. The first $5,000 of a day's total deposits of traveler's, cashier's, certified, teller's and federal, state and local government checks will be available the second business day after the day of your deposit, if the checks are payable to you. The excess over $5,000 will be available on the seventh (7th) business day after the day of your deposit.
    3. Funds from all other check deposits will be available on the seventh (7th) business day after the day of your deposit."

** **** agreed to the Terms and Conditions when he applied for the account.  The returned item is valid under the Terms & Conditions.  However, as a gesture to ** ****, the Bank refunded the NSF fee of $35.00 on 12/9/2011 despite ** ****'s communications containing veiled threats and obscene language.

BBB's Final Determination: Business offered a resolution. Consumer did not pursue further with BBB and the matter was assumed to be resolved

1