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BofI Federal Bank

Phone: (877) 441-1122 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 provides 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 raised the rating for 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 | 1 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 1
Billing/Collection Issues 1
Delivery Issues 1
Guarantee/Warranty Issues 0
Problems with Product/Service 3
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.

Type of Entity

Corporation

Business Management
Mr. Gregory Garrabrants, President / CEO Ms. Sandy Hill, First Vice President / Compliance Manager Ms. Jocelyn Affdahl, Compliance Officer 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) 441-1122

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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)

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

7/23/2013 Billing/Collection Issues | Read Complaint Details
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Additional Notes

Complaint: I called the back and spoke with customer service and was told that an ACH transfer was not in process, because of that information I put in a second ACH transfer from another back. then both transfer came later and there was not enough funds to cover both transfers and I was charges 2 times for NSF because the one that was not paid was attempted 2 time from one of my other banks. All this would not have happened if I was not giving the wrong information from BofI. I have a complaint from the federal agency ongoing at this time, and do not expect this BBB complaint to go anywhere but I want it on the record so other customers know what kind of crappy and lousy service this back does to the people that put money into their bank. DO NOT USE THIS BANK FOR YOUR MONEY.

Desired Settlement: Pay me the $50 for the 2 NSF fees

Business Response:

The attached email and letter were sent to Mr. ***** on 7/11/2013.

July 11, 2013

Mr. ******* *****
**** ******** ***** ********** ****** ** *****
Email: *************@*****.com

Subject: Case No. *******-*****
Better Business Bureau No. *******

Dear Mr. *****:

Please allow this letter to serve as response to the complaint you lodged against Bofl Federal Bank
a/k/a UFB Direct (the "Bank") with the Better Business Bureau on July 1, 2013.

On June 11, 2013 you filed a complaint with the Office of the Controller of the Currency regarding
the same matter. The Bank conducted an independent investigation and found no Bank error.
Therefore the two NSF (Non-sufficient/uncollected funds) fees incurred on your account remained.
The Bank reopened your complaint on July 1, 2013 and conducted a second independent
investigation, wherein all telephonic recordings on file were reviewed. Based on our investigation,
we affirm our prior decision and find that there was no Bank error.

To reiterate, you initiated and authorized two (2) separate ACH transfers in the amount of
$20,000.00 each. These two ACH transfers were not duplicates; you had initiated these transfers
with FNBO and TIAA, which are both other third party financial institutions that we have no
relationship with. For both of these transactions we acted only as the receiving financial institution.
As the receiving financial institution, the only capability and responsibility that we have is to either
honor the presentment or return the ACH request for nonsufficient funds.

In fact, in one of the telephonic recordings, when you discovered that there were two (2) $20,000
ACH transfers coming into your UFB Direct account, we informed you that based on your account
balance at that time one of the ACH's would be returned for nonsufficient funds. You stated that
you would call your other financial institution to instruct them to stop the transfer. Whether you
made the call or not, your other bank presented the ACH transfer for payment. That was not our
Bank's error.

On 6/5/13 the two ACH transfers were presented for payment to your account. At the start of that
day you're your account had a balance of $26,481.03. We honored and paid for one of the ACH
$20,000.00 transfers. The other $20,000.00 ACH transfer would have caused your account to
overdraft, as you did not have enough in your account to pay for the transfer. As such we returned
the item to your other financial institution for nonsufficient funds. Due to this transaction, you
incurred the $25 NSF fee, which is clearly disclosed in the account disclosures and schedule of fees.
On 6/7/13 your other financial institution re-presented the ACH transfer for $20,000.00. Again,
our Bank has no ability to stop an outside financial institution from doing this. We can only honor
the presentment or return it for nonsufficient funds. At the start of that day your account balance
was at $8.070.40, and thus was unable to cover the $20,000.00 ACH transfer. Therefore your
account incurred the second $25 NSF fee.

As such, we find that there was no Bank error, and the Direct Bankers and other Bank employees
involved in your case acted properly. We understand your frustration in this situation and not
knowing the banking regulations. However, our account terms and conditions and disclosures,
which you accepted when you opened your account, are readily available for you to review online.
Nevertheless, as a matter of customer service, we have decided to reimburse the two (2) $25 NSF
fees that you incurred on your account. Please be advised that this reimbursement in no way acts
as an admission of any Bank error or wrongdoing. This reimbursement is solely an act of goodwill
to you as a matter of customer service. Your account ending ******* was credited on July 11,
2013.

Sincerely,

***** ****
Compliance Manager
CC:
Complaint File
Better Business Bureau

6/28/2013 Delivery Issues | Read Complaint Details
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Additional Notes

Complaint: In 2008 we purchased a RV Trailer Trailer and the company used the B OF I Bank to do our financing. In May 17th, we paid our trailer off and sent and check to the company, they posted our check on our account on the 21st. It shows a zero balance on our account, and we were told it would be up to 30 days to receive the title. This was after numerous phone calls, For the past 2 weeks we have called asking about when we would receive the title and was told 30 days, 30 days, we have 30 days, well today is day 32 and STILL NO TITLE, after numerous calls, we talked to ****** and was told they didn't have enough employees to sign off on my title, and couldn't give us a date on when we would receive the title, and of course, the matter of it being over 30 DAYS was of no importance. So after talking to our lawyer, was told to give them a date June 28th, as the lastest date of us having our title in our hand, and of course ****** wouldn't talked to us, said we needed to talk to another person that handles this, and was directed to voice mail, which I told them the date we had set and would start proceedings with our lawyer if we didn't have it on Friday, and LEFT our phone numbers, and NO one can call back or anything!!!!!! So tired of this! I need help! I just want my title for the RV we paid off!!!!!!!!

Desired Settlement: I would just like my title, so I can go forth with the sale of my camper!

Business Response:

The title for the RV was overnighted to the customer on 6/25/2013.  The customer was contacted on 6/25/2013 and notified that the title was sent and was provided tracking information.

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, HOWEVER I STILL BELEIVE THIS COMPANY SHOULD BE TURNED INTO THE BBB SO OTHER PEOPLE SHOULDN'T HAVE TO GO THIS THE SAME PROBLEM AS I HAVE

Regards,

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

3/18/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: Started ****** *** Account on 2/24/ 2013-called on 2.25/2013 to close. Was told that I could not close it initially, then yes. Told them that I did not have amount in checking account. Did not trust them so notified BOFI on 2-25 that I wanted to block the transfer. BOFI said no. BOFI paid and charged me $ 25.00 overdraft. ****** *** rep said they could reverse it; however BOFI rep told me that I needed to replenish in case of recurring payments( which could cause recurring payments to bounce also); but that was not the proper thing to do because now I am told that I took care of the deficit in the account because I wanted the check paid. This is absurd. This bank has been negligent, negligent and negligent. I do not have overdraft protection. Why did they pay and still charge me? It shows what they think of money and their customer.

Desired Settlement: Refund of $ 25.00

Business Response:

Ms. *****

 

Sent a secure message on 2/25/2013 requesting the Bank to “block any deposits or withdrawals, provided there is no fee, from routing number *********”.  A Call Center Supervisor responded to Ms. *****’s request the same day informing her that the bank does not have the ability to block all transactions from a specific source.  As an alternative, the Supervisor suggested that Ms. ***** fill out an ACH Stop Payment Request Form to block any specific undesired transactions.  He also informed her that there was a $35 fee to process the request.

 

On the morning of 02/27/2013 Ms. ***** spoke with a Direct Banker in the Call Center and informed the Direct Banker that she had previously authorized an electronic transfer to be debited from her UFB Direct Checking account to fund an account with ****** ***, and there were not sufficient funds in her account on 02/26/2013; when the ACH was presented.  This resulted in a $25 Non- Sufficient Funds Fee, which posted to her account that same day.

Ms. ***** requested that the NSF fee be reversed at which point the Direct Banker informed her that the fee was not a result of a bank error and therefore would not be reversed.  The Direct Banker also informed Ms. ***** that without  sufficient funds to cover the item, or a completed Stop Payment Request Form, the company may present the item again; resulting in further fees.  While still on the phone with the Direct Banker,  Ms. ***** transferred funds into her UFB Direct Checking account to cover the ACH item; to avoid a second NSF Fee.

 

On the afternoon of 02/27/2013 Ms. ***** spoke with a different Direct Banker who confirmed that her internal transfer completed early in the day would result in the item being paid.

 

Later that day, Ms. ***** sent in a series of secure emails asking the bank to reverse the $25 NSF Fee.  A Call Center Supervisor responded to Ms. *****’s request citing her earlier conversation with a Direct Banker, and reiterating that the NSF Fee would not be reversed as it was not a bank error.

 

On the night on 02/27/2013 the Call Center Supervisor made an outbound courtesy call to Ms. ***** to follow up regarding his email response to her inquiry.  The Supervisor summarized and confirmed the series of events leading to the NSF Fee incurred by Ms. ***** as a result of the ACH transfer she initiated with ****** ***.  Ms. ***** admitted that she authorized the ACH transfer, and that she did not have sufficient funds in her UFB Checking account to cover the transfer at the time it was initiated.  The Supervisor informed Ms. ***** a last time that the NSF Fee would not be reversed, as there was no error on the part of the Bank.

v

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.

Regards,

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

 The bank made an error in honoring paying the amount of $ 75,000. from my account when I only had $ 1,253.03 in the account.  The bank made another error in telling me to transfer the $ 75,000 back to the deficit balance, resulting in a payment being made that they knew I was totally not in agreement with.   This gave the bank the opportunity to cement its first error--knowing that I did not want the money withdrawn.  I was even told that the amount  would be returned in five days.  Lastly, the bank made a error in charging me $ 25.00 for its own laxity in the matter.  The bank did not tell you the time that they require to honor a stop payment.  A stop payment would not have been honored in this case.  The people were moving so fast that they took the money out without my verifying the small deposits for the fact that I told them that I did not have sufficient funds in the account.  So, a stop payment would not have done the job.

Business Response:

Attn. BBB,

 

BOFI Federal Bank’s decision not to refund the $25 fee will remain.  Ms. ***** has stated clearly that she did not have sufficient funds to cover the transaction she initiated.  By her own admission, the bank is not at fault.

 

Regards,

Her admission is highlighted below:

 

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

The bank made an error in honoring paying the amount of $ 75,000. from my account when I only had $ 1,253.03 in the account. The bank made another error in telling me to transfer the $ 75,000 back to the deficit balance, resulting in a payment being made that they knew I was totally not in agreement with. This gave the bank the opportunity to cement its first error--knowing that I did not want the money withdrawn. I was even told that the amount would be returned in five days. Lastly, the bank made an error in charging me $ 25.00 for its own laxity in the matter. The bank did not tell you the time that they require to honor a stop payment. A stop payment would not have been honored in this case. The people were moving so fast that they took the money out without my verifying the small deposits for the fact that I told them that I did not have sufficient funds in the account. So, a stop payment would not have done the job.

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

The bank made an error in honoring paying the amount of $ 75,000. from my account when I only had $ 1,253.03 in the account. The bank made another error in telling me to transfer the $ 75,000 back to the deficit balance, resulting in a payment being made that they knew I was totally not in agreement with. This gave the bank the opportunity to cement its first error--knowing that I did not want the money withdrawn. I was even told that the amount would be returned in five days. Lastly, the bank made an error in charging me $ 25.00 for its own laxity in the matter. The bank did not tell you the time that they require to honor a stop payment. A stop payment would not have been honored in this case. The people were moving so fast that they took the money out without my verifying the small deposits for the fact that I told them that I did not have sufficient funds in the account. So, a stop payment would not have done the job.

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.

Regards,

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