Axos Bank is the 119th largest bank in the nation. It was established in 2000 and as of June of 2022, it had grown to 1,095 employees. Axos Bank's savings rates are 17% higher than the national average, and it has an A health rating.
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Best Bank Ever!
Axos is the best bank I have ever had, and I have used banks such as Bank of America, Wells Fargo, local banks where I lived, etc. I switched to Axos 2 years ago and I have had NO problems. NO fraud issues. NO fees every time I turn around!
I have a checking and savings with Axos and I pay NO MONTHLY MAINTENANCE FEE, ATM FEES are REFUNDED, NO OVERDRAFT FEES...do I really need to say more??!!
Direct Deposit For Accounts
This institution does not accept P2P through billpay. Does anyone know what they will accept for DD? Both reward checking and essential checking require billpay. Was told DD through billpay marked P2P will not count.
Auditor Wins Jury Case Against AXOS BANK
The federal jury hearing the case in the Southern District of California awarded Charles Matthew Erhart, the former auditor, $1 million in damages for emotional distress or harm to his reputation and $500,000 for defamatory statements about him.
The jury found that Erhart “reasonably believed” the bank’s conduct included: high deposit risk concentration; giving a misleading response to a subpoena from the Securities and Exchange Commission; failing to disclose subpoenas to the Office of the Comptroller of the Currency, the bank’s regulator, in response to its request; and providing risky loans to criminals or politically exposed people, those who, because of their public positions or relationships, “may present a risk higher than other customers by having access to funds that may be the proceeds of corruption or other illicit activity,” according to bank regulators.
n another recent legal development, Axos agreed last month to pay $14.1 million to settle a securities fraud class action filed against the bank in 2015. That case was brought by the Houston Municipal Employees Pension System and was largely based on Erhart’s allegations.
https://www.yahoo.com/now/auditor-fired-axos-bank-trumps-142432808.html
Think Twice Before Opening An Account. Read The Other Reviews.
Think twice before opening an account with Axos Bank. I attempted to transfer money from Axos to an account at another bank. That account was closed, so that bank returned my funds to Axos, who in turn suspended access to my account do to suspected fraudulent activity. They required me to either provide a voided check from another bank or a photo of me holding my driver's license. I informed them that both methods are prone to fraud and I had already answered their account verification questions, so I would not be submitting either form of verification. I informed them I wanted to close my account and to return my funds. I was told they would forward my request to another department. After 24 hours I received an email from Axos stating that they are terminating our relationship and not to contact them again. However, there was one problem, as there was no mention in their email regarding when I would receive the funds they were holding. If this is the type of business relationship that you want with a banking institution, then good luck. I would advise against it.
Data as of Q2 2022
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 35546 |
| Year Established | 2000 |
| Employees | 1095 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.71% |
| Return on Equity - YTD | 16.8% |
| Annual Interest Income | $347.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $16.00B$12.75B |
| Loans | Q2 2022vs Q2 2021 | $14.08B$11.42B |
| Deposits | Q2 2022vs Q2 2021 | $14.08B$10.96B |
| Equity Capital | Q2 2022vs Q2 2021 | $1.63B$1.30B |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $148.4MM$132.8MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $118.3MM$141.4MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$6.1MM |