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BBB Accredited Business since

UFB Direct, a division of BofI Federal Bank

Phone: (877) 472-9200 4350 La Jolla Village Dr #140, San Diego, CA 92122 http://www.ufbdirect.com


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Description

This company offers checking and savings accounts.


BBB Accreditation

A BBB Accredited Business since

BBB has determined that UFB Direct, 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 lowered the rating for UFB Direct, a division of BofI Federal Bank include:

  • 7 complaint(s) filed against business

Factors that raised the rating for UFB Direct, a division of BofI Federal Bank include:

  • Length of time business has been operating
  • Response to 7 complaint(s) filed against business
  • Resolution of complaint(s) filed against business


Customer Complaints Summary Read complaint details

7 complaints closed with BBB in last 3 years | 1 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 0
Billing/Collection Issues 1
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 6
Total Closed Complaints 7

Customer Reviews Summary Read customer reviews

1 Customer Review on UFB Direct, 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: August 04, 2011 Business started: 09/27/1999 in CA Business incorporated 09/27/1999 in DE
Type of Entity

Corporation

Business Management
Mr. Adriaan Van Zyl, EVP & Chief Operating Officer, Office of the COO
Related Businesses
Bank of Internet USA, a division of BofI Federal Bank
Number of Employees

300

Business Category

Banks

Alternate Business Names
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/

Consumer Financial Protection Bureau P.O. Box 4503, Iowa City IA 52244 Phone Number: 855-411-2372 Fax Number: 855-237-2392 http://www.consumerfinance.gov info@consumerfinance.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) 472-9200

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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)

8/29/2015 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: I've been a banking customer with UFB / BOI for some time and kept a large amount deposited in my accounts with them. On August 8th I received a letter that all of my accounts were being closed with no explanation or way to rectify the situation. The letter stated to call in with any questions. Both times I tried to call, in two different departments, both agents said they had no information to provide me. And, had no way to get additional information, as the department that closes accounts "does not take calls". I value my banking relationship and want to do what is necessary to keep it active. If some activity I conducted was not allowed, I will cease it, if I had any warning or knowledge of it being an issue.

Desired Settlement: Cancel account closings.

Business Response:

This email is to acknowledge receipt of your correspondence from ***** ***** #********. 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 August 21, 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) 649-2186x****.
Sincerely,

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

4/19/2015 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: These fraudsters lure you in with what appears to be a higher rate than other banks and then shortly after they lower the rate well below the competition WITH NO WARNING. Then, after you finally find out you've been ripped off, they tell you in their fine print that that they can change the interest rate ON A DAILY BASIS at their discretion. That in itself is a bad business practice. THEN, when you are good and angry about being ripped off and transfer your money out to try to make up for the interest they stole, they ILLEGALLY keep your accrued interest to the date of the transfer, even though I contacted them IN WRITING VIA BANK SECURE EMAIL that I was closing the account when the interest rate dropped. According to their own fine print: "If you close your account before interest is credited, you will receive the accrued interest to the date of withdrawal" and "If you bring the account to a zero balance, leaving the account at a zero balance without notifying the Bank, the account will close and accrued interest will be forfeited." However, they to this day have not turned over the accrued interest NOR closed the account, even though I contacted them in writing about it several times.

Desired Settlement: Pay me the accrued interest they owe me and close the account.

Business Response:

This email is to acknowledge receipt ofyour correspondence from ****** ****** #********. Bofl
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 April16, 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 *****.

Sincerely,

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

Compliance Officer

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********. The business did credit back the interest they stole, but in their letter to me they were dishonest concerning our communication regarding my closing the account when the interest rate arbitrarily dropped. They didn't even address the issues about daily drops in the interest rate, sometimes 30% or more in one day and how deceptively their fine print is disclosed.

While I am happy with the overall outcome and appreciate BBB's assistance, the disclosure issue should definitely be addressed at this business.

Regards,

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

2/18/2015 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: During December, 2014, consumer was denied an account with UFB Direct. Consumer contacted customer service and learned that the reason for denial was multiple applications; however, consumer explained that there had only been one application. Customer service was less than helpful and would not provide adequate information to successfully open an account. Research conducted online shows similar consumer complaints, denied applications for erroneous reasons, and the Better Business Bureau has successfully assisted in resolving the issues.

Desired Settlement: Consumer would like the account application to be accepted and honored as advertised.

Business Response:

Dear Mr. ******,

Please allow this letter to serve as a response to the complaint that you lodged against Bofl Federal
Bank with the Better Business Bureau (BBB). I apologize that you did not have a satisfactory
experience in the application process for an account. However, the decision to decline your account
application was because you attempted to submit several applications within a short timeframe.
Our system is set to decline them if they exceed our criteria, as this is sometimes an indication of
suspicious or fraudulent activity.

Because of the difficulty that you have had submitting an application, I understand that ***** has
reached out to you to assist you with re-applying for your account. She will work with you to
ensure that we receive your application and that it is properly reviewed.

Again, we apologize for the difficult experience you had in applying for an account with us. We are
grateful for your desire to bank with us.

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

Sincerely,

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

Compliance Officer

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.

I have not received any attempt to resolve the details of my complaint from the business and dispute much of the response because it is less than factual.  I did not submit 'several' applications as indicated in the business response and assert that only one (1) application was submitted.  I have not been contacted by either ***** or any other person representing the business.  Regarding my credit file, I have verified that there is no fraud alert active with any of the three credit reporting agencies (TransUnion, Equifax, or Experian), nor any alerts with ChexSystems.  As such, there was - and is - neither legitimate nor lawful reason for account denial.
 

Dissatisfied,

***** ******



Business Response:

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 emailed directly to the consumer on January 21, 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 **** ..

Sincerely,

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

Compliance Officer

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, because there was no proposed action offered. 
For your reference, details of the offer I reviewed appear below.

There has been no offer made on behalf of the financial institution.  The consumer simply requested to open an account as advertised; however, the financial institution has refused to honor the consumer's request and continues to make false claims regarding the consumer's application.

The consumer is adamant that no message was found on the voicemail of the consumer's contact numbers. 
The consumer is adamant that no message or contact information was provided and/or received from Lucia, or any other person.
The consumer is adamant that the financial institution has not offered to open an account as initially requested by the consumer.

Because the financial institution advertised an account - which has been denied to an otherwise eligible consumer, the consumer feels that the financial institution has been deceptive in their advertisement and has not accepted application from the consumer.


Increasingly dissatisfied,

***** ******



2/4/2015 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: During the later part of the month of December 2014 my wife made some purchases through ****** to a UFB account that I was attempting to close. Unfortunately there was no money in the account to properly pay for the items. When I realized what had happened I called the bank immediately to rectify the situation. My only solutions were to wire the money or to set up an external transfer from another bank. I chose the later as I was assured there would be no more overdraft or NSF fees by UFB if they received notification that I transfer was to take place by December 28th at 11am. I did so and transferred the necessary funds to cover my negative balance. Over the weekend I was charged more fees and when I called about was told that they have to receive the money and not just a notification. The bank refused to be understanding of this issue. I contacted ****** for help, they sent me a letter to give to the bank for help and I was immediately rebuffed by the bank. I rushed to put more money in before the New Year's Holiday, but any transfers were not going to go in until January 2nd. Meanwhile, ****** was going back for a second round of payment for the returned items and there was no money in the account to cover it. I tried setting up an external bank transfer and was charged an overdraft fee by UFB for doing so, even though the other bank deposited and debit the exact amount. The account was brought to a positive and all the amounts have been paid, but the fact that UFB would not help or be understanding at all was incredible frustrating. I was doing everything in my power to fix this and they would not move one inch. Terrible business and I am glad to be rid of them. I will never do business or recommend them to anyone again.

Desired Settlement: I would like to be refunded $250 for the overdraft/nsf fees.

Business Response:

January 23, 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 emailed directly to the consumer on [insert date].

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 ###-###-####.

Sincerely,

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

10/21/2014 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: On October 3, 2014, I attempted to open a Joint ******** ******** ******* checking account with my wife, and I have failed every time I apply. The first time I applied, we went through the entire process only to be denied a checking account based off the information found in my *********** report. I have NEVER had a problem opening any kind of account (checking, savings, credit, loan, etc...). I monitor mine and my wife's credit report and there is nothing derogatory that would prevent us from opening a checking account. We currently have 6-7 checking\savings accounts with other financial institutions. I feared that I may have entered something incorrectly on the first application so, I attempted to apply again, this time carefully checking my responses in the ID verification section where you need to answer identify questions. I again, received a denial based off my *********** report. It is my understanding that a *********** report is a bank reporting system that many banks use, to report derogatory banking information. I can assure you that, my wife and I, have an excellent banking record. Thinking that there may be an ID verification failure with either me or my wife, I attempt to apply for a single account for both my wife and myself (rather than joint accounts). Every time I apply now, I receive and message after I submit application that there was an ID verification failure and to contact your customer service if I have further questions. I have tried calling customer service and they all seem to very unwilling to help me with my situation. They are unwilling to escalate to a supervisor\manager and they will not provide me a phone number to anyone higher up. I feel that I have no other place to turn than the BBB to help get my issue to someone higher up that can actually help me.

Desired Settlement: I feel that my wife and I were denied an account for no legitimate reason and would love to get an ******** ******** ******* checking account opened with UFB. I feel that there must have been some kind of ID verification that prevented us from getting approved. I would be more than happy to fax\email any proof of ID, address, citizenship, etc... that is needed to get an account open.

Business Response: October 16, 2014
Mr. ***** *******
**** * **** ***** ***
Herriman, UT 84096
************@********

 RE: Complaint to the BBB (ID - ********)

 Dear Mr. *******,

 Please allow this letter to serve as a response to the complaint that you lodged against Bofl Federal Bank with the
Better Business Bureau (BBB). In your complaint you mentioned that your request to open an account with Bofl
was denied because of information derived from a *********** report. This, in fact, is not the case.

 I apologize that you did not have a satisfactory experience in the application process for an account. However, the
decision to decline your account application was because you attempted to submit several applications within a
short tlmeframe. Our system is set to decline them If they exceed our criteria, as this is sometimes an Indication of
suspicious or fraudulent activity.

 Because of the difficulty that you have had submitting an application, I understand that ***** has reached out to
you to assist you with re-applying for your account. She will work with you to ensure that we receive your
application and that it is properly reviewed.

 Again, we apologize for the difficult experience you had in applying for an account with us. We are grateful for
your desire to bank with us.

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

Sincerely,

***** ****
FVP, Deposit Compliance

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 would like to let UFB Direct know that I appreciate their willingness to help resolve my issue with not being able to open an account; ***** has been awesome to work with and she was able to get an account open for me.  I feel bad that I had to open a BBB complaint against them however, there was no other way to get ahold of anyone at the company that could help me.  The Customer service representatives would not tell me why I was denied an account and they were VERY unwilling to escalate to someone higher up.  They would also not provide me with contact information to get ahold of anyone higher up either.  I apologize for submitting BBB complaint however, thank you for resolving my issue.  I really think that UFB would benefit for having a means for customers to reach out to someone higher up; I am willing to bet that I am not the only person this has happened to.

Regards,

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

12/5/2013 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: On Nov 3rd, I submitted an online application for a Airline Rewards Checking account (Application ID #*****). Within a few days I received a distressing email saying that my application was denied and this was due to information found in my Chexsystems consumer file. I knew this to be incorrect because, in addition to having an excellent credit score and consumer profile, I viewed a copy of my ChexSystems report a few months ago and found nothing. Concerned, I immediately ordered another copy of this report which UFB stated had information that was the basis of my denial. I recieved it a few days later only to find it had absolutely no derogatory information whatsoever in it. But it does show that Bank Of Internet made six (6) inquiries all on Nov 5th. I am not sure if this was a computer error or what but seeing as there is nothing in my file that could be remotely considered as negative and there were 5 inquiries in one day I called customer service to inquire about this. The representative was unhelpful and would not allow me to speak with a supervisor or anyone empowered to find out what was going on. I dont know where else to turn because UFB Direct does not have an effective way for customers (or would be customers) to get in contact with the departments needed to sort this type of thing out. You are put on hold while a customer service rep contacts them and relays your message. Then they come back and relays their message back to you. This back and forth can go on for quite a while and is not very productive when you are trying to problem solve.

Desired Settlement: The denial email I received reads: Application ID #***** ..... We regret to advise that we cannot open the Airline Rewards Checking account you requested due to information received from ChexSystems, a consumer reporting agency. ChexSystems did not make the decision to decline your request and is unable to provide you with specific reasons why the decision was made. You have rights under state and federal laws. Included in these rights are.... Again this is not correct. I have a copy of my ChexSystems report dated Nov. 5th which shows that there is absolutely adverse information within it. I will gladly provide UFB Direct a copy if they request it Simply send my a fax or email address you would like it sent to. I am asking that I be allowed to open an Airline Rewards Checking account as I believe there is no legitimate reason why I should not have one. I also monitor my credit reports and have no derogatory information within them either. Your assistance in this matter is greatly appreciated. Thank you in advance.

Business Response:

Please see attached for the letter BofI Federal Bank sent to Mr. ******* in response to his complaint.

 

Consumer Response:

Dear Ms. ****** & the BBB of San Diego,

Thank you so very much for the prompt and professional resolution of this issue.  ***** was a pleasure to work with and did her research thoroughly.

I my account was opened and I recieved new account packet in an expedited manner.  I regret I had to file a complaint with the BBB but your customer service/complaint flow is setup in such a way that customers (or potential customers) cannot get in contact with the next level to resolve issues that aren't part of a script.  If you are able to find the representative I spoke with (via logs) I'd love for him to receive more training on this matter.  Hopefully that can be resolved.  I am sure I am not the first applicant to run into this problem but I hope I am the last.

 

Best Regards and Happy Holidays,

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

11/8/2013 Billing/Collection Issues | Read Complaint Details
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Additional Notes

Complaint: This complaint is over a $10 fee charged to my money market account that they would not reverse. When i first setup the account it initially had a $0 balance. While my first deposit of $5,000 was processing i was charged a $10 fee because it was under their $5,000 minimum balance to avoid fees. So that brought my balance to $-10. Then once my $5,000 deposit processed the account withdrew the $10 fee and set my amount at $4,900 which caused another $10 fee. after numerous phone calls the bank corrected this error. so after some time i decided to withdrawal all my money and close this account. i attempted to transfer all $5,000 in my account to another bank just like i did with other accounts at different banks. however i was unable to do so because they set me at a $2,000 limit to do so. when i called in for help move out all my money they said i just need to make multiple withdrawals. in doing so i was again charged a $10 fee and this time UFB said they would not reverse the charge because they had done so previously. their customer was of little to no help and i ended up getting ripped off by this bank for a measly $10. UFB has an unethical collection practice and should not get away with stealing their ex-customers money. i welcome a phone discussion to explain this complaint in more detail. thank you.

Desired Settlement: $10 refunded in fees

Business Response: Please allow this letter to serve as a written summary of Bofl Federal Bank's a/k/a UFB Direct's
(the "Bank's") response to ***** *******' complaint against the Bank.

Per Mr. *******' request as stated within his complaint, on November 7, 2013 in or around 11:20
AM, I attempted   to  call him  at  the  number  he  provided.    I was  unable  to  reach  him, 
and subsequently left him a message asking him to return my call. On the same day, the Bank mailed 
a check in the amount of $10.00 to Mr. *******, which is the desired settlement  amount indicated 
by Mr. ******* in his complaint.

Sincerely,
******* ******
Compliance Officer

 

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,

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


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

1 Customer Review on UFB Direct, a division of BofI Federal Bank
Positive Experience (0 reviews)
Neutral Experience (0 reviews)
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