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BBB Accredited Business since

Annuitants Federal Bank Division of BoFI Federal Bank

Phone: (855) 263-3348 4350 La Jolla Village Dr #140, San Diego, CA 92122

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This company provides financial services to lottery winners and structured settlement annuitants and is a division of BOFI Federal Bank.

BBB Accreditation

A BBB Accredited Business since

BBB has determined that Annuitants Federal Bank 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 Annuitants Federal Bank 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 3 complaint(s) filed against business
  • Resolution of complaint(s) filed against business

Customer Complaints Summary Read complaint details

3 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 0
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 2
Total Closed Complaints 3

Customer Reviews Summary Read customer reviews

0 Customer Reviews on Annuitants Federal Bank 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

BBB file opened: July 29, 2011 Business started: 09/27/1999 in CA Business incorporated 09/27/1999 in DE
Type of Entity


Business Management
Mr. Eshel Bar-Adon, EVP and Chief Legal Officer
Contact Information
Principal: Mr. Eshel Bar-Adon, EVP and Chief Legal Officer
Related Businesses
Bank of Internet USA, a division of BofI Federal Bank
Number of Employees


Business Category

Financial Services 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

Industry Tips
Debt Collection Rights-Spanish Debt Relief Strategies Financial Industry Foreign Lotteries Identity Theft Investments

Additional Locations

  • 4350 La Jolla Village Dr #140

    San Diego, CA 92122 (855) 263-3348


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)

1/13/2015 Problems with Product/Service | Read Complaint Details

Additional Notes

Complaint: I sold part of my annuity and in return were supposed to give me give me 19,000.00 , instead they gave me 15,479.40 due to their dragging their feet on the process. It took two months for them to get their paperwork together. When I told them that they should have reworded the contract. The contract should have been reworked. When I contacted ****** ********, she never sent paper work explaining the process. After I tried to get in touch with her, she would not respond to phone calls.

Desired Settlement: I want the difference of 3, 520.00 difference between what was promised to begin with. This was their mistake.

Business Response:

Dear Mr. *****:

We are in receipt of your December 6, 2014letter to the Better Business Bureau. I apologize for
any distress that you may have experienced during the course of your transaction with Bofl
Federal Bank ("Bofl"). Thank you for bringing this matter to our attention. It is our goal to
provide a superior banking experience to each of our customers. Our process improvement team
will conduct a detailed examination of your transaction in order to determine whether divisionwide
process improvements are warranted. If so, these will be implemented with all due speed
and diligence.

In reviewing your file I have identified what I believe to be the misunderstanding that is at the
root of your complaint. As you are aware, the Structured Settlement Payment Purchase
Agreement (the "Agreement") entered into on June 7, 2014 between you and Bofl, provides that
you sell a portion of your structured settlement payments (the "Assigned Payments") to Bofl in
exchange for a purchase price of $19,000.00 (the "Purchase Price"). Because the scheduling of
court hearings is in control of the court, and not in your control or that of Bofl, the Agreement
sets forth a procedure for crediting the amount of any Assigned Payment that you might receive
prior to funding against the Purchase Price otherwise due at funding. This procedure is found in
Section 13 of the Agreement, which provides in part that "Seller acknowledges and agrees that
the Purchase Price may be adjusted, if necessary, by subtracting an amount equal to the sum of
(a) all Assigned Payments received by Seller after the date of this Agreement and prior to the

With respect to your transaction, the Agreement contemplates that you sell to Bofl partial
monthly payments in the amount of$704.12 commencing with the payment due on April 1,
2014. Due to delays that were beyond either party's control, your transaction did not fund until
August 15, 2014. As a result, you received five of the Assigned Payments, totaling $3,520.60
prior to the date of funding. Consequently, and in strict compliance with Section 13 of the
Agreement, Bofl credited $3 ,520.60 against the $19,000.00 due to you at closing to reach the
disbursement amount of$15,479.40.

To reiterate, the amount of $15,4 79.40 that you received at funding represents the difference
between the original Purchase Price and the Assigned Payments you received prior to funding,
and not a reduction in the Purchase Price. Additionally, you received a $1 ,500.00 funding bonus
upon closing, bringing the total disbursement to $16,979.40.

If you have any questions, please contact me directly at ###-###-####, ext. 1516, or by email at


****** *****

Assistant General Counsel

7/30/2014 Problems with Product/Service | Read Complaint Details

Additional Notes

Complaint: I was contacted by phone on 7/17/14 by "******" [***** ********] at Annuitant Federal Bank stating that he wanted to discuss purchasing an annuity that I own. I informed him that I am not interested in such a transaction and ended the phone call. Later in the day, I received a voice mail from my father stating that he was called earlier in the morning by someone named "******" from Annuitant Federal Bank, stating that he had an urgent banking matter to discuss with me, and that my father should pass ******'s contact information to me right away. The "urgent" matter is apparently to solicit me into selling an annuity. My problem is not that I was contacted directly to attempt a solicitation. That seems reasonable. My problem is that they called others with my last name trying to solicit me. This strikes me as an unethical business practice and a violation of my privacy. Not to mention that my elderly father was frightened by the potential of an "urgent banking matter" that had to be addressed.

Desired Settlement: My father cannot be un-frightened. My privacy cannot be restored. I seek only to expose this business and this, what I consider potentially unethical practice, for what it is. A violation of privacy.

Business Response: July 29,2014

******* *****
Better Business Bureau
4747 Viewridge Ave. Suite 200
San Diego, CA 92123
Via Better Business Bureau Online Portal

Re: BBB complaint ID No. ********

Dear Ms. *****:

Please allow this letter to serve as the formal response of Bofl Federal Bank (the "Bank") to the above-referenced complaint (the "Complaint"). The Complaint was submitted by ******* ******** with respect to Annuitants Federal Bank, a division of the Bank. on July 17, 2014.

As the oldest branchless bank in the country, the Bank is proud of its long record of exemplary customer service, including, for example, having received the coveted ··Top Service Provider Award" from Costco. I thoroughly investigated the matters raised in the Complaint, and can assure you without reservation that no one at the Bank intended to cause Mr. ******** or his father any distress. However, I do apologize on behalf of the Bank if, despite our best intentions, anything said by our representative may have frightened Mr. ********'s father.

For the record, at no time during the call with Mr. ********s father did our representative indicate that the call was in regard to an "urgent banking matter," or state anything that could reasonably be construed as such. In fact, the evidence establishes that the Bank's representative told Mr. ********'s father that his call was "nothing se rious." Moreover. while I understand that Mr. ******** may generally feel that his privacy was invaded by the fact that we contacted him. no personally identifiable or confidential information was released to his father.

I note in closing that Mr. ******** did not request that any specific action be taken on our part. However, I do want him to be aware that we took his complaint seriously, and that it has served as the basis for providing additional training to our customer service representatives regarding the unintended perceptions that may arise from the things they say. We believe that this will prevent similar situations from arising in the future, and thank him for bringing this matter to our attention.

Please do not hesitate to contact me if you or Mr. ******** should have any questions or concerns, or desire to discuss this matter in further detail.


***** **** ****
EVP/ Chief Legal Officer

Consumer Response:


Better Business Bureau:

While I appreciate that the business apologized, I find it disturbing that they were correcting verbiage that was reported to me by my father, and stating that no interpretation of urgency could be construed.  The only way that this could reasonably be reviewed is if the call was recorded.  Florida is a two-party consent state for the purposes of recording a phone conversation.  My father has no recollection that such a disclosure was made to him.  To close this matter completely,  I'd like to request an audio copy of the entire call that they claim was used to correct the language, including the disclaimer that the call was being recorded and the statement that the matter was "nothing urgent".  That call should also provide evidence that they did or did not mentioned any of my personal identifying information.  If no recording exists, then it seems ludicrous to correct or reject the verbiage in my complaint.  Once I receive this information, I will consider this matter closed in a matter that is satisfactory to me.  If not, there will be lingering questions as to the appropriateness of the content of the call and the nature of the recording, if it exists.


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

8/16/2013 Advertising/Sales Issues | Read Complaint Details

Additional Notes

Complaint: On July 9, 2013, I received an alarming voicemail message to my personal mobile phone stating, ["Hi, this message is for ******* ***** (name changed to protect identity). My name is **** with AnFed Bank. I was calling regarding a concerning transaction that we had recognized here. Uh, if you know *******, please pass this message on to her. I can be reached at ###-###-####."] I did not immediately respond to the message. Later that day my mom (with the same last name and address) called me and said the same person called her to find my stating there was a concerning bank transaction under my name and they were trying to get in touch with me. At this point, I was obviously seriously concerned that maybe someone was trying to use my personal information in another state since this bank is located in California and I am in Michigan. I called this person, ****, back to find further details regarding this "so-called" concerning bank transaction. He then just tried to pitch a sales speech on how he saw I have a structured settlement and that I had worked with Peachtree in selling a portion of my annuity in the past. He spent about 20 minutes going on to tell me that I needed to get away from them and come to their firm instead since apparently Peachtree was being sued for millions of dollars for bad business practices. I then told him, I was not interested at all because I had nothing but good experiences with Peachtree. I continually told him I was not interested and he kept belittling Peachtree as much as he possibly could and repeated that he could get me a much better deal. I again said I was happy with my decision already and nothing was going to alter my decision. What struck me the most is that he was calling my family members and thelling them there was a "concerning" transaction and that I need to get in touch with him right away. I find that in fact, this was only a soliciting sales tactic and unethical business practices on there part.

Desired Settlement: I don't know if this person wad calling everyone he saw in relation to my name to get a hold of purchasing my structured settlement. It's embarrassing for me when this company is calling people I know saying there is fraudulent activity taking place under my name when in fact he just wanted to make a sale and was going to do everything in his power to do so. I was sincerely scared that my identity was being stolen since this bank across the country was trying to relay an alarming message to me. I want it to be known that this company harassed both me and my family members just to try and purchase my structured settlement while belittling another company and falsely alarming me of a situation that was not "concerning" at alls

Business Response:

Dear Mr. *****.

Please see the attached email and letter sent to Ms. **********.

Let me know if you have any questions or concerns.


***** *****

Via Email

******* ***** **********
**** ********* ***** ***** ******** *****
Re: Better Business Bureau Complaint #*******

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

We are in receipt of the Better Business Bureau complaint that you filed on July 23, 2013 against
Annuitants Federal Bank, a division of Bofl Federal Bank ("Bofl"). Since that time, Bofl has called you
twice on August 2, 2013, once on August 5, 2013, and once on August 8, 2013, with voice messages
being left for you on the 2 most recent calls, in an attempt to resolve this apparent misunderstanding.
Please give me a call at your earliest convenience, at ###-###-####, so that we may address your stated


***** *****
VP/Assistant General Counsel

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 consider this complaint resolved.


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