BofI Federal Bank Reviews | Glassdoor

BofI Federal Bank Reviews

Updated July 17, 2018
144 reviews

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

144 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 training program whatsoever, and no HR department" (in 9 reviews)

  • "No one uses them for daily banking" (in 7 reviews)

More Pros and Cons

  1. Featured Review

    Helpful (5)

    "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. "VP"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at BofI Federal Bank full-time

    Pros

    It had been s Great company

    Cons

    None thst i coulf yhink of

    BofI Federal Bank Response

    Jun 16, 2018 – VP, Office of the CEO

    Thanks for your comments!

  3. Helpful (6)

    "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.


  4. Helpful (6)

    "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


  5. Helpful (5)

    "Oh! So, this is what rock bottom is like!"

    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
    Neutral Outlook
    Disapproves of CEO

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

    Pros

    I got a promoted a few times and some fancy titles which were very useful for negotiating my salary at the next place.

    Cons

    Upper management and the board will do absolutely anything to meet the target “efficiency ratio”. This means cutting costs everywhere from employee salaries, education, to interior design (the office is a disgusting stale cube farm where you never see the light of day). This also means micromanagement like tracking all of your time via Microsoft excel for every minute of the day (so efficient!)

    This year the bank got a substantial tax cut from the government and still refuses to pay employees market value (see the salary section of Glassdoor for reference.) Yesterday was bonus day and I heard from many of my colleagues who got lackluster raw dollar amounts and percentages despite glowing performance reviews (they reached out to ask me to be a reference- I’m happy to oblige!)

    Unless of course, you’re willing to sleep with a member of upper management or you’re part of the IT department- you will be assured success either way! A sure sign of a thriving meritocracy, I’d say. Oh wait, just kidding, let’s just ignore the massive paper trail, individual reports, and HR complaints. BofI is most definitely so moral and supports Christian values *wink*wink*.

    Advice to Management

    It’s so cute that Glassdoor has this section. It’s almost like management is supposed to take feedback? LOL.


  6. Helpful (1)

    "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


  7. "Good Stepping Stone"

    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

    Fast-paced, great place to build technical skills and come across different problems

    Cons

    Little to no company culture, very individualistic

    BofI Federal Bank Response

    Jun 16, 2018 – VP, Office of the CEO

    Thank you for your comments. While we do strive to be a place where talented people can succeed in ways (and at a pace) unlikely at other companies, teamwork is no less important. You may know that... More

  8. Helpful (7)

    "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.


  9. Helpful (12)

    "Beware"

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

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

    Pros

    Independence and self-starters encouraged.
    Lack of micro-management.
    Most of the workers are kind people.
    If you're a hard charger, thrive in a competitive environment and insults from management don't bother you, you'll do very well here (see Cons below).
    Great free coffee machine.
    Filtered water cooler
    Nice break room with free snacks and a vending machine.
    Free gym access.
    SD locations are in beautiful La Jolla. Great place to walk at lunchtime and many good restaurants within 5-10 minutes.
    Performance bonuses with cash and company stock.
    I recommend Bofi for athletes, former military, and those with a capitalist mindset - thick-skinned individuals who thrive overcoming difficulties to achieve goals.

    Cons

    Many of the managers are not kind people.
    A lot of changes underway, there's a lot of turmoil and instability here. You have been warned.
    It is not uncommon for someone to get so fed up and angry they quit on the spot. First time I ever saw that. I'm talking about experienced professionals, not snowflakes just out of school.
    Cubicles don't have the privacy wall. Completely open environment. Only certain managers get an office.
    Everyone is a VP of something. The title is so diluted it means nothing.
    These are not necessarily cons, just how it is:
    -It's a capitalist environment, you're expected to do more with less
    -It can be very stressful and demanding
    -Managers like to work...a lot, including weekends, and expect their teams to do the same.
    -Huge employee and management turnover. If you work here expect to be burned out in less than a year.
    -They'll sell you on the bonus. For the uninformed, the government takes 55+% of any bonus pay. Company stock does not vest for 3 years. If the bonus is your motivation, expect to be disappointed with the take-home amount.
    -Political skills definitely matter here.
    -Don't miss this: if you and your superior don't see eye-to-eye, there's no coaching. You'll be marginalized and stripped of your duties until you quit or you'll just be fired if they can find cause. Like I said, it's a competitive capitalist organization, just like the marketplace. Don't expect to be coddled. There's no hand holding here or layoffs. It's dog eat dog.
    To review, there are definitely positives to be found working here, but the reason for my negative review is I consistently saw good people treated poorly. Don't be arrogant enough to think you're immune.

    Advice to Management

    I truly don't think they're interested in my advice.
    They care about putting out successful online banking products and growing and retaining market share. Any advice not related to that will be ignored.

    BofI Federal Bank Response

    Jun 16, 2018 – VP, Office of the CEO

    To the extent that a manager or other employee treats another employee with a lack of respect, this is something that we do not tolerate. Bonuses are taxed at a slightly higher rate as regular... More


  10. Helpful (4)

    "Avoid at all Cost"

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

    I worked at BofI Federal Bank full-time

    Pros

    Nice location, lots of responsibility up front.

    Cons

    Questionable leadership, no real reaction to employee feedback unless it's positive.
    Culture is lacking/non-existent (would give 0 stars if possible).
    Resource-constrained on purpose to squeeze value out of employees.

    Advice to Management

    Treat staff with respect.

    BofI Federal Bank Response

    Jun 16, 2018 – VP, Office of the CEO

    Thanks for your comments. It sounds like you had a negative experience and we encourage you to contact the HR team (humanresources@bofifederalbank.com) to ensure it is looked into. In general, we... More


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