BofI Federal Bank Reviews | Glassdoor

BofI Federal Bank Reviews

Updated September 15, 2017
119 reviews

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3.1
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BofI Federal Bank President and CEO Gregory Garrabrants
Gregory Garrabrants
77 Ratings

119 Employee Reviews

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Pros
  • The bank is growing very quickly; so by nature, the environment is fast-paced (in 11 reviews)

  • The bank is innovative, the majority of employees are dedicated and hard-working, and the leadership team is exceptional (in 5 reviews)

Cons
  • Upper management is not approachable (in 10 reviews)

  • No training program whatsoever, and no HR department (in 9 reviews)

More Pros and Cons

  1. Featured Review

    "Great for those who want a challenge and will work hard"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at BofI Federal Bank full-time (More than a year)

    Pros

    Lots of opportunity for hard-workers and problem-solvers, very smart CEO, growing company, innovative and fast-paced compared to other bank competitors, great location. You will learn SO MUCH in a short amount of time due to being exposed to various areas out of need. Smart people, and tons of work that needs to get done.

    Cons

    Competitive and demanding. Pace of change is quick and can be stressful if that is not the environment one does well in. As the bank has grown, some unnecessary bureaucracy is popping up that needs to be streamlined.

    BofI Federal Bank Response

    Aug 17, 2017 – VP, Office of the CEO

    Thank you for your review and the thoughtful points you have raised.

    And as you note, maintaining the right balance of process and procedures is a daily challenge because we not only operate... More


  2. Helpful (1)

    "IT"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - IT Specialist in San Diego, CA
    Former Employee - IT Specialist in San Diego, CA
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at BofI Federal Bank full-time (More than a year)

    Pros

    The IT department is growing at an exponential rate. The progress that they are making as a whole is beyond words. The management team is really great and flexible. The work environment is fast paced and there is always something new being developed. The goals and advancements of the IT/ development teams surpass any financial institution out there. Great things are happening.

    Cons

    None that I can currently think of. Maybe the bonus structure.

    Advice to Management

    Keep up the positive mental attitude and all of the support you give the employees working for you.

  3. Helpful (1)

    "not the standard 9 - 5"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at BofI Federal Bank full-time

    Pros

    Too many pros to list... excellent work life balance, caring management, fun team atmosphere, unlimited potential for growth

    Cons

    compensation structure must change. The pay (bonus + base) should reflect current market values and strong performance, which will help to motivate the employees and retain top talent.

    Advice to Management

    Take a good look/reconsider the 'second in command' and the pay structure


  4. Helpful (2)

    "Good"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - IT Manager in San Diego, CA
    Former Employee - IT Manager in San Diego, CA
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at BofI Federal Bank full-time (More than 3 years)

    Pros

    Lots going on, lots of chances to work on interesting things. Pay is okay. Bonus and stock good. Values are good and genuine and based on real philosophy, but not always lived by middle managers in the day to day. Should reward living within the values more. 360 reviews would be nice and probably give some managers a reality check.

    Cons

    For an online bank, the IT department acts more like a support function than something that actually drives the businesses success. I don't think it is treated this way.........I think it acts this way because thats what IT always does. The customer experience is so important so I think IT almost needs to be forced to see itself as a business in a way that IT is not accustomed to doing.

    Advice to Management

    More events to bring the teams together. I would see lots of people on my floor and had no idea what they did. OK it's on me but it's on you, too. Too many weak managers--people consumed with not getting criticized rather than focused on adding value and letting the consequences take care of themselves. Ditch em.


  5. Helpful (1)

    "Rewarding Opportunity"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Accountant in San Diego, CA
    Current Employee - Senior Accountant in San Diego, CA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at BofI Federal Bank full-time (More than a year)

    Pros

    Great team, opportunities to grow and succeed, and good benefits.

    Cons

    No cons. Your outcome is up to you. If you invest your time in growth you will reap the rewards.

    Advice to Management

    Keep up the good work

    BofI Federal Bank Response

    Aug 23, 2017 – VP, Office of the CEO

    Thank you for your review! And keep up the good work, yourself!


  6. "Good management, tough pay structure"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Mortgage Consultant in San Diego, CA
    Current Employee - Mortgage Consultant in San Diego, CA
    Recommends
    Neutral Outlook
    Approves of CEO

    I have been working at BofI Federal Bank full-time (Less than a year)

    Pros

    Management is good and willing to work with you, fun people to work with,sales potential is high, leads are generated for you, so no direct cold calling, you on't have to work weekends.

    Cons

    The pay structure is really tough to live off of and very inconsistent, really tough to make money during slower times.

    BofI Federal Bank Response

    Aug 31, 2017 – VP, Office of the CEO

    Thank you for your review and comments. With regard to the pay structure for mortgage consultants, we do understand the cyclical/seasonal nature of your business and have recently made a significant... More


  7. "Not for everyone"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Analyst in San Diego, CA
    Current Employee - Analyst in San Diego, CA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at BofI Federal Bank full-time (More than a year)

    Pros

    Fast paced meritocracy, semi-annual bonuses, performance representative career path, promotions from within

    Cons

    The same things that are pros for some are cons to non self-starters and those looking for cushy or monotonous roles

    BofI Federal Bank Response

    Aug 31, 2017 – VP, Office of the CEO

    Thank you for the thoughtful review!

  8. Helpful (1)

    "BofI can be a rewarding and interesting place to work but it's not for everyone"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at BofI Federal Bank full-time

    Pros

    The company does a very thorough job of screening applicants. In addition to industry-standard background checks (criminal, credit, drug screening, etc.) every applicant takes a Wonderlic exam, which is essentially an intelligence test that focuses on logic and critical thinking. The process is supposed to weed out people who won't fit in the culture, and in general they do a decent job of that. Of course they occasionally hire someone who can't or won't fit in, and those people usually don't last very long.

    The company has a strong commitment to high standards of ethical, moral behavior and honesty. This comes from the top and is reinforced consistently at all levels. Everyone is directed in clear terms to always be completely honest with the auditors and government examiners (OCC) who are often present.

    The company has little tolerance for people who complain. The managers would rather hear solutions than problems.

    People are rewarded for coming up with ideas to improve processes and gain efficiency. Innovation is encouraged.

    Cons

    The company demands a lot of loyalty and what it calls "emotional involvement," which in English means you are expected to give your job a lot of dedication and (in many cases) put in extra hours. That makes it difficult to maintain a comfortable work-life balance.

    I wouldn't want to be in a commission-based sales job at BofI. But then again I personally wouldn't want to do any kind of sales anywhere. I'm too blunt and honest for that kind of work.

    There are a few departments where everyone seems to be miserable all the time (and I am not in one of them.) I believe those situations flow down from management. If you have good managers above you who are supportive and flexible, your experience is likely to be good and vice-versa.

    Turnover is VERY high. There is an over-abundance of people who have been there three years or less, and only a handful who have 10 years or more of tenure (the skew being partly due to the rapid growth.)

    Advice to Management

    You seem to be on a solid growth trajectory. I hope you continue to grow wisely and not allow hubris to take over and result in too-rapid growth. Continue ignoring the "shorts" and ambulance-chasers.

    Continue minding your ambitions and don't allow the sin of greed to take over. Your commitment to the value of rationality will sustain you if you really believe in it and let it guide your big decisions.

    BofI Federal Bank Response

    Sep 7, 2017 – VP, Office of the CEO

    Thank you for your thoughtful review. As you observe, this isn’t the environment for everyone. We have big successes behind us and big opportunities ahead of us and it’s not only hard work that... More


  9. Helpful (2)

    "vp"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at BofI Federal Bank full-time

    Pros

    small bank that allows for flexibility and team work

    Cons

    small bank that means lack of finances to expand in certain areas

    Advice to Management

    understand your market

    BofI Federal Bank Response

    Jul 24, 2017 – VP, Office of the CEO

    Thank you for your feedback!


  10. Helpful (2)

    "Accounting"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Recommends
    Neutral Outlook
    No opinion of CEO

    I have been working at BofI Federal Bank full-time

    Pros

    Lots of growth in the company opens opportunity for individual excellence

    Cons

    Lots of turnover due to heavy workloads with little compensation

    Advice to Management

    Inquire about employee satisfaction and listen to what individuals have to say


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