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BofI Federal Bank

Phone: (877) 247-8002 Fax: (858) 350-0443 4350 La Jolla Village Dr #140, San Diego, CA 92122 View Additional Email Addresses http://www.bofifederalbank.com View Additional Web Addresses



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Description

This company offers innovative banking and lending products and services to their personal and business banking customers.


BBB Accreditation

A BBB Accredited Business since

BBB has determined that 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 lowered the rating for BofI Federal Bank include:

  • 6 complaint(s) filed against business

Factors that raised the rating for BofI Federal Bank include:

  • Length of time business has been operating
  • 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 | 4 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 1
Billing/Collection Issues 0
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 5
Total Closed Complaints 6

Customer Reviews Summary Read customer reviews

2 Customer Reviews on BofI Federal Bank
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 2
Total Customer Reviews 2

Additional Information

BBB file opened: October 04, 2011 Business started: 09/27/1999 in CA Business incorporated 09/27/1999 in DE
Licensing, Bonding or Registration

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:

Nationwide Mortgage Licensing System

http://mortgage.nationwidelicensingsystem.org
Phone Number: (240) 386-4444
The number is 524995.

U.S. Federal Deposit Insurance Corporation (FDIC)
15 Rockdale Street, Braintree MA 02184-0172
http://www.fdic.gov/
The number is 35546.

Type of Entity

Corporation

Business Management
Mr. Gregory Garrabrants, President / CEO Ms. Sandy Hill, First Vice President / Compliance Manager Ms. Julie Bartolomei, AVP, Compliance Mr. Reymundo Castrejon, Compliance Specialist
Contact Information
Customer Contact: Mr. Reymundo Castrejon, Compliance Specialist
Principal: Mr. Gregory Garrabrants, President / CEO
Principal: Ms. Sandy Hill, First Vice President / Compliance Manager
Related Businesses
Bank of Internet USA, a division of BofI Federal Bank Annuitants Federal Bank Division of BoFI Federal Bank UFB Direct, a division of BofI Federal Bank
Number of Employees

300

Business Category

Banks Banking Services

Hours of Operation
M: 9:00 AM - 5:00 PM
T: 9:00 AM - 5:00 PM
W: 9:00 AM - 5:00 PM
Th: 9:00 AM - 5:00 PM
F: 9:00 AM - 5:00 PM
S: Closed
Su: Closed
Alternate Business Names
Bank X BofI Holding Inc
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 Fake Check Scam Financial Industry Identity Theft

Additional Locations

  • 4350 La Jolla Village Dr #140

    San Diego, CA 92122 (877) 247-8002

X

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.
Details

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)

5/10/2016 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I received a Bofi Federal Bank NetSpend card as a gift that is marketed and displayed as a gift card but is actually a reloadable debit card to which the issuing institution is charging 10% in this case $2.50 for every transaction and offers no way to redeem for cash value as purchased. Card was attempted to be used for online purchase of $25 but declined because of associated "transaction fee". When contacting ************** customer service I was told the only way to get cash value was to go to a 7-11 store and ask for cash back transaction. Well when attempting to do so 7-11 caps cash back transaction at $10 making it impossible to redeem for face value and also accumulating transaction fee. User does not have ability to use as debit card as advertised without a similar transaction fee. Additionally, user is being induced to either secure overdraft protection at an extraordinary cost or load the card for a fee to cover a fee. This is usery and a blatant attempt to skirt or abuse regulatory law in order to exact outlandish fees from users after certain misrepresentations.

Desired Settlement: Refund of cash value

Business Response:

This email is to acknowledge receipt of your correspondence from ***** ********* ID # ********. Bofi Federal Bank takes consumer feedback very seriously. We have fully reviewed this matter and a detailed response has been emailed directly to the consumer on May 2, 2016.

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 ************ x****,

Sincerely,

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

Compliance Officer

4/23/2016 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: This has gotten to be a really long story, but the gist is that my husband and I attempted to get a refi on our home back in February. The motgage consultant did not fully disclose the requirements to obtain approval to me (namely the student loan information being required by fannie mae for conventional loans). During the course of a couple weeks I asked several times regarding the matter and looking back realize I was dodged time and time again until I was made to feel safe and comfortable about proceding. Feeling that it must be this bank's requirement and it's for informational purposes my husband and I felt comfortable pursuing the refi with BOFI. We signed whatever we were told, etc, then unexpectedly we were denied. We were denied because our debt was too high with the student loans. We paid $525 for an appraisal (I totally understand that this a third party fee) but we would never have paid that fee or signed anything if all information had been disclosed to us. I have talked to several people and was moving up the chain to try to get our money back. Just being told it is denied regardless of what happened because it's a 3rd party fee. Most recently I talked with the VP of the mortgage division (I hope I got his title right). He was the most understanding of everyone I spoke with but again no refund. He did give me a gift card to ******, though. To say the least, we feel totally duped by this company.

Desired Settlement: We are now seeking a refund of $325 (the gift card was a ****** gift card in the amount of $200).

Business Response:

A response was sent to the customer on 4/15/2016.  Thank you.

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

AVP, Compliance

——————————————————

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

Direct: ************ x****

www.bofifederalbank.com

Description: Description: BofI_Federal_logo_400.png

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

Mail Stop ***

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

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,

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

3/9/2016 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: On January 15, 2016, I lost my Prepaid *** ***** ******* ****** ****. The next day January 16, 2016 I contacted ******* **** lost or stolen card department to notify them my card had been lost I spoke with customer service agent ***** who cancelled my card and reviewed the account activity I was informed there was 10 purchases from later that evening through early Saturday morning January 16, 2016. I was advised of the following transactions ************* (******) $34.99, **** ******** ****** $45.39, ******* $40, ******* $76.67, ****** ******** $36.74, *****, $42.69, ********* $3.50, ********** $6.72, and * ****** $2. I explained to ***** I did not make or authorize any of these charges. In fact, never heard of some of these retailers. ***** indicated I would be sent a dispute form and I needed to sign and dispute the transactions. I was not given a specific time when my dispute would be resolved but I was informed I would receive a call from the fraud department within 48 hrs. I never received a call. On January 20, 2016 I called to follow up and confirm the fax I sent January 17, 2016 was processed. I was transferred to 6 different departments and I was finally told by customer service agent ***** that a supervisor would call regarding my issue within 48 hours. Of course, I never received a call On January 25, 2016 at approximately 7:30AM pacific time I called and I was told my fax was received, a thorough investigation would be conducted and I would receive a letter shortly explaining the resolution. Obviously, frustrated and confused on the process I called again the same day at 10:56AM to speak with a supervisor. I was told by customer service agent ***** that my claim was received January 25, 2016 and the claim was denied and I would receive a letter explaining, why? On February 2, 2016. I received a letter from Card Operations indicating “After reviewing your case we have determined that the activity on your account appears to be normal and no fraudulent activity has occurred. Has our financial system been reduced to this? I am shocked an applauded that supposedly legitimate operations of HR& Block wouldn’t at least take the time to resolve this issue! I did NOT authorize or make these purchase!

Desired Settlement: I did NOT make these transactions or purchases I am requesting a full refund $365.10 and any associated fees

Business Response:

February 26, 2016

This email is to acknowledge receipt of your correspondence from ***** ******** (ID #********). Bofi Federal Bank takes consumer feedback very seriously. We have fully reviewed

this matter and a detailed response has been emailed directly to the consumer on February 26, 2016.

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 x1463.

Sincerely, 

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

Compliance Officer

1/1/2016 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: As the the bank for ******** i have received very poor customer service in locating my missing Direct Deposit ... i was told using the trace # *************** my money would be traced in 2 business hours and that i would directed back to the correct account . Now im threating my utility services being disconnected because their stating the Bank takes up to 6 days to send the money back to my employer instead of directing the deposit in the account . No one has been a help to my lost paycheck i need someone to escalate the situation because i called last week and was lead to believe this would be fixed by the end of the day

Desired Settlement: I need my money direct deposited by the end of the day

Business Response:

December 10, 2015

This email is to acknowledge receipt of your correspondence from ****** ****** (ID #********). BofI Federal Bank takes consumer feedback very seriously. We have fully reviewed this matter and a detailed response has been emailed directly to the consumer on December 10, 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 ************ x****.

Sincerely,

 

 

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

Compliance Officer

 

1/26/2015 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: The problem I having is that this bank illegally block my debit card from any transactions and I had to go buy a net spend card and now they are refusing to transfers my Military pension onto this card only when they want. They are holding my money against my will and will not transfers my money onto the new card they told me to go out and buy.Sense Christmas I been dealing with this bank and spoke to 15 different people. They put a block on my account that I could not even go out and buy Christmas gifts for know one. This is very unprofessional practice of a bank.This has me so stress out being my Military Pension is an=mount of 3068.00 and I could not pay my bills on time do to this.

Desired Settlement: What I want is they transfer the amount in my account plus 10% to 20 % added on for them holding my money against my will and that they will not transfer my money onto this new card I got.

Business Response:

Please refer to attached.

Please allow this letter to serve as a response to the complaint that you lodged against Bofl
Federal Bank with the BBB on January 5, 2015.
Bofl Federal Bank is the issuing bank for NetSpend's prepaid cards. As NetSpend is the program
manager for the purported account in question, we forwarded the letter to NetSpend for further
investigation. Please see the enclosed response letter from NetSpend and their findings.
Please feel free to contact us should you have any other questions.

 

We received a complaint filed with your office by **** ***** ********-laxen. Mr. ********-laxen
states his card was blocked, causing him to not be able to use the funds on his account.
On December 24, 2014 Mr. ********-***** sent us a message through our website stating that his
card was compromised due to two transactions posting to his account that he did not authorize. We
blocked the cards that were associated with the transactions to prevent additional unauthorized charges
from taking place. We advised Mr. ********-***** to dispute the transactions once they posted to his
account so that we can assist with our attempt to retrieve his funds.
Mr. ********-***** purchased another NetSpend card on December 261
h. That same day we
transferred the maximum daily amount of $1500.00 from his old card to the new card. The next day, his
remaining balance of $136.87 was transferred to his new card.
NetSpend regrets the inconvenience that Mr. *************** experienced due to the unauthorized
use of his card. We've assisted him with accessing his funds, and are ready to help with flUng a disputes
claim, should he choose to do so. We have provided Mr. ********-***** with our contact information if
he has any additional questions or concerns.
Thank you,
***** ** ********
Corporate Customer Response Team
NetSpend A TSYS Company

11/21/2014 Advertising/Sales Issues | Read Complaint Details
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Additional Notes

Complaint: I ordered a Brinks Money prepaid Mastercard. A charge was placed on my card from a vendor. I contacted the vendor and they refunded my money back to my "account". I have called Their customer service everyday for two weeks after waiting the seven business days for the refund to post back to my account. The customer service was not helpful at all. They continually put me off and refused to let me speak to a manager or "supervisor. When I did get the "supervisor" on the phone they knew nothing and still put me off by saying let me track this refund transaction. It will take 24 to 48 hours. The same crap they have said EVERY time I have called. I want my money then I want to cancel my account with them never to think about them again.

Desired Settlement: I want my money back in my account !!!!!!!!!!!!

Business Response:

November 13, 2014

Ms. ***** ******
**** **** St Apt. C
*******, KY 41101
******.*****@yahoo.com

Subject: Case No. ******* ******
BBB Case No. 1*******

Dear Ms. ******:

Please allow this letter to serve as a response to the complaint that you lodged against Bofl
Federal Bank with the BBB on November 04, 2014.

Bofl Federal Bank is the issuing bank for Net:Spend's prepaid cards. As NetSpend is the program
manager for the purported account in question, we forwarded the letter to NetSpend for further
investigation. Please see the enclosed response letter from NetSpend and their findings.

Please feel free to contact us should you have any other questions.

Sincerely,

***** ****

Compliance Officer


Customer Review(s)

The customer review(s) below are un-filtered. These positive and negative reviews are not used in the calculation of the BBB Rating. If you wish to file a complaint and request a resolution to your issue please click here. This customer review section is not BBBs complaint resolution system. Customer Reviews are the subjective opinion of the individual who posted the review and not of Better Business Bureau. A customer review is not posted on a business if a BBB complaint on the same issue(s) is also filed. BBB cannot guarantee the accuracy of any customer review and is not responsible for the content of any customer review. Public comments are not customer reviews.

Customer Reviews Summary

2 Customer Reviews on BofI Federal Bank
Positive Experience (0 reviews)
Neutral Experience (0 reviews)
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