2.5 star ratingAverage User Rating:
2.5 star rating based on 6 reviews.

Bank of Internet USA

12777 High Bluff Drive #100
San Diego, CA 92130
1-877-541-2634
www.bankofinternet.com



FDIC insured and publicly traded, Bank of Internet offers traditional banking and loan services entirely over the Internet, without making you pay for the cost of a branch network. Their goal is to provide their clients with an exceptional banking experience in order to foster long-term relationships. They respectfully invite you to open an account with them so that you can experience what sets them apart from their competition.

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Competitive Business Checking Accounts at BofI Federal Bank - 5/22/2012

Last year Bank of Internet USA changed its name to BofI Federal Bank . Bank of Internet USA still exists, but it's a division under BofI Federal. UFB Direct is another division under BofI Federal. Bot ...

Why Some Checking Accounts Have Higher Rates Than Savings Accounts - 5/8/2012

A reader asked an interesting question in the discussion forum of why some checking accounts pay higher interest rates than savings accounts. Cases like this are becoming more common. Examples of ...

Offer For ASA Members (Forum) - 5/4/2012

American Seniors Association has an offer for members on a checking account rate of 1.50% on balances under $25,000 if you meet 4 requirments. The bank is BOFI Fereral Bank.  Bank of the Internet is a division of BOFI. Info is at https://www

Bank Of Internet Launches A New Payment Service (Forum) - 8/15/2011

From Banking Business Review US-based Bank of Internet (BofI) has expanded its offering with the launch of a new person-to-person payment service, Popmoney, to eliminate the problems associated with checks and cash. BofI said that Popmoney allows custome

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See Rates for: Checking | Savings | Money Market | CD

Bank of Internet USA Checking Account Rates

ApyMinMaxProduct
1.25%--Rewards Checking
0.71%--High Interest Checking
0.71%--Senior Checking
0.65%--Boomer Checking
0.60%--Freedom Checking
0.60%--RV Checking
0.46%--Eureka Checking

Bank of Internet USA Savings Account Rates

ApyMinMaxProduct
0.80%--High Yield Savings
0.71%--Advantage Savings

Bank of Internet USA Money Market Rates

ApyMinMaxProduct
0.75%--Money Market Savings

Bank of Internet USA CD Rates

ApyMinMaxProduct
1.60%$1k-60 Month CD
1.26%$1k-48 Month CD
1.15%$1k-36 Month CD
1.01%$1k-24 Month CD
0.75%$1k-12 Month CD
0.40%$1k-6 Month CD
0.15%$1k-3 Month CD

Rates updated: 5/27/2012

Data for Q1 2012


Institution Statistics


Bofi Federal Bank
OTS #16456
FDIC Certificate #35546
BankRate ReportView
Year Established2000
Employees209
Primary RegulatorOCC

Assets and Liabilities

Assets$2.28 billion
Loans$1.69 billion
Deposits$1.59 billion
Equity Capital$191.32 million
Loan Loss Allowance$8.36 million
Unbacked Noncurrent Loans$18.27 million
Real Estate Owned$737,000

Historic Data - March 2011

Assets$1.74 billion
Equity Capital$140.38 million
Loan Loss Allowance$6.89 million
Unbacked Noncurrent Loans$11.04 million
Real Estate Owned$7.00 million

Profit Margin - Quarterly

Net Interest Margin3.79%
Return on Assets1.47%
Return on Equity17.77%
Interest Income$29.62 million

Institution Health


Overall Score:
4 out of 5
4
Texas Ratio4
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of March 31, 2012 Bank of Internet USA had $19 million in non-current loans and owned real-estate with $199.67 million in equity and loan loss allowances on hand to cover it. This gives Bank of Internet USA a Texas Ratio of 9.52% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend4
The Texas Ratio for Bank of Internet USA decreased slightly from 12.25% as of March 31, 2011 to 9.52% as of March 31, 2012, resulting in a positive change of 22.32%.This indicates that the balance sheet and financial strength for Bank of Internet USA has improved slightly in recent periods.
Deposit Growth5
In the past year, Bank of Internet USA has increased its total deposits by $315.36 million, resulting in 24.66% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Bank of Internet USA has shown is excellent.
Capitalization3
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Bank of Internet USA has $2.28 billion in assets with $199.67 million in equity, resulting in a capitalization level of 8.76%, which is average.
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I've Been With Bank Of Internet Since 2003 And The Bank Served Me Well Until Now When I Ran Into A
1 stars - Anonymous - Friday, June 4, 2010 - 11:52 AM

I've been with Bank of Internet since 2003 and the bank served me well until now when I ran into a situation where I lost my checks.  Unlike other banks and credit card companies where they immediately freezed or placed restrictions on my account and issued me a new number without loosing my account history and settings, Bank of Internet's method was to close my account and open a brand new one, which is very painful process with BOI since they take extreme precaution when opening an account.  You would think they would make it less painful for me considering I'm a long-time customer and the situation I am in.  Furthermore, customer service's attitude was non-caring with no urgency during this traumatic time for me. 

9

Unreasonable Check Holds / Bad Customer Service
1 stars - johnHouTx57 - Tuesday, December 6, 2011 - 7:28 AM

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. I thought it would be a good time to move to an internet only bank and save on fees. 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.

6

CD Renewal
2 stars - moneychanger - Tuesday, March 6, 2012 - 10:20 PM

I got sucked in with a favorable 6 month CD rate. As usual, I was told I'd get a notice when the CD was about to renew so I could make a decision. No notice ever came and what started as a good rate became bad/poor. Communications these days is a snap...easy and inexpensive. They aren't doing it. It cost customers money.

5

Bank Has Given Good Service
5 stars - coolius_y - Saturday, August 28, 2010 - 8:49 PM

I have been a customer of BOI for many years.  Opened up a CD shortly after they first opened for business,  and I have been with them since.

I cannot comment on the checking account service,  not having one.  But I have had no issues with their customer service with my CDs  ( the only type of account I have with them ).

 

 

5

Horrible Experience Getting A Mortgage
1 stars - tommy12345 - Tuesday, March 27, 2012 - 4:27 PM

RUN AWAY AS FAST AS YOU CAN! Lie to you in a minute. Will not return phone calls. Missed closing dates. BAD BAD BAD.

4

No Issues With BOI For 7 Years
4 stars - Anonymous - Monday, August 23, 2010 - 10:46 AM

I have been with BOI for about 7 years.  There has been no problems with their CD products.

My dealings with their customer service have been good and they appear to be knowledgeable & professional.

4