BofI Federal Bank Reviews

Updated Mar 19, 2020

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2.7
40%
Recommend to a Friend
53%
Approve of CEO
BofI Federal Bank President and CEO Gregory Garrabrants
Gregory Garrabrants
95 Ratings
Pros
  • "Fast-paced, great place to build technical skills and come across different problems(in 12 reviews)

  • "The coffee machine and free pretzels(in 8 reviews)

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

  • "Also, those 5 star positive reviews by upper management are there to mislead you(in 9 reviews)

More Pros and Cons
  1. "Full Time"

    5.0
    Current Employee - Anonymous Employee 

    I have been working at BofI Federal Bank full-time

    Pros

    Good over time opportunities for some departments.

    Cons

    There are not any cons, this company is flexible and fair

    BofI Federal Bank2020-03-19
  2. "Good company to work for."

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Audit Senior in San Diego, CA
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at BofI Federal Bank full-time for less than a year

    Pros

    Good benefits, they provide for their employees. They will grow and there will be chances for growth with them

    Cons

    Politics can be difficult, but it's a common problem I guess

    Continue reading
    BofI Federal Bank2019-05-17
  3. Helpful (1)

    "Overview"

    4.0
    Current Employee - Intern 

    I have been working at BofI Federal Bank part-time

    Pros

    Good experience and high learning curve

    Cons

    long hours and repetitive tasks

    BofI Federal Bank2019-04-16
  4. Helpful (2)

    "Good place to learn"

    3.0
    Former Employee - Data Warehouse Developer in San Diego, CA

    I worked at BofI Federal Bank full-time for less than a year

    Pros

    Learned a lot of skills, always something to do

    Cons

    Low morale, too many meetings

    BofI Federal Bank2019-01-28
  5. "Fast Pace, Forward Thinking, Challenging Work"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Anonymous Employee 
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at BofI Federal Bank full-time for more than a year

    Pros

    Everything! If you want to be challenged, heard, and feel that your input is valued and appreciated, even if it isn't the consensus, then this is a great place for you. You are challenged with tasks and projects you may have never done, but you have the support and encouragement to be successful when jumping into something new to you. You get to focus on things that are also important and interesting to you that make you successful as well. No day is ever the same, new things all the time.

    Cons

    Nothing to add.

    BofI Federal Bank2018-09-18
  6. Helpful (5)

    "Good Experience, Bad Pay"

    2.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Relationship Manager 
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at BofI Federal Bank full-time for more than 3 years

    Pros

    - Ability to work hands on with live deals early in career - Trusted to work independently without micro-managing - Tight knit and collaborative work environment

    Cons

    - No formal/effective credit training - You are sacrificing pay for experience. Only way to get a meaningful raise is to get another offer letter and quit. In a few cases they will match the offer. - Managers have minimal fighting power in terms of fixing pay issues, the ultimate decision lies at the very top.

    BofI Federal Bank2018-09-18
  7. Helpful (9)

    "Mixed feelings about this organization"

    2.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Anonymous Employee 
    No opinion of CEO

    I worked at BofI Federal Bank full-time

    Pros

    Trying to be innovative, nice technology and toolset.

    Cons

    30% turnover and management could care less. Not a place to look at if you want any work/life balance.

    BofI Federal Bank2018-08-29
  8. Helpful (18)

    "Wholesale/Correspondent AE"

    1.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Anonymous Employee 
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at BofI Federal Bank full-time

    Pros

    I can think of none.

    Cons

    Management is vulgar, profane, denegrades staff, and is sexist. The feel of the place is of being in the middle of a melt-down, each and every day. There is a lack of professionalism from the top down, and if you are one who values a professional environment, you will not find it here. All disputes are handled openly, and aggressive personel thrive. There is no professional privacy, no professional courtesy, and no thought to handling individual employee concerns in a in a manner that does not involve absolutely everyone on or off your team. Any employee can be overwhelmed all day, every day, by loud, vulgar, aggravated conversations which flow straight through the phone to the client. Rather than this being considered the height of unprofessionalism, it is constant behaviour. Management denegrades personnel in a sexist, vulgar manner. I cannot comprehend this still going on in 2018. In my time at BofI, 4 top producing colleagues left, one loudly, and with much vulgarity and dissatisfaction - which by the way had been tolerated for a long time. Unbelievable. Just remember - commissioned employees do not leave well paying jobs at this rate EVER. These are jobs people rarely leave, so enough said. I'll move on to working for a company who knows how to handle a professional staff.

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    BofI Federal Bank2018-09-13
  9. Helpful (25)

    "Another BofI employee dissatisfied with the mid-2018 bonus and merit raise"

    2.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Anonymous Employee 
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I have been working at BofI Federal Bank full-time for less than a year

    Pros

    There is always plenty of work to do. Coworkers are generally kind and gracious. The coffee machines and water coolers are nice. Other than the company headquarters off La Jolla Village Drive, facilities have abundant hassle-free parking. Most people in senior management including the CEO are affable and accessible.

    Cons

    The "self-evaluation" system may have made sense years ago when the bank was small, but it has degraded into a charade in which managers jigger their subordinates' numeric scores so that annual merit pay increases and semiannual bonuses fit a predetermined budget. Mid-level managers seem to have their personal objectives weighted heavily toward cost control, with little emphasis on talent retention. Pay has become quite disconnected from actual job performance, extra effort, long hours, dedication, loyalty, etc. To anyone who has studied psychology, it is obvious that the compensation system at BofI is based on principles of Operant Conditioning originally described in B. F. Skinner's classic text "Science and Human Behavior" originally published in 1953. Skinner's fundamental discovery was that behavior is controlled by consequences. The use of unpredictable bonus amounts paid out at surprise dates roughly every six months creates what Skinner described as a "variable-ratio and variable-interval" schedule of reinforcement (i.e. pay) in exchange for work done. Payments to employees are treated as the equivalent of rewarding a pigeon for pecking a target (work) by giving it kernels of corn (pay). Skinner discovered that randomizing the amount of corn paid out and randomizing the timing of payments tends to increase and sustain the rate of pecking (work done) as compared to a simple schedule of a fixed amount of corn per peck. But it seems that BofI's senior management read through Chapter VI (Shaping and Maintaining Operant Behavior) then dropped out of college (or at least Psych 103) thinking they had all the information they needed to get the most work out of people. Later chapters of Skinner's book deal with the particular complexities of trying to control human behavior, one of which is a need to provide meaningful increases in reinforcement (pay) over time. This need is partly addressed by BofI bonuses being paid partly in Restricted Stock Units that vest incrementally over three years. That provides some incentive for people to stay past the next scheduled vesting date, and also creates an ever-growing pool of potential earnings that some people find difficult to walk away from. But the very short median duration of BofI employee tenure demonstrates that people can and do walk away. BofI has more than a typical rate of involuntary terminations, but by far most people who leave do so of their own free will. Especially in an environment of very low unemployment, BofI is putting itself at risk of a mass exodus event. Good people cost money. Replacing them frequently costs a lot more money.

    Continue reading
    BofI Federal Bank2018-07-17
  10. Helpful (12)

    "Stay away"

    1.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Anonymous Employee in San Diego, CA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at BofI Federal Bank full-time for more than a year

    Pros

    Nice location in San Diego. Met a few nice people.

    Cons

    How did I end up here? Over a year of dealing with managers' and UW's attitude, that's all I got out of this job.

    Continue reading
    BofI Federal Bank2018-08-21
Found 152 reviews