Technology changes with the time and so do the needs of people. With the advent of internet people started to feel a need to have simplified, hassle free online banking. To tap this particular segment of customers, the Bank of Internet USA started operating online in July, 2000 offering traditional banking and loan products online. It gave new dimension to the traditional banking. Bank of Internet, popularly called as BofI, was created by twenty organizers with a whopping capital of more than $14 million in the year 1999. This was the highest capital raised in the USA, by the promoters of any newly formed bank at that time. BofI has a mission to provide less expensive loans and to pay higher interest rates on deposits to its customers. With the help of online banking it has managed to keep its loan rates lower and deposit interest rates higher than the other branches. The customers can go through all ranges of products offered by the bank and can apply for them over the internet. It not only saves time but also helps in processing the request very fast and accurately. Apart from that the customer deposits are secured as these are insured with The Federal Deposit Insurance Corporation (FDIC).

BofI is headquartered at San Diego, California and has a customer base spread throughout the USA. It is a subsidiary to BofI Holding, Inc. which is a unitary savings and loan holding company. BofI Holding, Inc. along with BofI has been generating its deposits throughout the USA and providing its landing services over the internet. BofI Holding, Inc. was incorporated in July6, 1999 to form an internet based savings bank and thus BofI came in to existence. BofI has a management team and the board of directors who are highly experienced in the field of banking and business. The CEO of the bank is known as one of the pioneers of online banking and has been in the field of banking profession since 1971. The management is very particular about the customer satisfaction and the efficiency and integrity of banking. BofI’s goal is to provide diversified banking experience to its customers for along term relationship. To set a high standard of banking major emphasis has been given on Corporate Governance which includes pre defined Code of Conducts and Code of Ethics for the employees.

The way BofI works is very simple. All the varieties of deposit products offered by the bank are available over the internet to the customers. Customer can choose the particular product online, fill up the required form and submit it online. In case of any query the customer can contact customer care through the toll free numbers. It originates and purchases home loans and small to medium mortgages too. As on 31st March’09 it had Cash & Cash Equivalent at $ 10 million, Investments at $400 million, net loan $ 629 million and deposits of $ 695 million.

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Contact Information

Website : http://www.bankofinternet.com/

Phone Number : Toll Free – (877) 541-BOFI (2634) Local – (858) 755-Net1(6381)

Address : PO BOX 919008, SAN DIEGO, CA 92191-9872

Minimum Balance : http://www.bankofinternet.com/

Interest : http://www.bankofinternet.com/

Current Savings Account Rates: http://www.bankofinternet.com/

Current CD Rates : http://www.bankofinternet.com/