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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 View Additional Email Addresses View Additional Web Addresses

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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 13 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 6 complaint(s) filed against business
  • Resolution of complaint(s) filed against business

Customer Complaints Summary Read complaint details

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

Customer Reviews Summary Read customer reviews

1 Customer Review on Bank of Internet USA, a division of BofI Federal Bank
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 1
Total Customer Reviews 1

Additional Information

BBB file opened: July 13, 2000 Business started: 09/27/1999 in CA Business incorporated 09/27/1999 in CA
Type of Entity


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


Business Category


Alternate Business Names
ApartmentBank BofI Holding Inc NetBank
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

Consumer Financial Protection Bureau P.O. Box 4503, Iowa City IA 52244 Phone Number: 855-411-2372 Fax Number: 855-237-2392

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


BBB Customer Review Rating plus BBB Rating Overview

BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.

Customer Review Experience Value
Positive Review 5 points per review
Neutral Review 3 points per review
Negative Review 1 point per review

BBB letter grades represent the BBB's opinion of the business. The BBB grade is based on BBB file information about the business. In some cases, a business' grade may be lowered if the BBB does not have sufficient information about the business despite BBB requests for that information from the business.

BBB Letter Grade Scale

BBB Rating Value
A+ 5
A 4.66
A- 4.33
B+ 4
B 3.66
B- 3.33
C+ 3
C 2.66
C- 2.33
D+ 2
D 1.66
D- 1.33
F 1
NR -----
Star Rating scale

  Average Score
5 stars 5.00
4.5 stars 4.50-4.99
4 stars 4.00-4.49
3.5 stars 3.50-3.99
3 stars 3.00-3.49
2.5 stars 2.50-2.99
2 stars 2.00-2.49
1.5 stars 1.50-1.99
1 star 0-1.49

BBB Customer Review Rating plus BBB Rating is not a guarantee of a business' reliability or performance, and BBB recommends that consumers consider a business' BBB Rating and Customer Review Rating in addition to all other available information about the business. If the BBB Rating is NR then only Customer Reviews are used for the Star Rating.

Complaint Detail(s)

3/12/2015 Problems with Product/Service | Read Complaint Details

Additional Notes

Complaint: NetSpend Corporation, a subsidiary of Bank of Internet, has opened a fraudulent account in my name. Numerous attempts by email and telephone to close the account have not succeeded. Here is an email from NetSpend: "Dear *******, Thank you for contacting NetSpend Customer Care! I am sorry to hear that you have a NetSpend account in which you did not authorized. To complete your account closure, you may speak with a Customer Care representative since I am unable to do so via email conversation for security reason. I apologize for any inconvenience this may cause. Thank you for choosing NetSpend. Have a great day! Billy Customer Care Specialist Answers to frequently asked question and self-help options can be found online at or by calling Customer Care at 1-86-NetSpend(1-866-387-7363). Hours of operations: Monday to Friday 8am-10pm CST. Saturday to Sunday 8am-8pm CST." One of several telephone attempts to reach a supervisor for NetSpend Corporation resulted in a hold time of 78 minutes and the call was disconnected by NetSpend. This company is unreachable even though they have been notified that the account is fraudulent.

Desired Settlement: Written confirmation from BofI and/or NetSpend Corporation that the fraudulent account opened in my name has been closed.

Business Response:

March 11, 2015

BBB Case ID number: ********

This email is to acknowledge receipt of your correspondence from ******* ***. Bofl Federal Bank
takes consumer feedback very seriously. We have fully reviewed this matter and a detailed
response has been em ailed directly to the consumer on March 11, 2015.

In order to protect consumer privacy, we are unable to provide you with the details. If you have
any questions or concerns, I may be reached at 858-649-2186 ext. ####.


***** **********
Compliance Officer

Consumer Response:

Better Business Bureau:

I have been notified by NetSpend Corporation, the subsidiary of B of I, that the fraudulent account created in my name has been cancelled.  I believe this action occurred at least in part from the intervention of BBB of San Diego.

Thank you for your invaluable assistance.

******* ***

12/19/2014 Problems with Product/Service | Read Complaint Details

Additional Notes

Complaint: Had $100,000 CD with this bank for 8 years. Matured for a second time on 11/21/14 with a ten calendar day grace period. Called repeatedly to close the CD account on Monday 11/24 and was unable to get through. Called again later in the grace period with the same result. The bank was not open on five of the ten days of the grace period (two weekends and Thanksgiving day). Finally got through to them on Tuesday, 12/2 and was told that because the grace period had passed they would charge me more than $500 in penalty fees to get my money back. The manager I finally spoke to, ****** *****, acknowledged that the bank's call volume had been "unusually high" during the period I attempted to reach them, resulting in extraordinary wait times and said that since I did not have an internet login with them, I should have written to them to close the account instead of continuing to attempt to call. If a bank is set up to handle transactions by phone (this bank has no physical branch locations) and claims, as they do that "Our dedicated customer support associates are a quick click or call away, ready to help and fully committed to your satisfaction," not having customer service representatives available to answer the phones goes beyond being an inconvenience and becomes criminal if the bank then inflicts onerous financial penalties on their customers for not being able to reach them by phone.

Desired Settlement: Refund of penalty.

Business Response:

Please allow this letter to serve as a response to the complaint that you lodged against Bofl Federal Bank (the

MBank") with the Better Business Bureau (BBB). In your complaint you mentioned that you were dissatisfied with
the manner in which the closure of your Certificate of Deposit (CD) account was handled.
We have researched your account and the transaction in question and have found you were contacted by Direct
Banker ****** *****. Direct Banker ***** apologized for the inconvenience and frustration caused by the original
disagreement. During the phone conversation with Direct Banker *****, you accepted our apology and resolution
to reverse the early withdrawal penalty. After the phone conversation, the Bank mailed a check for $520, the
amount of the penalty, to your address of record.
We are grateful to have had you as a client and appreciated your desire to bank with us.
Please feel free to contact us if you have any other questions.

12/15/2014 Problems with Product/Service | Read Complaint Details

Additional Notes

Complaint: I had two certificates of deposit with The Bank of Internet in 2013. Early this year I called because I had not received my 1099 tax form for the interest I had earned from the bank. I spoke to an agent and asked if they would send another copy of the form to me. The person I spoke with said that all the forms had not gone out yet, and I still might receive my copy. In short, I never did. This November I had reason again to get a copy of the 1099. I called on November 10th, and several times since, and I still have not relieved the form. I need this form to send to a pharmaceutical company in order to qualify for their patient assistance program.

Desired Settlement: I need my 1099

Consumer Response:

Better Business Bureau:

I filled out an online complaint form against:

The Bank of Internet

4350 La Jolla Village Dr #140, 
San Diego, CA 92122

Since they have rectified the situation, I would like to cancel the complaint. Please let me know how I can do it.

*** ******


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

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

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.

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

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.


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

7/29/2013 Problems with Product/Service | Complaint Details Unavailable