All Business Banking Products and Services are offered by BofI Federal Bank, which is an FDIC-insured financial institution. If you would like to calculate your insurance coverage, use the FDIC online Electronic Deposit Insurance Estimator at https://www2.fdic.gov/edie/index.html. For further information about temporary unlimited FDIC insurance coverage of some transaction accounts, visit www.fdic.gov. You can review all financials and recent news about BofI Federal Bank at www.bofiholding.com.
There are several ways that you can contact BofI Federal Bank:
The BofI Federal Bank routing and transit number is 122287251.
To send an outbound wire, please complete our Wire Form and fax it to 1-858-350-0443. Outbound wires must be to the credit of the BofI Federal Bank account holder.
To wire funds into a BofI Federal Bank account you will need the following information:
Ensure the wire is to the benefit of your name and your account number at BofI Federal Bank. Wire cut-off time for same day processing: 1:00 p.m. (PT).
Should you or your bank have any questions, please contact a Business Banking Specialist at (844) 678-2726 during business hours Monday - Friday 9:00 a.m. to 6:00 p.m. (PT).
You may change your contact details using one of the following methods:
With a BofI Federal Bank online bank account, you can use any ATM nationwide — any brand.
The combined ATM/Debit card limits per account are as follows:
Yes, you may designate individual accessibility levels to people associated with your business, which allows for added flexibility, security, and accountability. Please contact a business banker for more details: 844-678-2726
Yes. As an Internet-based bank, we require that you have a current email address and access to a computer. When you apply for an account with BofI Federal Bank, you are asked to give your consent to receive communication and information in electronic form. BofI Federal Bank is able to offer competitive interest rates and accounts due to the fact that we save money on being a branchless bank and do not send out paper communications.
Please view our checklist for information on the documentation necessary to open an account. When you’re ready to open your account, please click here.
At this time, BofI Federal Bank only extends business accounts to companies within the United States.
Absolutely! Please speak to one of our friendly business banking experts for further details.
Your business checking account may be funded in one of the following ways:
BofI Federal Bank ABA/Routing Transit Number — 122287251
For the benefit of: Your company name Wire cut-off time for same day processing: 1:00 p.m. (PT).
Checks must be made payable to your business exactly as the name appears on your account or you may make checks payable to BofI Federal Bank. In addition you may endorse the back of the check “For Deposit Only” followed by your signature and the account number.
You can access your online bank account, make payments, or move your money in a variety of ways:
Please visit http://www.deluxe.com and choose from the selection of business check products. Once you place your order, contact us via email or call with invoice information. BofI Federal Bank will credit up to $50 off of your first order for Basic Business Checking and Business Checking with Interest and up to $100 off for Analyzed Business Checking.
Regulation CC requires that financial institutions such as BofI Federal Bank inform customers when check holds have been placed. BofI Federal Bank may delay the availability to funds from your check deposits to allow us time to verify the deposit and ensure the funds are collected. The email notice states when the funds will be available. Refer to the Funds Availability Policy for further details.
The hold time is sent out in the email notifying you of the hold. Refer to the Funds Availability Policy for further details.
You can fund your Business Money Market account or Business Savings account using one of the following methods:
BofI Federal Bank ABA/Routing Transit Number — 122287251 Address:
Checks must be made payable to your business exactly as its name appears on your account. You may also make checks payable to BofI Federal Bank or endorse the back of the check “For Deposit Only” followed by your signature and the account number.
You can withdraw money from your account online via funds transfer or wire transfer. Business Money Market accounts holders also have the option of using the included debit card or writing a check from the account.
Federal law limits the number of withdrawals and transfers from all U.S. savings and money market accounts to six (6) transfers per statement cycle. For each transaction that exceeds this limit, you will pay a $10 fee.
To renew a Certificate of Deposit, you may use one of the following methods:
Business CDs automatically renew for the same term and at the current interest rate then paid for the term in which the Account was renewed. The grace period to make changes without penalty is 10 calendar days from the maturity date. For complete details, please refer to our Disclosure & Agreements.
It is best to leave your money in the CD for the entire term. An early withdrawal penalty will apply if you withdraw any or all of your funds before the CD matures. For complete details, please refer to our Disclosure & Agreements.
Yes. Please use the following form to request interest disbursements: click here
BofI Federal Bank does not charge any fees to open or maintain a certificate of deposit.
No. Additional deposits cannot be made during the initial term of a CD. Once the CD matures, however, you will have the opportunity to deposit additional funds and roll over the CD into a new term. This can be done during the 10-day grace period that commences at the maturity date.
The $250,000 standard FDIC insurance maximum applies to each insured capacity per bank. Theoretically, you could break a large amount of money into $250,000 chunks and deposit those chunks into multiple accounts at FDIC-insured institutions throughout the nation. Or you can work with a member of the CDARS® Network, such as BofI Federal Bank. As a member of the CDARS® Network, BofI Federal Bank divides your deposit into smaller amounts and places it into other FDIC-insured institutions, also members of the CDARS® Network. Those institutions then issue certificates of deposit in amounts under $250,000, making them all eligible for FDIC insurance coverage. You receive the practical benefit of working with a single institution, BofI Federal Bank, while receiving the financial benefits of working with many.
The funds you place through CDARS® are deposited only in FDIC-insured banks. BofI Federal Bank acts as the primary custodian for your CDARS deposits, and the sub-custodian for CDARS deposits is The Bank of New York Mellon (“BNY Mellon”).
Unique to CDARS, you can obtain a confirmation of records maintained by BNY Mellon as the sub-custodian of your deposits in order to reconcile those records with the statements you receive from us. At any time, as often as you wish, you can request a certified statement from BNY Mellon that confirms the exact amount of your certificates of deposit, including the principal balance and accrued interest, for each FDIC-insured institution that has issued a CD through CDARS®.
You can submit a request for the certified statement, along with BNY Mellon's processing fee, through BofI Federal Bank. BNY Mellon will send the certified statement directly to you or to another party, such as an auditor, that you designate for such purposes.
When BofI Federal Bank exchanges deposits with other members of the CDARS® Network, it is done on a dollar-for-dollar basis. In other words, the same amount of funds that we put into the Network returns to us. As a result, the total amount of your original deposit will remain with our bank and can be used for local lending (CDARS® ReciprocalSM transactions only).
Your account information is completely safe. Your fiduciary relationship will remain strictly between you and BofI Federal Bank.
Although several banks in the United States have failed in recent years, the vast majority have not been members of the CDARS® Network, nor did they hold any CDARS® deposits when they failed. In those rare events that Network banks have failed, the CDs issues by those banks have, for the greater part, been transferred to healthy financial institutions, which is the preferred method of the FDIC for handling such circumstances. In cases in which the FDIC was unable to find a healthy institution willing to accept such a transfer, it has arranged for the payment of the insured principal and accrued interest to the depositors. Generally, a resolution was reached within a matter of days.
Please go to http://www.fdic.gov/deposit/index.html to learn more about FDIC insurance.
For more information on the CDARS® program, please call 877-887-3030.
No penalty will be charged for early withdrawal of a CD upon the death of an individual who is the sole account holder or joint account holder of the CD, named account holder, individual who is the sole current mandatory or discretionary beneficiary of a trust, or sole current beneficiary of a unitrust of annuity trust.