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??!!
Great Bank
I'm reading all of these poor reviews and I don't understand where they're coming from. The only issue at all that I have with Axos bank is trying to get ahold of their customer service. I HATE these "robots" that try to handle your problem. When I do get through to customer service I have someone with an accent so heavy I can't understand them. Luckily I don't need to contact customer service very often. I use their message center, I always receive a reply within 24 hours and that usually is sufficient for what I need. I get paid early, I don't have any fees to worry about, it's going on 3 years now and I've never had a problem.
Slow Response For Beneficiary
I was the sole beneficiary of an account at UFB (through Axos Bank), after the account holder passed away. After several calls and emails, it took Axos 7 days to reply back to me to confirm that they have received my emailed documents and that they require more documents to be mailed in. Other financial institutions that I was the beneficiary of, have contacted me at least within 2 days with instructions
You Will Regret Using This Bank!
Do not say I didn't warn you...DO NOT USE!
Dealing with this bank is like the Nathan For You rebate episode. INTENTIONALLY IMPOSSIBLE TO ACCESS YOUR YOUR FUNDS. Where do I start? MY mother opened a IRA account about 13 years ago with about $1,000 to get credit on her tax return. In the past 5 or so years she had tried multiple times to call and get this account closed and access her funds. She was given the run around and so the money stayed.
Finally I decided this was the week this account will get closed. $1000 is a $1000 and I refused to just leave it there and have the yearly account fees to eventually dwindle down to zero.
So Im looking at the annual notice they send. Got to say they seem to be intentionally making themselves hard to contact. This account statement HAS NO PHONE NUMBER no contact information. Just the name of the bank and the address in CA.
So I google the telephone number and give it a call. I reach someone that sounds like they are hanging out at home eating potato chips. I tell them we want to close the account. He mumbles eventually that's the retirement department and he will have to transfer me. He says he's going to put me on hold but what it sounds like he does is just set his phone dow. I hear talking in the background and he NEVER COMES BACK ON THE LIN. I eventually hang up.
I try to call back and am unable to get a live person. I leave a message. Keep calling and calling. Its during business hours but nothing is happening. I do this for the better part of an hour.
In the meantime I attempt to create an online account because the phone messages are all saying this is where "so much" can be accomplished. I enter in all my moms info and it says I am UNABLE TO COMPLETE THE ONLINE REGISTRATION and MUST speak with someone via phone to continue. GRRRRR
After about an hour and a half of this I finally get a gentleman that sounds like he is out of the country on the line. Says oh the reason why the online registration couldn't complete was that we need a photo ID of my mom on file. He was me send him pictures via email of my mom holding a picture of her id to an email address (which by the way would be IMPOSSIBLE FOR MANY ELDERLY TO ACCOMPLISH) and is something Ive never had to do with any of my online only accounts like I have with Ally.
He has me on hold as he "processes" it and HANGS UP ON ME INTENTIONALLY.
I call back and get another lady that is the most helpful. She processes the photo and says the real reason I can't create and online account is they have no email on file? That she needs to update this and we should be good to create and online account and once we have an online account we should be able to request an account closure.
She processes that YET I AM STILL UNABLE TO COMPLETE MY ONLINE REGISTRATION. It pauses on the second page on the registration where it has you accept their privacy practices. It says "must enter email" but there is not place on the page to enter an email. She says give it an hour and try again.
I say, "so are you telling me the only way a person can access their accounts with this bank account is not by phone, NOT by MAIL, not in person, BUT ONLY ONLINE?!? Is there not other way I can close this account?"
She says yes. Online is the only way. Not by mail form, Not by phone. I say what if a person isn't able to jump through these hoops? They just can't get their money? She says yes.
So eventually and for no reason for the delay, I am able to complete the registration and email a secure message about closing the account .
They get back to me in 2 days later and say that I need to complete this withdrawal form, attach it to a reply only to this conversation, and they can withdraw the funds...BUT THE FORM NEEDS TO BE NOTARIZED FIRST?!? ridiculous. Never have a needed a notarized form for an IRA withdrawal.
So I try to attach the form to the reply that I am apparently REQUIRED TO DO to process the request. (and ONLY to this specific conversation in the mailbox). The process is not intuitive and INTENTIONALLY RIDICULOUSLY DIFFICULT to do. There is no attach emblem. I have have to scout around. Say something wasn't helpful...and then the reply and attach option pops up. Trust me on this. Either this banks process sucks that much organically and unintentionally and you shouldn't deal with them or, as it seems to me, they intentionally make account closings and withdrawals impossible to do. And you shouldn't deal with them.
So we attach the form without the notary and say there shouldn't have to be one because if you read the form even the form says that's only needed of there is account changes requested in addition to withdrawal request.
Days later I get a message that says it had been processed and we DID just get the check.
So, If you want to go through something like this when the time comes to service your account have at it. But I cannot image the people that really need the money and have their life savings with this account dealing with this nonsense.
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 |