Watch this bank, they say your deposits will post the same day, if done before a certain time, maybe this is true. They neglected to say, they are not going to give you access to your money for more than 5 working days. They started this in july 2014. I was told they sent me a notice of this. I ask for a copy of the notice, stating they had a mandatory 5 working day hold on all deposits not made in their location (including cashiers checks and money orders), from two of their call center personnel. Their reps said they had no access to it the letter. They also stated that i was emailed the notification in june of the policy change. I found no email from them in june stating this. I also received numerous excuses as to why they were doing this, and was informed that i waived my rights to having access to my money iaw the banking regulations. Watch out constant deposit problems.
This bank took over a mortgage I had. They have over billed, demanded impounds that don't exist, lost my insurance coverage several times and tried to bill me for more insurance. Their fax numbers don't work. They have now destroyed my credit by reporting that I was over thirty days late several times and I have never never had any late payment. They are abusive and don't even try to correct their screw-ups.
closed account. bank of internet sent a check with remaining balance that was not valid, so was unable to deposit. almost two weeks later and still haven't gotten a response (or the funds) from their customer service.
I wonder if the other customers have gotten similar experience with the SAF Branch. They make far too many serious mistakes, and are very slow in correcting them (if they eventually decide to do so). You should double check and calculate your interest payment to make sure they are not underpaid. Mine has been underpaid for about half. They also haven't been keeping their promise. If you also have such experience, please let it known so that they can improve their service.
Definitely not a place if you are looking for real advise on financial matters. Representative do not have the knowledge beyond the basics. Experience, knowledge, and customer service does not seem to be high on the list when hiring candidates. It seems that personality is the only trait HR looks for when hiring individuals. However, pure personality does not take you far enough. Definitely do not recommend BOI.
Attempted to open a rewards checking account. Went through the standard online application and was told I would receive back confirmation in 4-5 hours. After no word back in two days I called and was told I needed to mail my drivers licence (note not a copy of my licence) to an address in San Diego. After some very un-helpful back and forth with an offshore customer service rep I gave up. Total let down, avoid!
While the interest rates may be marginally higher & fees and charges marginally lower, the stellar customer service I had 10 years ago is gone. Now, every complaint submitted automatically gets a "resolved" & I have to resubmit multiple times -- some have still not been addressed. My issues include:
- my account was accessed by someone from Intuit as I received an email with Intuit.com. I did not authorize any non-bank personnel to do anything to my account at the time. When I reported it, I was told they were "fixing the issue with text messages" (see below) but the issue isn't fixed
- the Intuit software driving the online system is terrible
- they've brought in more 3rd parties that receive my data (e.g. the service that prepares the statements for them) - clearly they don't care about my privacy
- they do not actually "register" my computer and I have to do this every time
- although there is a button, I no longer get text messages and have to use the "call me" to register my computer
- you cannot send money to "anyone" as stated ... "anyone" must be in the US (how arrogant is that!)
- my debit card does not work in ATM terminals overseas, even if the network supported is on the card and ATM - apparently overseas ATMs expect a chip on the card which BofI has not supplied and they are unable to tell me when they will do this
- I snapped a clear deposit photo 4x today with my Galaxy 3, following their advice, but it wasn't accepted
- the automatic scanning feature stopped working for me a while ago and I have to scan manually now (no change on my scanner)
- today the manual scan received a java security error (I'm running the latest copy of java) and I had to manually allow the BofI plug in
- took an hour to make a deposit which should have finished in 55 minutes
- I wrote a letter to the bank with some of these issues in August. Got a call from customer service but no resolution
- wrote a letter adding new issues 15 days ago
So far they have duplicated a deposit, not allowed pop money, and not delivered my check to a payee but offered to charge $35 to stop payment and send it again. My suggestion is to find a different online bank. Now they have rejected mobile deposits because they do not understand the word beneficiary. A supervisor finally overruled after multiple notes and phone calls and allowed the deposits, but they forgot to do one. They are the worst banking customer service group I have ever worked with. Also, if you do a mobile deposit, make sure you check that it goes in because they rejected mine with no email notification whatsoever. They claimed the system was broken but only after I asked. They also appear to target you with problems if you give an honest review of their performance.
I was interested in their higher % rates for their checking account. I made a small deposit to try Bank of Internet USA out. I got my card and my pin as expected, and changed my pin to what I wanted it to be. I went to an ATM to activate my card per their instructions but my card would not work. This was at 7:30 am PST. I tried to call their help line but got a message to call back later. I waited until 8:30 am and the lady was nice enough to activate my card for me over the phone. I used the card a few times at fast food places just fine until I went to the grocery store. Again, my pin would not work. I tried to contact their customer service at 6:00 pm PST and I got the call back later message.
I work 8-5 Monday through Friday, so I need access to customer service that is a little wider than my own working hours. By the time I get to the store and have a problem it is too late and I have no access to my cash.
As a bank that is supposed to be more advanced in the internet and technology fields, their technology and customer service is a fail.
I have closed my account and was supposed to get a check that contained my remaining balance in the mail yesterday. No check. I cannot score them on their rates and fees, because I could not get their accounts to work.
I lost my debit card this weekend. No live Customer Service after six or weekends. Chat isn't available until 11:00 CST and only on week days.
I've called five times today and either get a busy signal or they hang up when i select speak to a representative. answer the phone.
I have used this bank for a few months now, and I was hesitant at first being an online only bank. It is a wonderful bank, and has great rates! I would recommend this bank to anyone who wants an extra banking account or if this is the first bank account ever opening.
All of their promises are real! Free postage paid envelopes for deposits, great percentages, and great customer service. The people are very nice, understanding, and friendly.
The bank card works just like any other Visa, any other bank card, and is a wonderful addition. Some banks do not give you a bank card, just checks. This one gives both, for free.
I discovered BofI Federal Bank at nerdwallet.com and was drawn to the $0 monthly fee and no minimum balance on business checking accounts, which is very difficult to find. I was hesitant to create an account because BofI has 8 different brands (Bank of Internet, UFB Direct, AnFed, etc...) which to me is sketchy but the price was right. I really wanted to use Everbank but it essentially costs $15/month unless you keep a balance or your organizational structure is a sole proprietorship.
Creating an account at BofI was pretty easy, but certainly not a quick process. There was no online form to fill out so I ended up printing stuff out and mailing it in. There were options to fax and email documentation in as well, but I don't have an easy way to fax and you should never send sensitive information in email (my professional opinion). I received a phone call about a week after mailing in my documentation to confirm some information and my account was approved/created shortly thereafter. I followed the very clear instructions to create user to access my account.
I was very disappointed with the online website and the mobile banking app. All of their technology appears to be handled by Jack Henry and associates (http://www.jackhenry.com). This means that BofI basically gets to make small design changes to a standard template, and the templates are not visually appealing. Aside from the design aspect, the actual web & app experience is rather sad as well. I wanted to deposit a check into my account using the BofI app but it kept crashing every time I attempted to use a picture. I called up tech support and they basically said to re-install the app. Re-installing didn't help but it seemed to start working after I took pictures in portrait mode instead of landscape mode. Again, just crummy software all around. To be fair, I may have high standards as I have been a software developer for 15+ years and I really prefer to use excellent products.
Great customer service tho!
Bank of Internet seems to have the online banking model down to a science. Free mobile banking and deposits, budgeting software, unlimited ATM reimbursements, etc. They offer everything a traditional bank would, but keep adding free features by cutting the overhead of branch operations. Awesome stuff, I recommend!
1. You can only do online transfers up to $5k every 30 days out of your account in a minimum of three installments. I intended to use the account as a "rainy day" fund so this is completely unacceptable. If you order the free checks during account setup you can get around this, but the point of this account is for ONLINE service!
2. If you don't enable 3rd party cookies on your browser (which I don't for security and privacy reasons), you will have to have them phone you with a PIN number every single time you want to access your account. Really? Is this the 21st century?
3. Setting up the account is a PITA. Once you prove you own the account you're funding the new one with, you have to do it ALL OVER AGAIN when you want to transfer funds back into it. Which I started to do immediately when I found out point #1. That was something new to me (I've had accounts with a couple of other online banks before and never encountered those miserly limits before). Anyway, I've been dribbling all of my money back out so I can close this mistake of a bank account.
Open with $100 and enjoy all it has to offer. Banking with Bank of Internet is really easy. Do everything online. Deposits by mobile phone. Also, if you're worried about ATM fees, there are reimbursements. Pretty cool right?
Bank of Internet has been such a positive experience for me. I have my checking account with them and it has been so easy! I pay ALL of my bills from this account (for free). I use their FinanceWorks to track my expenses and bills. The free features like money transfers, deposits, and ATM reimbursements make this account so easy and free to use. My last bank made lots of promises...Bank of Internet delivers!!
I had several options for where to go for my refinancing of my condo. My rate was too high and I wanted to pull out a small amount of equity to pay off a high interest rate credit card. I contacted Bank of Internet via email and they called me back literally in minutes (that was impressive). I was all set (I thought) with how I wanted to accomplish my goal, and every other bank I spoke to gave me an option, I wrote it down and moved onto the next. Expecting the same treatment, I was almost shocked when the guy on the phone (Tom...I think...the only thing I didn't write down!) started giving me different options that basically achieved the same goal but included other benefits. NOT ONE other bank did that for me. I wrote down all my options and needed time to think. I was not pressured at all, and when I called back, even though I spoke with someone different, she had all of my information and options ready and we went from there. In the beginning of my search I was frightened that I would not get the best deal. Bank of Internet gave me options and a great deal...plus I decided to open a rewards checking account...that is an entirely new positive review!!! I cannot say enough about what a great experience that I had. So far, very pleased.
I needed an online bank that I could use anywhere and at any time. Bank of Internet is an online bank...no branch required. I have been extremely pleased with the service and ease of use that Bank of Internet has provided. The mobile app is fantastic, especially the mobile deposit feature...just a few taps with my iphone and done, any day of the week. If you travel extensively then this is the bank for you.
I was looking for an online bank that I could open from anywhere I lived. The reason I wanted something online was my hours I worked did not allow me to go to my local bank anyway so I figured if I am going to have to bank online I may as well get the best rates and lowest fees. After doing my research I came across Bank Of Internet and was able to open my account right from home. So far it has been really convenient. I love the mobile deposit feature from my Iphone.
I just opened an account with Bank of Internet, I like to do all my banking online, ease of use, fast and 24/7 Cust Service - you can't beat it, they don't nickle and dime, they fully disclose, always understand how banking works before you sign up and you will be fine here. They have high ratings everywhere you look, those that have made negative comments I find generally did not understand what "they" not the bank was doing.
I want to share a horrible experience I had with Bank of Internet (BOI). I lost my job and was out of work for a month. I got a new job but I had to wait a month for my first check. Having no money I paid the penalty to withdraw from my 401k to cover my rent at my apartments. I deposited a check from Fidelity on November 29th. I wrote a check to cover my rent on December 3d. On December 6th BOI still had a hold on my check. I contacted them and was told it would not be released until December 9th.
This is their policy for check deposits. I called Fidelity and they informed me the check had cleared the bank on their end. Contacted BOI again but still they will not release my funds so my rent check will clear. Now my rent check has bounced, I have no money and the apartments informed me it will cost me 100 dollars late fees to pay on the 9th. So I already paid penalties for withdrawing from my 401k, now late fees with rent all because BOI does not care about people and their hard times, only their policy. The check has cleared the funds are there but BOI won’t give me access to my own money. I do not recommend Bank of the Internet and I give them a ZERO in customer service.
You cannot beat the rates and I love their new rewards checking.
I have often opened savings accounts and CDs at this bank because of their strong rates and good customer service. I have almost always had good customer service experiences.
I have had a checking account here too, but the downside was that they didn't have external funds transfers, so I keep another internet checking account open even though BofI's paid more interest.
On Bofi's new system I was able to easily set up external funds transfers from my savings accounts to mutliple accounts. Very quick and easy.
The account aggregration features is really nice too.
Now that they solved the only real problem with their service (the external funds transfer) I am pleased with them. The external funds transfer feature is much easier to set up than Charles Schwab (my other bank) because Schwab makes you fill out a paper form and mail it in. BofI's is automatic and can be done is seconds.
I have had Checking & Savings accounts at Bank of Internet for almost 4 years, and I have had no issues. Overall BofI is one of the best banks I have found. Recently they launched Finance Works powered by Quicken. This is Free to existing customers! I love it.
Decent checking and savings rates.
Very picky account opening procedures, frequent rejections reported by friends and relatives who report having very good credit.
Billpay doesn't withdraw funds from your account until the recipient deposits the check and it is cleared.
No ability to transfer to external accounts from within site.
No ability to send NOR receive international wire transfers.
I have been a banking customer since 2003 and have been relatively happy. My Wife, Mother-n-law and myself have checking accounts there. We decided to applied for a high yield savings account and got declined. We were astonished, we asked why. They said they couldn't talk about it. They referred us to www.consumerdebt.com; I was very upset, I asked them you can't give me any information? They said, something about writing a bad check. We have only one bank and we have never bounce a check not even once and our credit rating scored is over 800. Instead of giving us the benefit of the doubt and work through this problem, they chose to be snotty and rude. This bank is an internet based bank and therefore doesn't feel the need to maintain their professionalism. There is so much identity theft out there, effecting the innocent as well as the guilty. This bank is does not make any effort to resolving issues, they label you and treat you like a criminal.
Stay away from the "Bank of Internet, USA" they are not worth your time.
It doesn't matter how high Bofi interest rate is, they are not worth the trouble! It took weeks for me to even get a username and password to log into my account and it all had to be done by snail mail. Once I got the information I encountered errors trying to set up my account. Finally got it set up but once in the account if I click on anything I get sent back to the login screen. There is nothing of use within the online stuff anyway. There is no way to transfer too and from external accounts. There is no way to make a withdrawal or deposit except by snail mail! You'd think with a name like Bank of the Internet they'd be a lot more high tech but there are many banks out there that actually have their acts together and offer excellent online services. I can't stress enough how bad this bofi is, if I could give it a negative rating I would. Just stay away, not even a high interest rate is worth this nightmare. Thankfully I only deposited $100. It will sit for 90 days (to avoid closing fee of $25) then I'm going to close the account. So unless they manage to do something really spectacular in 90 days (doubtful!), I'm done with it.
I signed up for a savings account because Bank of Internet's rate was blowing everyone else's out of the water. Everything was great until I tried to withdraw money from the account. You cannot transfer funds from a BoI account on their website. You have to go into an account with another bank and request your funds from BoI. If your other accounts don't allow this you can pay $7 for a certified check or $30 to have your money wired to you. Oh, and if you want to close your account within 90 days you will have to pay an additional $25.