BofI Federal Bank Reviews | Glassdoor

BofI Federal Bank Reviews

Updated September 20, 2018
150 reviews

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2.4
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BofI Federal Bank President and CEO Gregory Garrabrants
Gregory Garrabrants
95 Ratings

150 Employee Reviews

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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 one uses them for daily banking" (in 7 reviews)

  • "There is absolutely no sense of urgency to pay your commission" (in 5 reviews)

More Pros and Cons

  1. "Fast Pace, Forward Thinking, Challenging Work"

    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

    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.


  2. Helpful (4)

    "Good Experience, Bad Pay"

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

    I worked at BofI Federal Bank full-time (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.

  3. Helpful (7)

    "Mixed feelings about this organization"

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


  4. Helpful (7)

    "Wholesale/Correspondent AE"

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

    Advice to Management

    Watch the vulgarity, the denigration of women and the denigration of all those whom your management deems "beneath them". This will rear it's ugly head, and result in headlines and lawsuits. Wake up, it's a new world. Branchless may be innovative, but in many ways BofI is a dinosaur.


  5. Helpful (21)

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

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

    I have been working at BofI Federal Bank full-time (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.

    Advice to Management

    Figure out which employees actually know what they're doing, and make a serious effort to hold on to them. And don't be greedy.


  6. Helpful (9)

    "Stay away"

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

    I worked at BofI Federal Bank full-time (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.

    Advice to Management

    Look around you and recognize that you are not the only non-prime lender around. The competition is stiff, even in your tiny niche. You are out of the game on all fronts. Respect your sales people, help them nurture existing relationships with brokers and grow new ones, support them, get involved in the issue they are dealing with, work with them, hold their hand on complex deals, offer your expertise, help them win business. Learn other markets and adjust your strategy to make it work outside of home state. Hire managers with solid managerial experience who know how to interact with people and appreciate their efforts.


  7. Helpful (6)

    "Stay away - Poor Company"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at BofI Federal Bank full-time

    Pros

    Free coffee and water and Lipton tea.

    Cons

    They do not care about their employees.

    Advice to Management

    You don't care and everyone knows it.

  8. Helpful (16)

    "Dont make your life miserable"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Whatever They Felt Like That Week in San Diego, CA
    Former Employee - Whatever They Felt Like That Week in San Diego, CA
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

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

    Pros

    I made great connections through BofI

    Cons

    It's crazy to me how the reviews indicate how much better this company is treating their employees for the last year. I wonder if its any correlation to the fact that they finally hired a PR person to try and make their company look less like a disaster... Anyway, I'm going to keep this short and sweet as BofI has wasted too many years of my life. It's a mess. An absolute disaster. None of the departments communicate with each other, important things are getting half assed and items like "checklists" are being put on a pedestal. For the last 2 years of my employment there, I felt like they went to management and said "make your good employees leave in any way possible". They bring in outside people who know absolutely nothing of the department they are working in and have some crazy ego that prevents them from being decent human beings and learning what they are going to be in charge of. They encourage cliques and push people out if they don't fit in them. if you need a foot in the door then by all means, join the team and learn as much as you can and get out. if you've been there over a year and feel like you're having difficulty waking up in the morning to come to the nightmare that is BofI, just do yourself a favor and leave. It's worth it. Does anyone else things it's weird how high the upper management turnover is?

    Advice to Management

    It's not like they'll take it


  9. Helpful (6)

    "Sr. Loan Processor.."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Loan Processor in Las Vegas, NV
    Former Employee - Senior Loan Processor in Las Vegas, NV
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    None... Unable to think of any... made some friends though... Company does not know what or how to handle employs or their clientele

    Cons

    Everything ... Stop treating your employees like computers they are human beings.. Walk into one of their offices there is no personal items on anybody's desk. They are not allowed to have any... Not only that but processors take the blame for everyone else's mistakes.. The Co. pits everyone against each other and they want us to give continuous improvement ideas but do not use any of the ideas.. They act like they hear you and care when they hear nothing at all.
    The processor must be a loan officer, underwriter , and a closer..

    Advice to Management

    Listen to your employees.. When letting people go instead of stating its a right to work state. Stand up and let the employee know why you are terminating them..
    When you send the information to the unemployment office dont enter misconduct.. (Misconduct is for something the employ said or did incompletely wrong.. not a poor worker that just dont cut it..) That is discrimination against the employee who worked tirelessly to help out when ever they could. Listen to your employees.. before you get sued for discrimination


  10. Helpful (12)

    "Mortgage Consultant"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at BofI Federal Bank full-time

    Pros

    Leaving work for the day

    Cons

    Everything. It doesn’t matter what is said here, just read the responses by Bofi to see that they’ll use their response to blame your “attitude”, or to say you’re a “short-seller” because of their “growing company and stock”. Bottom line is that this company couldn’t care less for their employees and only wanted to squeeze every last bit out of you. They praised those who would work 12 hour days, and come in on weekends, but still give them nothing in return (oh, except stock options that vest in 3 years so you’re stuck with nothing anyway). Almost each manager is connected in some way (ie: frat bros, in each other’s weddings, etc) and may not even have a successful track record. Either way, the majority of the bad reviews are on point, and you’ve been warned.

    Advice to Management

    Can’t wait to see what BS you come up with about my attitude or expectations, or how this is fake. Major eye roll waiting to happen. Keep sucking up to Greg and pumping up his already overinflated ego.


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