BofI Federal Bank Reviews | Glassdoor

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BofI Federal Bank Reviews

Updated January 17, 2018
131 reviews

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2.9
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BofI Federal Bank President and CEO Gregory Garrabrants
Gregory Garrabrants
84 Ratings

131 Employee Reviews

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

  • On top of that there were some great people working there when I was there (in 5 reviews)

Cons
  • Upper management is not approachable (in 11 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. "Technical Business Analyst"

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

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

    Pros

    Great people at all levels of the company - joining make positive is like joining a family and everyone is supportive of each other and has a great time together
    Interesting projects with supportive - latest technologies
    A great culture - coming to work is fun
    Interview process was simple, efficient, productive meet with all intellectual knowledgeable people
    Decision was immediate

    Cons

    None really ,a small increase now will lead to greater percentage of interest

    Advice to Management

    As the company grows make sure that we keep the culture

  3. "Lot of pros"

    StarStarStarStarStar
    • 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

    - The work is interesting
    - Good ability to work on things that interest you
    - The hours are reasonable. I don't know where some of the people complaining about long hours are coming from. Walk around after 6 and you see some people still working but not that many
    - Good bonus structure. Almost everyone gets one.

    Cons

    - I think a lot of the things that may have been cons in the past are not cons anymore, or not nearly as much. The company is maturing fast.
    - Some managers are in over their heads but it seems like this is being addressed
    - There are some strong female leaders and executives but I don't see any women on the board. Of course a woman shouldn't be put there as a token, but at the same time, women make up half of the country and the lack of any on the board is increasingly noticeable.

    Advice to Management

    Get us to the next level


  4. "Good opportunity"

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

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

    Pros

    Learned a lot at BofI. Most places you are stuck in your specific job but at BofI you can get involved in a lot of things. You can literally feel the company growing every day.

    Cons

    Company is low cost, so very understaffed. This creates a lot of opportunity and not much time for political, turf nonsense. But also creates situation in which new work is constantly heaped upon existing work and people have to drop the less important (or, more precisely, more easily dropped) stuff. This can be exhausting and inefficient. But, again, is often better than the calcified alternative.

    Advice to Management

    Do a better job identifying people and groups that are legitimately swamped and slammed. I understand you expect them to identify themselves as needing help, but over-achievers often won't do that. People burning out is your problem as much as it is theirs.


  5. "Run don’t walk away from this company"

    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 (More than 3 years)

    Pros

    Free parking. What you find on glass door that is negative is tame in comparison to reality but he pro is its true

    Cons

    They buy customers through acquisition and lose them once people find how customer service and products are non existent. For an internet bank they are antiquated in their technology. Absolutely no collaboration. Silod lines of business. They are a third tier bank. No one uses them for daily banking. They lose 90% of their opportunities because of lack of capturing their clients whole business. Senior managers have absolutely no experience in relationships so they are shopping for the next sale while losing the clients they do have. Managers walk around at 7pm to see who is and who isn’t still working. Senior management is never held accountable. They call it a meritocracy when it’s really a dictatorship. While it produces great returns it has no value. At some point they will hit the wall as they can’t retain clients or quality employees. They recently hired someone to respond to glass door instead of fixing their problems. They have more positions open than any institution and it’s not tied to growth but turnover. People look over their shoulder wondering when they will be walked out many hoping they do. They stalk employees to see if they have posted their resume online on job sites. They rule by fear. If you have a family do not work here. You won’t see them.

    Advice to Management

    Management doesn’t want advice. They don’t give a rip. So far it’s worked for them . Maybe the regulators will one day open their eyes and dig a little deeper.


  6. "Solid Place to Work with Opportunity for Growth"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Software QA Engineer in San Diego, CA
    Former Employee - Software QA Engineer in San Diego, CA
    Recommends
    Positive Outlook
    No opinion of CEO

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

    Pros

    The Bank provided stable, consistent growth that means job security, especially in software engineering. The VP of Quality Assurance in IT was excellent, and provided opportunities for growth and advancement within the team. The compensation and bonus structure is fair, and the review process it easy to tell how to meet the targets to get those bonuses. With regard to Software QA, there was a definite commitment to expanding those capabilities and creating positions specifically for that.

    Cons

    As with any highly regulated institution, there are some processes that are more difficult than they could be somewhere more casual. There was some turnover in the project management/business analyst teams while I was there but it seems to have stabilized by the time I left.

    BofI Federal Bank Response

    Dec 8, 2017 – VP, Office of the CEO

    Thank you for your comments. Our philosophy is that compensation should reflect performance and we are glad to know that was your perception and experience. As you suggest, there has been a lot of... More


  7. Helpful (2)

    "Loan Servicing Representative"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Loan Servicing Representative in Las Vegas, NV
    Former Employee - Loan Servicing Representative in Las Vegas, NV
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

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

    Pros

    The Pay was really great

    Cons

    There are so MANY CONS WITH THIS BANK. Management does not take responsibility or want to assist with escalated issues. I felt I was treated differently than the other two loan servicing representatives. If you personally try and fix and issue for a customer it can take up to 3 weeks if it all to get the internal request completed. It seems like people don't care that our technology didn't work half the time and when you needed IT help it would take 2-3 days to get resolved.

    Advice to Management

    Get your stuff together. The business can't be run with minimal people and expect to get all the work done prperly, timely and without customer complaint.

  8. Helpful (7)

    "Low pay and toxic culture"

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

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

    Pros

    -Free Corporate Chalet tickets to the annual Miramar Air Show (a limited amount and if your department actually announces when they are available)
    -Free unsalted mixed nuts, trail mix, pretzels, animal crackers, coffee (though only refilled once a week and unsalted mixed nuts will be gone within 2 hours)
    -Free parking
    -3 weeks of annual PTO
    -Interesting work and good experience (if you're in a department and have a supervisor that actually cares about your growth)

    Cons

    -Horribly low pay
    -I was lied to on my offer letter about promotions. I was hired in February 2016 and the actual language on my offer letter was: "You will be reviewed for a compensation increase in June 2016." June comes around, and surprise, I was not even given the opportunity to be considered for a raise. I was told the Bank only gives raises once a year in June ONLY if you've worked there for a year. So for example, if you started in July 2016, then you would NOT be eligible for a raise in June 2017 because you would not have been there a year yet. You would only get your raise in June 2018 once you've passed your anniversary in July 2017. I accepted my job offer thinking I would get an opportunity to increase my insultingly low pay within a few months. Had I known this were the case, I would've definitely reconsidered accepting the offer. And when you ARE eligible for a raise, you are basically given a "take it or leave it" number (also below industry standard). No room for negotiation.
    -The culture is toxic. You will constantly overhear people actively complaining about their job responsibilities and incompetency of coworkers. I've also seen backscratcher/teacher's pet behavior being rewarded over people who are actually there to do their jobs at WORK. I never actually realized all this until I started at my new workplace and discovered that wow, these are actually not normal behaviors to expect from your coworkers??

    Advice to Management

    From reading your previous responses to past reviews on here, it seems you're just interested in refuting with your own counterarguments or excuses rather than addressing the issues brought up. So I'll just leave what I have to say here and you can decide what you want to do or not to do with it.


  9. Helpful (7)

    "Great Company to Work for, With A Few Setbacks..."

    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
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    First of all, pay was very competitive as well as additional compensation such as semi-annual bonuses with every review period. You really got out of it what you put into it. On top of that there were some great people working there when I was there. If you needed help from somebody in another department there was always somebody available that could answer your question. It took collaboration from multiple departments to make deals happen.

    Training was very hands on and if there was ever a time a refresher was needed you could always refer to constantly updated procedures and process maps for anything related to your job role.

    BofI also knows how to throw amazing Christmas parties!

    Cons

    Really the only con that I could think of was the type of people chosen to be managers. When I was working there I had a manager that was very proficient in micromanaging and it really got to the point where I did not look forward to coming to work everyday. If I needed to take time off for something (which was something I rarely needed to do) I was given grief about it. It was like walking on eggshells around this person, instead of constructive criticism I was given very vague and snooty feedback . Not really a place I saw myself staying at for longer than a couple years. Was just a resume builder for me. Not only that but this was the first place in my extensive work history in banking where I actually would get panic attacks on the job, due to the hostile work environment that was caused by a member of management.

    Additionally, trying to advance in the company also proved to be difficult as I needed my immediate supervisor's approval but was always denied opportunities to advance even with good performance reviews. It was very discouraging to keep being denied, because early on when I first started working there it was emphasized that BofI believes in investing in their people and promoting from within. I even expressed an explicit interest in moving up in a company and establishing a meaningful career and they promised me that when I had initially interviewed for the position, but that proved to not be the matter.

    Advice to Management

    BofI would be a great place to continue to work if only they really paid attention to who they choose to hire as managers. I honestly felt that in the department I was in if there was a better manager the morale of the department would have been a lot better. BofI really needs to implement a more intense and comprehensive hiring process when it comes to management because I feel that BofI has a very intelligent and hardworking group of people, it just takes those that have the best interest of not only the company's values but the interests of their fellow subordinates to be successful managers.

    BofI Federal Bank Response

    Nov 1, 2017 – VP, Office of the CEO

    Thank you for your thoughtful comments. While we take pride in promoting from within, the reality is that we have grown very fast and that some managers we hoped would grow into their new roles... More


  10. Helpful (2)

    "analyst"

    StarStarStarStarStar
    • Career Opportunities
    • Comp & Benefits
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    Pros

    fun company to do nothing at

    Cons

    boring company to do nothing at


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