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Bank of Internet USA Review: Checking, Savings and CDs

Bank of Internet USA Review: Checking, Savings and CDs

While conducting our Bank of Internet USA review, we found out that the Bank of Internet USA offers a number of checking account perks and strong interest rates. The Bank of Internet USA has been growing in popularity for years, and now that they a reasonably good online reputation, we decided to issue a Bank of Internet USA review to show what we think and describe our experiences with them.

They are the oldest Internet-only bank that didn’t go bust during the global economic downturn. They were founded back in 1999 when people played “Snake” on their phones and paid bills in person.

Snake on Nokia phone

Bank of Internet USA Review – Benefits And Features

  • Their savings and CD APY rates beat many High Street banks
  • Unlimited ATM fee reimbursements with some of their checking accounts
  • Most of their fees are very low when compared to other banks
  • They have a mobile app you may download, install a use for free
  • There are plenty of different accounts to choose from

Perks And Downsides

[+] Some of their savings accounts have attractive interest rates
[+] They do not charge any type of maintenance fee for their standard account
[+] Some of their checking accounts offer unlimited ATM fee refunds
[+] Three of their checking accounts will not charge you fees for unplanned overdraft
[+] Their website and online account interface is very easy-to-use and intuitive

[-] Good interest rates on their savings accounts and CDs, but they are average compared to other online-only banks
[-] CDs have a minimum deposit of $1000
[-] Many of their accounts have monthly maintenance fees
[-] Pricy outgoing wire transfer costs
[-] Some online user reviews are written by their marketing department

Happy with the money in my bank account - image showing cash

Checking Account

Choose their basic account, which is their essentials account, and your fees will be kept to a minimum. They also offer unlimited ATM reimbursements because they do not have branches and/or their own ATM network that they fund and meant. They have a premium account that will pay you money on your balance. The bank also has two checking accounts where you will not be charged if you overdraw by accident.

Savings Account

While creating our Bank of Internet USA review, we found that their APY rates were rather…unimpressive. They are okay, and by no means bad, but most online banks offer better interest rates on their savings accounts because they have fewer overheads to cover. One assumes that the Bank of Internet USA is not passing down the savings they are making on overheads. The account has no monthly fees, but they charge you $10 per withdrawal if you make more than six per month.

Certificates Of Deposit

Again, their rates are unimpressive. They are still good when compared to High Street banks, but are average when compared to other online-only banks. You may apply for CDs with terms as short as three-months and as long as five years. Rates range from around 0.55% to 1.5% for long-term CDs. Still, you can invest in peer-to-peer savings companies and get better rates over five years.

Bank of Internet USA Review – Biggest Selling Point

The fact they offer unlimited ATM reimbursements is rather good. Most banks sign up to a network where you may use some ATMs for free. Others maintain their own network, where you may use them of their own ATMs for free. While conducting our Bank of Internet USA review, we found that they reimburse you for any and every ATM fee you incur. The only downside is that this doesn’t apply to all their accounts. There are some where you have a dollar limit on how many ATM fees they will reimburse every statement cycle (month).

Bank of Internet USA Review – Fees And Charges

Each account has its own rules and own fees. It took some digging, but I found all of their standard fees that apply to all of their accounts. There is a $10 charge for each withdrawal out of your savings account if you make more than six withdrawals per month. That fee is slightly more than what many other banks charge for withdrawals from savings accounts.

You may get your first ATM card for free for your checking and or your savings account. You may also replace your PIN number for free. Incoming wire and EFT payments are free to receive. If you have non-sufficient funds or uncollected funds, it costs $25.00 per item with a total of $75.00 per day.

  • ATM card replacements cost $10.00
  • Rushed ATM card replacements cost $50.00
  • Bank verification letters cost $35.00
  • Collection items cost $35.00+ per item
  • Garnishments and tax levies cost $100.00
  • Visa® debit card currency conversion fee is 2%+
  • Copy of a check costs $10.00 per check
  • Reproduction of any documents that don’t exceed 8 ½” x 14” cost 10 cents per page
  • Reproduction of any documents from a microfilm cost 20 cents per page
  • Special document processing costs $24 per hour per person
  • Research or reconciliation costs $35.00 per hour
  • A statement copy costs $10.00
  • A paper statement for your checking account costs $5.00
  • A paper statement for your savings account costs $5.00
  • Paper statements for Money market accounts cost $5.00
  • Paper statements for your Certificate of deposit costs $5.00 per statement
  • An annual fee paper IRA reports cost $10 annually
  • Transfer to your IRA for $35.00
  • Account closing fee costs $35.00
  • Outgoing wire transfers (domestic) cost $35.00 per transfer
  • International wire transfers cost $45.00 per transfer
  • Overnight mail costs $10.00+
  • Chargeback items cost $10.00
  • External outgoing transfers with next day processing cost $7.00
  • External transfers with 3-day processing are free
  • Next day payments of Popmoney payments cost $7.00
  • Stop payments cost $35.00

Whom, Should Take Note Of This Bank of Internet USA Review?

Single people and childless couples should consider the Bank of the Internet USA. That is not to say the bank is not family-friendly, but families can do far better than this banking service. The Bank of the Internet has everything a customer needs in a basic bank account. The bank of the Internet USA will not knock your socks off. When compared to other online banks, it is about average. Still, if you are a fan of online banks and you are not looking to sign your family up, then BofI is for you. Quite a few users say that the BofI USA is a trouble-free bank that is ideal for people who are tired of their current bank causing them problems.

User Comments And Reviews

[+] It is an online-only bank, which means you do not have to sit through phony bank teller conversations while they try to “Find me the best deal.

[+] Their online customer service department is able to get things done, such as helping users’ get payments and debits reversed.

[+] Qualifying for good interest rates is easy. The online chat function is also very helpful when asking questions about applications.

[+] Some people enjoy their rate tracking function, automatic payments, and investment advice.

[+] Having ATM charges reversed and/or reimbursed is a big selling point for people who are used to dealing with online banks.

[-] Sometimes, you reach their customer service staff over the phone and you are stuck talking to somebody who barely speaks English.

[-] They let you sign up and get all set up for around two weeks before telling you that your information cannot be verified full-time go

[-] Sometimes they hold payments a little longer than other banks. It becomes annoying when they hold payments from companies that have been sending them for years.

[-] The monthly maintenance fees are difficult to avoid, and there are times when people would prefer to visit a branch when applying for accounts.

[-] The bank is secure, but people would prefer more security features and more reassurance that their money in safe.

Conclusion – Bank of Internet USA review

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Bank of the Internet USA has a lot of fees and charges. You can avoid some of them if you wish, but one wonders why they have to attach so many rules, terms, conditions and fees to every account. Their terms and conditions documents are loaded with rules for each and every account they offer. It would be nice if they offered something such as an Infographic for each account that shows its rules and associated fees. Nevertheless, this isn’t a bad bank for people who are not looking to set up family accounts and for people who are used to dealing with online banks.

About The Author

Ash The Great

After a varied career in different industries from the hospitality industry to the financial consultancy industry, Ash now spends his days working as a professional writer.

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