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Bank of Internet USA Reviews

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Based on 28 reviews

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My Thoughts on Bank of Internet USA

Posted by: Seraphim | Aug 16, 2016

I have been using this bank for about 2 years now. I like using this bank a lot since I can direct deposit my earnings from my job with ease. If I ever have issues, their customer service agents are always friendly and very helpful. Their website is simple and very easy to use. Their rates are great. I really enjoy using this bank, and I do not plan on using any other bank any time soon.

The Oldest Internet Bank

Posted by: Eandyil | Jun 10, 2016

The Bank of the Internet, USA, claims to be the oldest internet based bank out there. Their history shows that they started four years ago, which would be 2012.
Pros: Every account is free. Yes, free is free, but some checking accounts are more free than others. For instance, there are banks that are free provided you have direct deposits amounting to more than five hundred a month. This one has been completely free, as far as I've found. By being a fully online bank, you can access it from anywhere! Most of their plans offer cashback for using the debit card associated with their bank, and who doesn't like cash back? Finally, all accounts get a minimum of eight dollars of ATM fees reversed, and half the plans reimburse all ATM fees.
Cons: While it's free, there are still charges. If you overdraft you still have fees. Sometimes, if you call their customer service line, you can have those fees reversed but I've noticed that this isn't an automatic thing. In that regard, it's just like the vast majority of banks out there. Because it's online only, there is no face to face interaction. For some people that's preferable, for me not so much. I like to sit down with my banker, look him or her in the eye, and explain things instead of calling and dealing with them on the phone.
Overall: A very decent bank, and well worth using. I currently use this bank and recommend it to my friends. I give it 4.5 out of 5 stars.

Declined Without Explanation

Posted by: EJTruth | Apr 27, 2016

Signed up for an account and they declined me. Contacted them and they said "try again in 30 days"

Convenient, Low Stress Banking

I have a checking accounting and a savings account with Bank of Internet USA. I was a little skeptical of online banks, but after opening my two accounts, I couldn't be happier. The fees are moderate, but way less than normal big banks. My debit card is accepted all over the place and I don't have to worry about being rejected. The savings account has a competitive interest rate and the online checking web application is very convenient and is very easy to use. Also, their customer service is great. Whenever I've had an issue, I was able to resolve it in a short time. The customer service department answers all questions in an efficient manner and are extremely friendly to boot. Also, moving money between accounts is very easy, and is not subject to all the red tape that usually accompanies these transactions when dealing with normal, brick and mortar banks.

Definitely Go With This Reputable Bank

Bank of Internet USA is one of the internet banks that has been around the longest. I've gotten great recommendations from co-workers about this bank and tried it out about a year ago. Very glad that I did. The aspect that I like best about this bank is the app that lets me scan checks right into my checking account. It's very easy to use and saves me so much time now. I prefer internet banking than going to a physical bank and the website for this institution makes everything effortless. I can always check my rates effortlessly and it's an easy website to navigate and use. I do wish some of the interest rates were higher - you need to have $5000 in your account for them to really kick in - but otherwise, I can't complain too much. I don't get hit with fees from them at all or ATM fees, even. This is such a huge plus for me and I encourage anyone looking for a respectable and reliable internet bank to definitely try them out. I myself am an Android user, but co-workers are able to use Apple Pay in conjunction with a lot of their banking transactions and always rave about the ease of use and great accessibility.

OMG.... A N8ghtmare.

Posted by: Aungirl | Mar 18, 2016

My account was closed while a transaction was pending and now the money is in limbo. It will take another 3-5 business days for it to get back to the original account. I asked for account to be closed but you would think they would check for any pending transactions! Phone customer service is always "experiencing higher than expected call volumes " and the wait is always at least 30 minutes. Check deposits are always 5-7 business days. Would give a "0" review if I could..Checks were not ordered at the time of my request but not until I called 10 days after to see where they were.


Posted by: Ajaqua | 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.

Great bank!

Posted by: JordanS87 | Mar 18, 2015

I use Bank of Internet USA for most of my transactions. The thing that I really like about this bank is their excellent customer service. If you have any issues, they work with you to solve them in a very timely and professional manner. You can forget about most of your monthly fees such as overdraft fees and ATM fees. They are really affordable and I absolutely love doing business with them. I have the Bank of Internet USA Visa and the great thing about it is that I can get awesome rewards like cash back for a lot of my purchases. I have accumulated over $300 in cash back rewards in just the first 6 months. If you're looking for a bank with great customer and service and great awards, look no further.

Excellent Internet Bank

Posted by: Aparton06 | Mar 17, 2015

I have utilized Bank of Internet for almost two years and have been very satisfied thus far. My primary reason for switching to Bank of Internet is because it offers the highest interest rate on bank accounts. Currently, my husband and I receive well over 1% in interest monthly which attributes to roughly $10-$15 per month that we earn in interest. Also, Bank of Internet do not charge us any fees provided that we utilize direct deposit and use the debit card a designated number of times per month. There are a few drawbacks to relying on an internet bank. One being that when a check is deposited, it is not credited to your account for 24 hours. The phone app that takes a picture of the check can be tricky to use at times. When taking pictures of large checks, it is difficult to take a picture of the check to ensure that all numbers and letters are clear and easy to read. Also, the environmental surrounds cause a great deal of shadowing over the picture which requires me to move to several different places in the room to locate a spot that has enough light, but not too much to cause distortion for the photo.

Great Online Banking

Posted by: thegerman | Dec 6, 2014

I am currently a happy customer of Bank Of Internet USA. I needed a good online bank because I do a lot of work online.This bank has served me well in the past and does everything I need it to do. The mobile banking is wonderful and is very easy and user friendly. The fee's are comparable to other online banks and the customer service is also above average. The rewards program is very well thought up and is aimed towards the average user. I highly recommend Bank Of Internet USA is you do a lot of work online like I do and need an online bank account you can access easily from a laptop or tablet.

A Big Bank with a Personal Touch

Posted by: Jfabe001 | Nov 12, 2014

While Bank of America is one of the largest banks in the nation, their customer service is surprisingly helpful. It is always easy to chat with a real representative by simply calling the number on the back of your atm card. I have had to deal with customer service to solve security breaches as well as notify them of travel plans. The bank is always on top of security so while I have had to get new atm cards I have never lost money. Overdraft fees can be negotiated if it is truly a mistake and the money was in one account and not the other, but this is not a guarantee, only my own experience.

Reward Checking

The bank responds quickly and efficiently to emails. Online experience is excellent as is bill pay. Anyone looking for an online banking experience that is second to none, try Bofi.

Would you call this an online bank?

Posted by: Brandy2 | Aug 29, 2014

At first I thought this bank was going to be different from the other's I have tried. The bank sent everything to me in the mail without me even depositing a dollar in the account. Then the trouble started, They had me make very strange usernames and codes just to get into my account, I spent along time on the phone with customer service trying to fix this but they just don't get it, they were very rude and unsympathetic. I even tried hanging up and calling back hoping to get someone nice but it seemed all the good understanding nice people had off of work that day. Good Luck with online banking!

My Experience

Posted by: jaided | Jun 18, 2013

I researched checking accounts that paid the best interest, without alot of hassle (i.e. membership to credit union etc). I chose Bank of Internet because they offered a 1.25% rate with minimal requirements (bill pays, POS debits per month) as well as allowed the highest rate on a balance of up to 150K.  Most banks were capping the balance at 25k or less.

Anyway, I have read the other comments and have to completely disagree with some of the negative ones.  I have had a great experience so far (9 months in) and expect that to continue.  The customer service folks are pleasant and reactive to my questions, the account is easy and hassle free.  But the bottom line for me was the interest rate.  It is the best rate with the highest balance allowed that I've found.

I've actually consolidated all of my money markets and savings to this account as I like my money to be available, not tied up in a CD or other "timed" investment.  But again, the rate is great compared to some of the other big name depositors out there.



Great Interest Rates, Friendly Customer Service, Easy To Start

Posted by: cap1122 | Feb 20, 2013

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!

Excellent Service Glad I Made The Switch To Bank Of Internet

Posted by: Jennings | Sep 13, 2012

I recently made the swith to Bank of Internet a little over a month ago. It has been extremely helpful in saving valuable time on the way I use to do my banking. The main thing for me is I typically don't like to change. The problem is I see so many baks making changes that I knew it was time to get an online checking account. So after doing some research and recognizing the longevity Bank of Internet has been around I felt comfortable. I did some further research looking into their financials and noticed that they are not a private bank but owned by BofI that trades on the stock market. I really wanted to look into who I was going to put my money with after the last few years of banks closing. I noticed they had record earnings recently reported and their stock has been going up this year hitting new highs. This made me a lot more comofortable. I figured if they are able to do well they must be making a lot of people happy. I typically am not one to write a review but after seeing some of teh recent reviews I felt that it was important to share my truth about my experience of Bank of Internet. I really don't think most people take the time out to write something good. They just keep enjoying the benefits but people tend to enjoy complaining. Anyway Bank of Internet helped me get over the fear of change and I am very happy that I did. I have receommended Bank of Internet to some of my collegues and will continue to do so as long as they take care of me.

What's Not To Like About Rewards Checking?

Posted by: slimnick | Aug 26, 2012

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?

Everything Is So EASY

Posted by: DonnaH | Aug 6, 2012

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!!

Great Rates, Great Service, Great Bank!

Posted by: Davidj64 | Jul 26, 2012

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.

CD Renewal

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.

Unreasonable Check Holds / Bad Customer Service

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.

Bank Has Given Good Service

Posted by: coolius_y | Aug 28, 2010

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 ).



No Issues With BOI For 7 Years

Posted by: Anonymous | Aug 23, 2010

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've Been With Bank Of Internet Since 2003 And The Bank Served Me Well Until Now

Posted by: Anonymous | Jun 4, 2010

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.