BofI Federal Bank Reviews | Glassdoor

BofI Federal Bank Reviews

Updated April 23, 2017
104 reviews

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Full-time Part-time

2.4
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Gregory Garrabrants
67 Ratings

104 Employee Reviews

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Pros
  • The bank is growing very quickly; so by nature, the environment is fast-paced (in 8 reviews)

  • They do provide water and great coffee machine (in 5 reviews)

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

  • This is what happens where there's no HR (in 9 reviews)

More Pros and Cons

  1. Helpful (1)

    "Great place to work"

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

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

    Pros

    Lots of room to move up if you work hard and desire opportunities. True meritocracy and really on a sharp growth curve plenty of room for advancement. My boss is amazing.

    Cons

    They attract pros so the competition can be steep. Bring your A game. Could use a larger restroom to accommodate the number of staff!

    Advice to Management

    Keep your eyes open for those that want to grow.


  2. Helpful (3)

    "Caveat Emptor: All the negative Glassdoor reviews = RED FLAG"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Vice President in San Diego, CA
    Former Employee - Vice President in San Diego, CA
    Doesn't Recommend
    Positive Outlook
    Disapproves of CEO

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

    Pros

    - Digital banking is a great idea if implemented in a unique way compared to bigger banks or peer fintech companies
    - Great spot if you're a traditional office politician who doesn't like cross-functional collaboration
    - Textbook example of bad corporate culture ruining a good idea, couldn't get anymore cliche
    - Close to UTC mall and freeways

    Cons

    - No feedback on ideas or performance until last minute
    - Top-down management is like a perpetual game of telephone where the idea gets very confused between the CEO, EVPs, SVPs, VPs, AVPs, and Analysts
    - Extremely high turnover amongst empathetic people or people who speak up about issues
    - Low morale amongst people who care about professional career development

    Advice to Management

    This place is an old-school bank with a lot of outdated technical infrastructure. The lack of investment in new technology or people development is what enables the bank to offer such competitive rates to consumers. As a business, this makes a lot of sense in the short term as the efficiency ratio looks great over the next six to twenty-four months.

    However, you're not a fintech (or a tech company) so don't tell potential employees or investors that you are. This will lead to mutual disappointment. Just look for older bankers and/or people who are technology luddites not interested in career development. These people will fit in great here and your job ratings can increase as everyone will be content.


  3. Helpful (6)

    "Bank sucks"

    Star Star Star Star Star
    • 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
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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

    Pros

    Being employed and receiving a paycheck.

    Cons

    Inflexible office hours. Lack of culture and the pay is laughable. Don't be fooled by the pay structure. Do not consider your bonus as part of your compensation you will not last more than a year. The amount of stress is not worth any amount of compensation.

    Advice to Management

    Pay us more and stop reducing benefits.
    Provide adequate office supplies.
    No highlighter, notebook or pens provided on my first day. That says something.


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  5. Helpful (6)

    "Compensation"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in San Diego, CA
    Current Employee - Anonymous Employee in San Diego, CA
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

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

    Pros

    It is a job. Unlimited animal crackers in the kitchen. They do provide decent computers and dual monitors. They do provide water and great coffee machine. Nice Christmas party.

    Cons

    No office supplies. 401k is paid at the end of the year in stock. Bonus is paid in stock and cash usually 50/50. But the stock portion is vested. So they say 25% with 12.5% cash and 12.5% stock but really it is only the cash the first year so just 12.5% as only after the first year is your first bonus in stock 1/3 vested. So basically you do not get the 12.5% stock bonus until you have been there 4 years.
    If you come to work and do your job that is a 2 - needs improvement and not a 3 - meets requirements. They are also looking at ways to not reward employees rather than ways to reward them.

    Advice to Management

    Seems that about 80% of employees have been there 2 years or less. That says a lot. High turn over especially after bonus payout. Don't micro manage. Don't vest the stock portion of the bonus. We worked for it not to wait years to get it.


  6. Helpful (8)

    "Terrible company culture and work ethic."

    Star Star Star Star Star
    • 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
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    Certain people, more than the company itself, are what keep me here. The exceptions, really. Most of the upper-tier management have their heads so far up their you know whats they don't know the difference between sneezing and pooping. This place breeds low morale, distrust, and hot-headed power trips. Constant feuds between VPs (and above) consternate employees and diminish any likelihood of cooperation across departments. Vertical or lateral mobility within the company seems limited and I, for one, work my butt off without any commensurate reciprocation or even gratitude. I feel my voice isn't heard, or worse, is ignored. Nepotism and favoritism are cornerstones of this life siphon.

    Cons

    There is nothing this hellhole can't improve upon. Constant internet outages (at a place called Bank of INTERNET ...seriously?), computer freezes/crashes/reboots, horrendous collaboration, correspondence, and overall communication within and across departments plague each person working here. These issues are resolved much later, past the point of explanation/understanding, or never at all. Simultaneous bureaucratic exploitation and nihilism makes any 'satisfactory' resolution impossible to achieve. What's more, any suggestions for improvement fall on deaf ears. Any comments, such as this strongly worded message - however cogent and honest they may be - are latched to a metaphorical cinderblock and drowned in a river.

    Advice to Management

    Listen to your employees. Care about your employees. Pay them for what they're worth, and more. Morale is at an all-time low, which is actually impressive since it's never been a rewarding place to work from what I've heard/read. The company is profitable, but nothing more than a field of landmines.


  7. Helpful (5)

    "Vice President"

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

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

    Pros

    Fast paced, challenging culture, innovative ideas are welcome, great bonus, flexible work hours depending on your boss, 3 week vacation your first year.

    Cons

    A few high level employees that make everyone miserable, extreme micromanaging by "hr", no casual Friday's, overtime is not really an option, it's a must.

    Advice to Management

    Give the people who have proven themselves more credit, if the employee has worked hard for several years don't allow new employees or rumors distort their proven record.


  8. Helpful (4)

    "Too much Drama"

    Star Star Star Star Star
    Former Employee - Analyst in La Jolla, CA
    Former Employee - Analyst in La Jolla, CA
    Doesn't Recommend

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

    Pros

    Pay is average . Company is growing and doing great!

    Cons

    Working environment is horrible And don't know where they are heading.

    Advice to Management

    Respect Your team member .


  9. Helpful (4)

    "Awful"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Client Service Representative in San Diego, CA
    Current Employee - Client Service Representative in San Diego, CA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    Honestly I don't have anything positive to say. My entire experience has been lackluster. I guess 3 weeks paid vacation is nice.

    Cons

    Pay is low and salaries are assigned arbitrarily. No training program whatsoever, and no HR department. Favoritism abounds.

    Advice to Management

    No advice because they don't listen or care very much about the "little people."


  10. Helpful (9)

    "Don't waste your time working here"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in La Jolla, CA
    Former Employee - Anonymous Employee in La Jolla, CA
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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

    Pros

    Nice building, clean office, and update-to-date equipment. Free coffee and filtered water. The courtyard is newly remodeled. Close to UTC mall which provides a nice escape from the daily grind

    Cons

    Toxic and delusional leadership who do not know what it means to lead or collaborate. Turnover is out of control, but HR is so brainwashed that they just think that the people leaving are the problem, not BofI leadership. Most people leave soon after they're hired, or are actively looking for a new job during their tenure. When you interview they will make you feel like you are an "A-player", but really you are just next in line to walk through the revolving door of BofI.

    Advice to Management

    Dear "Management", you are the problem.


  11. Helpful (13)

    "Worst Company, toxic work environment."

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    Former Employee - IT Department in San Diego, CA
    Former Employee - IT Department in San Diego, CA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    Potential to be a innovative company with lots of good internal banking product.

    Cons

    I have worked for more than a year at BOFI. It has the worst culture and toxic work environment. Most ppl who work here are neurotic in some ways, probably because there is a constant threat of being fired. Unqualified, non-technical dummies are leading this so called tech bank. HR is useless, they never get involved in anything or totally powerless.
    The applications they are creating are like a ticking time bomb, as there is no gutsy and worthy boss to make this successful.
    No sense of human value or ethics. People are treated badly and disrespected. Some management people are passively racist.
    The most unprofessional work environment.

    Advice to Management

    You definitely don't seem to care, no point in giving any advice.


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