The Most Helpful Bank Of Internet Reviews
The most helpful favorable review
What an easy bank!!
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!!
The most helpful critical review
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.
Latest Bank Of Internet Reviews
JReviewed By JtrIndustries May 19, 2017
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...Thank you for your feedback Is this review helpful?
RReviewed By Rosie047 Sep 10, 2016
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.Thank you for your feedback Is this review helpful?
MReviewed By Masque3323 Sep 7, 2016
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.Thank you for your feedback Is this review helpful?
GReviewed By GregG Apr 15, 2016
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.Thank you for your feedback Is this review helpful?
AReviewed By Aungirl Mar 18, 2016
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.Thank you for your feedback Is this review helpful?
RReviewed By Rudyandcoco Jan 13, 2016
I don't even know where to start so many things have gone wrong since I opened this account 2 years ago. The latest fiasco was an apparent breach of customer debit cards causing them to send me an email on Dec. 31st 2015 stating that they had reduced my daily limit on my debit card to $100 and that I would receive my new card in 3-5 business days. Well folks, it's now 10 business days (2 weeks) since that email and STILL NO DEBIT CARD!!! I've called multiple times and finally someone told me that the cards didn't go out until Jan 8th. BUT still no card. Each time I've called I've been given a different line. Most of the customer service people don't actually know what they are talking about. SO FRUSTRATING!!!
The other issue is that unlike a local brick and mortar bank, they actually will hold your checks (regardless of the amount or how long you've been with them) for FIVE business days before releasing the funds. What's up with that? Obviously those funds clear within 24 hours in this digital age.
Finally, believe it or not, it's really inconvenient not to have a place where you can deposit cold hard cash.
Needless to say I've opened a new account with a local bank.Thank you for your feedback Is this review helpful?
EReviewed By eljinbriones Dec 3, 2015
Its been a month dealing with this bank. They closed my account as soon as it was opened with no explanation why. Called 4 times requesting my deposit, always telling me to wait a little longer. Spoke to a supervisor Neil when I waited 6 business days. He said my account was closed because deposit was not received. Did a dispute with my existing bank since it came out of my account. Also I schedule billpay payments with them when funds were available. They did not cancel payments when they close account so they were bounced, I was charged bounced fees from various companies. Neil said it was cashier check and I owe them for paying them. Terrible experience so much hassleThank you for your feedback Is this review helpful?
JReviewed By Jones147 Sep 5, 2015
This is a bank that thinks it's a big bank but is not. No ATM deposit services at all. Online deposit for checks over $10,000 not available. Check must be mailed to San Diego. Then, thru no fault of your own, hold times are excessive. If you're in need of prompt and professional service, this is NOT the bank for you.Thank you for your feedback Is this review helpful?
DReviewed By DPDLEM Jun 17, 2015
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.Thank you for your feedback Is this review helpful?
RReviewed By firstname.lastname@example.org Oct 28, 2014
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"Thank you for your feedback Is this review helpful?