First off - I am not the type of person who goes on the internet solely to complain, if you look at my reviews, you'll notice that this is the first negative review I have ever written! This review is for Bank of Internet's residential lending division. I should have listened to Tommy12345's review. Sounds like the same experience.
I am a real estate agent in San Diego, my client decided to work with Bank of Internet after being directed to them via Costco. She went with them because of their rate and loan credit. I've always had negative opinions about "discount" lenders, but I've never really had a bad experience to justify those feelings. Until now!
The property my client offered on was a short sale, and with short sales, time is of the essence. The short sale was approved and we officially opened escrow on 6/26/12.. we didn't close until 9/5/12. That's officially the most time any of my past clients have ever spent waiting to close. Regardless of the timeline, what frustrated me the most was the attitude of the loan processors. I received email responses from them bragging about how long they've "been in the business", or that I never said "something" when I had a copy of the email where I said exactly that. Specifically Gina Howard, and Racquel Manalo. They would not communicate over the phone and email response would be non-existent at times. It took my superiors calling their superiors to actually get anything done.
Bank of Internet should stay away from residential lending. I have had positive experiences with Weststar Mortgage, another Costco recommended home loan company - I would go with them instead.
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.
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.
I recently switched my checking and savings to Bank of Internet and have been very happy and suprised at just how EASY it has been and how much time they save me. I travel for work and I have my computer and phone with me at all times, and now my bank is with me everywhere I go. I do not have time to search for a bank branch (and most of the time my bank is not to be found). With Bank of Internet, I am completely mobile 24/7. It is so nice to make deposits from my phone, or any ATM...all free and easy. I also earn rewards when I use my Debit Card...that is so nice, because I use that for everything. Also, BOTH accounts offer great interest rates...so I continually get benefits. Thank you Bank of Internet!!
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 ).
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.
I was admittedly skeptical about utilizing a bank without physical branches, but I thought I would give them a shot since their interest rates seemed attractive. Signing up was easy and safe. They reimburse for ATM visits, have tons of free online and mobile features, and have been nothing but friendly for me. They even offer free cash back purchase rewards for using your debit card at certain stores. At the end of each month, those points turn into free cash deposits into your account. Never had a bank that offered that without a catch. I highly recommend giving them a try!
I have had a Rewards Checking Account for just over a year now and could not be more pleased. Having an online bank has worked out much better than expected. The account is free. If it ended there I would be happy, but in addition to being free to use, there are so many great freatures:my favorite is their Mobile Deposit feature. I use my iPhone to make check deposits...yes, I was nervous the very first time I used it, but I follwed the easy instructions and that was it. I also have their Moble App and I checked and there it was. So much easier than trying to find a deposit slip and bank branch. The most rewarding part is the Purchase Rewards...I get cash back for everything (practically). I have had other reward accounts before and they all have restrictions and limits etc. I just keep getting my rewards and don't look back.
If you want a great online bank, then Bank of Internet is the one for you. I have been very satisfied.
I have done numerous real estate loans and refinances over the years with no problems and every loan I have done always closed within 30 days. My recent Refi with this outfit took over 45 days (I have FICO over 820 and over 60% equity in the property!). It was an awful experience that was handled by very incompetent people.
I finally got the loan closed by emailing some higher ups in the company and just attached a series of emails I received from the processor which showed how incompetent she was.
Yes, I got a great rate with lower than typical fees but next time I will pay a little more for competent service. Surprised that Costco has them as a recommended company, shame on you Costco!
I have always preferred doing things online. I'm almost glued to my computer and iPhone so this makes sense for me. A friend recommended Bank of Internert to me but specifically the Rewards Checking account. I opened mine with more than the required $100 and I've had no issues since I did a couple of months ago. With no maintenance fees and minimum monthly balance required, again, what's not to like about Rewards checking?