Bank Of Internet

Online Bank, bankofinternet.com

Bank Of Internet logo
A+ MyBankTracker
Rating
MyBankTracker rating based on the following criteria that includes customer reviews, financial health, bank fees and other key factors compared to the other banks.
More Details

About the Bank

Bank of Internet USA is an online bank headquartered in San Diego, California, and it’s the oldest internet-only bank in the country. It sets itself apart from other online banks by offering the same range of products and services you’d find with a traditional brick-and-mortar bank. That includes:



  • Checking accounts

  • Savings accounts

  • Certificates of deposit

  • Individual retirement accounts

  • Personal loans

  • Mortgage purchase and refinance loans

  • Home equity loans

  • Business banking services


Bank of Internet USA features checking accounts designed to accommodate every financial need. Essential Checking is the most basic option; this account is suited for someone who wants a simple, fee-free account with no minimums or requirements. If you want to earn interest on your checking balance, you can choose from Rewards, Platinum or Golden Checking. The Rewards Checking account is ideal if you use your debit card frequently. This account offers the highest interest rate on deposits, along with unlimited reimbursement of domestic ATM fees. ATM fee reimbursements are limited with Platinum and Golden Checking.


There’s also a fifth checking option: CashBack Checking. This account allows you to earn cash back on debit card purchases when you maintain a minimum balance. This account also gives you unlimited ATM fee reimbursements each month. Finally, the First Checking account is a joint account that parents can open with teens aged 13 to 17. This account is designed to help teens learn the basics of money management, with no monthly fees.


Savers have four ways to grow their money. The Smart Savings account earns a competitive rate with no monthly fees. There’s no minimum balance for this account and it comes with a free ATM card upon request. The Smart Money Market account also offers a high interest rate on savings but it comes with the added benefit of being able to write checks or use a Visa debit card to make purchases.


Bank of Internet USA also offers CDs, with terms ranging from three to 60 months, making them appropriate for both short- and long-term savings goals. There’s a $1,000 minimum to open account but there are no set-up or maintenance fees. The rates for these accounts are tiered, with the highest rates reserved for the longest-term CDs.


If you’re planning for retirement, you can save with a Bank of Internet USA IRA or IRA CD. The rates earned on these accounts are lower than what you could get with a savings, money market or CD account. But, traditional IRA savings contributions are tax-deductible; Roth IRA savings contributions grow tax-free.


As an online bank, Bank of Internet USA offers both online and mobile banking services. You can deposit checks through your mobile device, with high daily and monthly deposit limits. The app also allows you to easily send and receive money through Popmoney. You get free access to FinanceWorks, Bank of Internet USA’s money management software. And of course, you can save time and money by using the mobile app to schedule bill payments and automatic transfers between your accounts.

Bank Of Internet Fees

  • National Average
  • Monthly Inactivity $0 $6
  • Non-Sufficient Fund (Overdraft) $25 $30
  • Stop Payment item $35 $27
  • Return Deposit $10 $13
  • Domestic Wire Transfer (Outbound) $35 $22
  • Domestic Wire Transfer (Inbound) $0 $10
  • Non-Bank ATM $0 $1

Latest Customer Reviews

Sort by:
  •  
    Reviewed By bonsaiman45 Jun 16, 2017

    THE WORST MORTGAGE APPLICATION EXPERIENCE IN MY 72 YEARS - STAY AWAY !!!!!!!!!!!!!!

    I cannot speak for any of their other services but for sure, NEVER NEVER NEVER NEVER consider applying for a mortgage to BOI. This was easily, hands down, the absolute worst banking experience of my life -- and I have applied for at least ten mortgages over the years - not a neophyte but got suckered in because of their low rates and low fees -- but you get what you pay for. Their communication was close to non-existent - taking somewhere between 3-5 phone calls and 5-10 emails to ever get a single response. The process, which "should" take 45-60 days was dragged out for over FIVE MONTHS -- all due to their negligence and lack of communication and follow-up. In fact, as we finally got to the end of the ordeal they had the gall/nerve to request "new documentation" because the original documentation, fully supplied, was "out of date" !!!!!!!! Can you actually believe the nerve of those people.
    If you are looking for a mortgage GO ANYWHERE ELSE !!!!!!!!

    Continue reading...
    Thank you for your feedback Is this review helpful?
  •  
    Reviewed By JtrIndustries May 19, 2017

    App works good. Funds may be available for your grandchildren.

    So far I have only one complaint - really slow credit on deposits through the phone app. The Android app works fine and the customer service was nice to talk to.

    Phone deposits however, take a long time to become available. I takes two days for a deposit status to move from Pending to Accepted. After that, expect another five days to be able to use your money. This is creating a cash flow problem for me. I will have to move on...

    Continue reading...
    Thank you for your feedback Is this review helpful?
  •  
    Reviewed By Rosie047 Sep 10, 2016

    A banking nightmare!

    It is now over two months that I have been working with the bank of the Internet in to order secure a mortgage. Their process is cumbersome and absolutely incomprehensible. I am totally baffled as to how Costco can continue to have a relationship with this bank. I am not sure what federal government body monitors banks however if in fact there is such a body I would hope that they begin an investigation to determine the processes used to determine qualified mortgage recipients.

    Continue reading...
    Thank you for your feedback Is this review helpful?
  •  
    Reviewed By Masque3323 Sep 7, 2016

    Horrible bank -- stay away!

    Stay away from BofI! Opening up a new account is a nightmare here.

    They funded my account with my initial deposit from an external linked account then "declined" my application 2 weeks later because they say they could not verify my information even after I sent them the information they asked for that I had. Not to mention they have extremely bad customer service. No one gives you a straight answer & they do not accept responsibility for their mistakes. I was told I opened an old email link to my application. Then why was the link still working at that point? It should have taken me to a window that said the link was no longer active & that I had to re-open another account. What they actually did was fund the account & then later decided they weren't finishing verifying my information. They even mailed me a debit card & deposit slips in 2 different mailings.

    Once the application for an account was "declined", they did not just send a credit back through the external bank account I used to send the deposit. They decided, instead, to MAIL me a check a full week after declining the application. I was told it can take 3 business days for the check to be received. 4 business days later & still no check. Meanwhile I'm getting hit with fees from the bank I linked as an external account because they screwed up several times & yet they tell me it's not their fault. Was it my fault they did not deactivate an old application link? Was it my fault they verified my external account then pulled the deposit from there before they fully verified my identity? Was it my fault they do not have an upload option to send documentation & only offered me fax or mail? (Fax is faster but often illegible & they will not wait for mailed documentation.) Was it my fault I was told it was alright to send certain documentation with a note on it stating it was all I had to send but then they would not accept it -- both from the same department? Was it my fault they decided to wait a week to send me my money back? Was it my fault they decided to mail me a check instead of crediting the external account they already verified as a valid account? I've never had as much trouble opening up an account -- internet or physical bank -- as with this bank. Talk about a waste of time. Now I have to contend with the fees they caused & will not help with even though they were the reason I rec'd the fees to begin with.

    With the practices they have in place & the horrible customer service & application/verification process, this bank is well on their way down the drain.

    Continue reading...
    Thank you for your feedback Is this review helpful?
  •  
    Reviewed By GregG Apr 15, 2016

    Deposits are very slow

    They have nice features, and their online banking does what it needs to do. They reverse ATM Fees which is awesome.. The times I called Customer Service, they were always there to answer my questions.. For those who live on the east coast, you can still call them at 6, 7, or 8 PM.. Someone is always there. BUT....deposits are very slow for money to become available.. If I transfer money from my main bank account to our BOI account on a Friday afternoon. . The money isn't available until Wednesday.. Mobile deposits from my cell phone takes about a week to 10 days before the money becomes available. Mailed deposits takes roughly the same amount of time to clear. I haven't changed my direct deposit to them yet, but I wouldn't be surprised if they put a hold on that.. LOL This is 2016... Why can't I just give them my debit card number, and transfer money instantly that way? Paypal is even faster than these guys, and I can just get a debit card from Paypal..

    As far as I know, BOI did not run a credit check on me when I started an account. AND I didn't see anything pulled on my chexsystems report from BOI either. If you have bad credit, or something on chexsystems.. You may be able to get an account with BOI fairly easy. Just be aware, it takes several days to get an account approved.. .They will usually ask for photo ID uploaded to them, copies of your signatures, and other things.. Once you send that, it takes a few more days, And then you have to link your other bank accounts with your BOI.. That process takes a couple more days.. . Then it takes a couple of business days before your transfer gets there.. You are probably looking at 2 weeks to get your account up and running... I don't understand why BOI can't have a sales department that can work with you on finding whatever accounts will better suit your needs, work with you on uploading whatever documents/identification you need to start your account, and have the process done in two hours.

    Continue reading...
    Thank you for your feedback Is this review helpful?
  •  
    Reviewed By Aungirl Mar 18, 2016

    OMG...A nightmare

    I am on hold for at least 30 minutes when trying to reach someone on the phone. They are always "experiencing higher than expected call volumes" - everytime I call! My checks were not ordered for my account until I inquired 10 days later. Bank deposits take 5-7 business days regardless of account status. I am so disappointed, I thought it would work but I will never deal with them again and would give them a "0" star rating, if I could.

    Continue reading...
    Thank you for your feedback Is this review helpful?
  •  
    Reviewed By bonsaiman45 Jun 16, 2017

    THE WORST MORTGAGE APPLICATION EXPERIENCE IN MY 72 YEARS - STAY AWAY !!!!!!!!!!!!!!

    I cannot speak for any of their other services but for sure, NEVER NEVER NEVER NEVER consider applying for a mortgage to BOI. This was easily, hands down, the absolute worst banking experience of my life -- and I have applied for at least ten mortgages over the years - not a neophyte but got suckered in because of their low rates and low fees -- but you get what you pay for. Their communication was close to non-existent - taking somewhere between 3-5 phone calls and 5-10 emails to ever get a single response. The process, which "should" take 45-60 days was dragged out for over FIVE MONTHS -- all due to their negligence and lack of communication and follow-up. In fact, as we finally got to the end of the ordeal they had the gall/nerve to request "new documentation" because the original documentation, fully supplied, was "out of date" !!!!!!!! Can you actually believe the nerve of those people.
    If you are looking for a mortgage GO ANYWHERE ELSE !!!!!!!!

    Continue reading...
    Thank you for your feedback Is this review helpful?
  •  
    Reviewed By Rosie047 Sep 10, 2016

    A banking nightmare!

    It is now over two months that I have been working with the bank of the Internet in to order secure a mortgage. Their process is cumbersome and absolutely incomprehensible. I am totally baffled as to how Costco can continue to have a relationship with this bank. I am not sure what federal government body monitors banks however if in fact there is such a body I would hope that they begin an investigation to determine the processes used to determine qualified mortgage recipients.

    Continue reading...
    Thank you for your feedback Is this review helpful?
  •  
    Reviewed By rmarcosb111@gmail.com Oct 28, 2014

    Denied

    Terrible experience signing up for an account. I tried twice and both times it told me there was a problem verifying my identity. So I called them on the phone to ask what part was missing and they said that "At the time I was not approved for that account". It's a checking account! They literally don't wan't to accept my money. I didn't apply for a mortgage or anything, just a simple checking account. They refused to give me a reason and told me to "Try again at a later time"

    Continue reading...
    Thank you for your feedback Is this review helpful?
  •  
    Reviewed By JtrIndustries May 19, 2017

    App works good. Funds may be available for your grandchildren.

    So far I have only one complaint - really slow credit on deposits through the phone app. The Android app works fine and the customer service was nice to talk to.

    Phone deposits however, take a long time to become available. I takes two days for a deposit status to move from Pending to Accepted. After that, expect another five days to be able to use your money. This is creating a cash flow problem for me. I will have to move on...

    Continue reading...
    Thank you for your feedback Is this review helpful?
  •  
    Reviewed By Masque3323 Sep 7, 2016

    Horrible bank -- stay away!

    Stay away from BofI! Opening up a new account is a nightmare here.

    They funded my account with my initial deposit from an external linked account then "declined" my application 2 weeks later because they say they could not verify my information even after I sent them the information they asked for that I had. Not to mention they have extremely bad customer service. No one gives you a straight answer & they do not accept responsibility for their mistakes. I was told I opened an old email link to my application. Then why was the link still working at that point? It should have taken me to a window that said the link was no longer active & that I had to re-open another account. What they actually did was fund the account & then later decided they weren't finishing verifying my information. They even mailed me a debit card & deposit slips in 2 different mailings.

    Once the application for an account was "declined", they did not just send a credit back through the external bank account I used to send the deposit. They decided, instead, to MAIL me a check a full week after declining the application. I was told it can take 3 business days for the check to be received. 4 business days later & still no check. Meanwhile I'm getting hit with fees from the bank I linked as an external account because they screwed up several times & yet they tell me it's not their fault. Was it my fault they did not deactivate an old application link? Was it my fault they verified my external account then pulled the deposit from there before they fully verified my identity? Was it my fault they do not have an upload option to send documentation & only offered me fax or mail? (Fax is faster but often illegible & they will not wait for mailed documentation.) Was it my fault I was told it was alright to send certain documentation with a note on it stating it was all I had to send but then they would not accept it -- both from the same department? Was it my fault they decided to wait a week to send me my money back? Was it my fault they decided to mail me a check instead of crediting the external account they already verified as a valid account? I've never had as much trouble opening up an account -- internet or physical bank -- as with this bank. Talk about a waste of time. Now I have to contend with the fees they caused & will not help with even though they were the reason I rec'd the fees to begin with.

    With the practices they have in place & the horrible customer service & application/verification process, this bank is well on their way down the drain.

    Continue reading...
    Thank you for your feedback Is this review helpful?
  •  
    Reviewed By GregG Apr 15, 2016

    Deposits are very slow

    They have nice features, and their online banking does what it needs to do. They reverse ATM Fees which is awesome.. The times I called Customer Service, they were always there to answer my questions.. For those who live on the east coast, you can still call them at 6, 7, or 8 PM.. Someone is always there. BUT....deposits are very slow for money to become available.. If I transfer money from my main bank account to our BOI account on a Friday afternoon. . The money isn't available until Wednesday.. Mobile deposits from my cell phone takes about a week to 10 days before the money becomes available. Mailed deposits takes roughly the same amount of time to clear. I haven't changed my direct deposit to them yet, but I wouldn't be surprised if they put a hold on that.. LOL This is 2016... Why can't I just give them my debit card number, and transfer money instantly that way? Paypal is even faster than these guys, and I can just get a debit card from Paypal..

    As far as I know, BOI did not run a credit check on me when I started an account. AND I didn't see anything pulled on my chexsystems report from BOI either. If you have bad credit, or something on chexsystems.. You may be able to get an account with BOI fairly easy. Just be aware, it takes several days to get an account approved.. .They will usually ask for photo ID uploaded to them, copies of your signatures, and other things.. Once you send that, it takes a few more days, And then you have to link your other bank accounts with your BOI.. That process takes a couple more days.. . Then it takes a couple of business days before your transfer gets there.. You are probably looking at 2 weeks to get your account up and running... I don't understand why BOI can't have a sales department that can work with you on finding whatever accounts will better suit your needs, work with you on uploading whatever documents/identification you need to start your account, and have the process done in two hours.

    Continue reading...
    Thank you for your feedback Is this review helpful?
  •  
    Reviewed By DPDLEM Jun 17, 2015

    Unreasonable Holds on Mobile Deposit and Mail in Deposits

    PROS - Mobile Banking, Customer Account Rep, ATM Fees Reimbursed

    CONS - Holds on Mobile deposits are a minimum of 4 business days but if the mobile deposit or mail in deposit is larger than $5,000, then the hold will be 7 business days. This is excessive and causes cash flow problems. Holds on mail in deposits are 2 business days but if the mail in deposit is greater than $5,000, the hold will be 7 business days. The 2nd, 4th or 7th business day will end on that specific day at 11:59:59 p.m. and no earlier. It is computer driven and people including management at the bank can't release the holds any earlier even if they wanted to do it for you.

    I have been banking with B of I Federal for about 1 year. Thought I was doing the right thing. Really researched before making the decision. It's a bad idea for businesses wanting a business checking account who depend on cash flow to run a business.

    I highly recommend choosing a large national brick and mortar bank OR a local bank where you can interact with a real human being face to face.

    No more internet, non-local banks for me ever again.

    Continue reading...
    Thank you for your feedback Is this review helpful?
  •  
    Reviewed By rmarcosb111@gmail.com Oct 28, 2014

    Denied

    Terrible experience signing up for an account. I tried twice and both times it told me there was a problem verifying my identity. So I called them on the phone to ask what part was missing and they said that "At the time I was not approved for that account". It's a checking account! They literally don't wan't to accept my money. I didn't apply for a mortgage or anything, just a simple checking account. They refused to give me a reason and told me to "Try again at a later time"

    Continue reading...
    Thank you for your feedback Is this review helpful?
  •  
    Reviewed By jmsman May 9, 2014

    Horrible Service and Abuse

    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.

    Continue reading...
    Thank you for your feedback Is this review helpful?