BofI Federal Bank

  www.bofifederalbank.com
  www.bofifederalbank.com

BofI Federal Bank Reviews

Updated December 15, 2014
Updated December 15, 2014
12 Reviews
2.8
12 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
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Gregory Garrabrants
7 Ratings

Employee Reviews

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  1. 1 person found this helpful  

    good enviroment

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at BofI Federal Bank

    Pros

    calm peaceful enviroment you can work in peace

    Cons

    low salary, expensive city to live in san diego,

    Advice to ManagementAdvice

    install autodialer

  2.  

    Meritocracy Triumphs over Mediocrity

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at BofI Federal Bank full-time (more than an year)

    Pros

    1. Very fast paced and efficiency driven
    2. Rewards based on performance not titles
    3. Highly rewarding and frequent positive feedback
    4. Stock plan
    5. Strong values and enthusiastic culture

    Cons

    The only con is having to listen to the (very) few remaining entitled employees gripe about hours and pay

    Recommends
    Positive Outlook
  3. 2 people found this helpful  

    Great spot for entrepreneurial souls and those looking to make a mark

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Vice President in San Diego, CA
    Current Employee - Vice President in San Diego, CA

    I have been working at BofI Federal Bank full-time (more than 3 years)

    Pros

    The sky is the limit here. They look for talented and dedicated individuals, and present opportunities to them. The rest is up to you. It's a breath of fresh air compared to old school banks, nepotistic corporations, and legacy employees welded into their cushy positions. Furthermore, the company has strong growth, so opportunities often come without the traditional requirement for attrition.

    Cons

    Work life balance can be difficult, but that's often driven by many employees' own dedication to pursuing the next opportunity. On the few times I've had to throw my work-life balance out the window, it was at least for a brief window.

    Recommends
    Positive Outlook
    Approves of CEO
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  5. 5 people found this helpful  

    A fun, fast growing company with a lot of opportunity

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at BofI Federal Bank full-time

    Pros

    A lot of growth potential and takes being merit-based seriously. Doesn't skimp on the bonuses promised in my experience. Very little micro-managing, employees are given a lot of self-determination.

    Cons

    Most positions work long hours (think 45-55 hours a week standard). A significant amount of the compensation plan is based on performance bonuses, so regular comp is going to be lower than most comparable positions at other companies. There are some growing pains -- disorganization, etc.

    Recommends
    Positive Outlook
    Approves of CEO
  6. 1 person found this helpful  

    Poorly treated

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Operations in San Diego, CA
    Former Employee - Operations in San Diego, CA

    I worked at BofI Federal Bank full-time (more than an year)

    Pros

    A paycheck. You may be able to move around if you can hack the BS.

    Cons

    The so called pay for performance is an absolute lie! Bonuses and pay are a joke, you are always replaceable and the philosophy in the handbook is not adhered to. No loyalty or praise-you're never good enough and they wonder why people leave left and right. If it were up to the CEO, robots would replace all the humans--all that matters is process and that someone else can do your job if you walk or when they replace you.

    Office politics a joke and ever present. Fear based management philosophy.

    Advice to ManagementAdvice

    Human Capital, look it up!! Companies that last care about their people. Stop being all about process and invest in your employees, it will come back ten fold!

    Doesn't Recommend
    Disapproves of CEO
  7. 2 people found this helpful  

    hated every moment.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at BofI Federal Bank as a contractor (less than an year)

    Pros

    it's close to the mall.

    Cons

    You're just a number even if you're contributing meaningful work. No one sees the effort put into the projects or how individuals contribute, they only see the outcome. Management is constantly trying to get as much from employees for as little pay and frown down on you if you're not doing over time. Then they turn around and get on your case for working overtime because it's "expensive". Upper management is running around kissing the CEOs behind and have no idea whats going on.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  8. 1 person found this helpful  

    AnFed (Specialty Finance Division) - Discouraging Work Environment & Lackluster Leadership

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Annuity Specialist - Inside Sales Associate
    Former Employee - Annuity Specialist - Inside Sales Associate

    I worked at BofI Federal Bank full-time (less than an year)

    Pros

    - Young Sales Team
    - Lenient lunch hours
    - Easy work
    - Not much supervision

    Cons

    - Compensation was highly exaggerated during interview process
    - Deals are extremely hard to obtain and something is guaranteed to go wrong in the process
    - Tons of other companies doing the exact same thing - very competitive environment
    - Making 250+ dials a day and not speaking with anyone is extremely discouraging
    - Questionable leadership and poor training
    - Lots of bad mouthing of other employees by managers

    It seems like the only reason the managers and other 'tenured' individuals make any money there is because they hire a ton of new people, have them make a bunch of dials and then take their deals when they are fired or quit. Extremely discouraging work environment because people quit or get fired pretty much every week. Upper management seems to be completely disconnected from their employees and the environment the work in. A few of the managers are allowed to get away with a lot more than they should be simply based on their relationship to other executives.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  9. 2 people found this helpful  

    The division named, AnFed, deals with Structured Settlements, Annuities, Lottery Winnings, offers no motivation

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Annuity Specialist - Inside Sales Associate in La Jolla, CA
    Former Employee - Annuity Specialist - Inside Sales Associate in La Jolla, CA

    I worked at BofI Federal Bank full-time (less than an year)

    Pros

    Younger sales team, lenient on lunch breaks

    Cons

    Making 300+ dials per day, only talking to maybe 3-5 people per day for less than a minute before being hung up on

    Advice to ManagementAdvice

    More commissions, 7% is ridiculous, better lines of communication down the chain, from director to sales manager to sales associate, nepotism in the office is frowned upon

    Doesn't Recommend
    Positive Outlook
    Approves of CEO
  10. 3 people found this helpful  

    Senior Vice President

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Vice President in San Diego, CA
    Current Employee - Senior Vice President in San Diego, CA

    I have been working at BofI Federal Bank full-time (more than an year)

    Pros

    Lots of growth, access to C level executives, own your own projects, sky's the limit

    Cons

    Slow movement on getting things approved for new business verticals and initiatives.

    Advice to ManagementAdvice

    Pay your key people more- quality not quantity will keep loyalty in tact.

    Recommends
    Positive Outlook
    Approves of CEO
  11. 3 people found this helpful  

    Overworked and Underappreciated

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at BofI Federal Bank full-time

    Pros

    Nice building and location (leased)

    Cons

    Lies, lies, and more lies with this company:
    - no 401K (as indicated)
    - expected to work 12 to 14 hours per day (no extra compensation)
    - bonuses based on whether or not the CEO likes you (not on performance)

    Advice to ManagementAdvice

    Where to start???? Maybe you should start by treating people with respect. Ever wonder why you loose so many people...think about it; however, you are too full of yourself to care (starting with the CEO).

    Doesn't Recommend

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