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Business Banking Frequently Asked Questions


Is my account at BofI Federal Bank insured?

All are offered by , 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 . For further information about temporary unlimited FDIC insurance coverage of some transaction accounts, visit . You can review all financials and recent news about BofI Federal Bank at .

How do I contact BofI Federal Bank?

There are several ways that you can contact BofI Federal Bank:

  • Secure message: Log into your account, click on the "Contact Us" tab, and then click on "Click Here" to send an email. Please note that this is not a secure message facility. We strongly recommend that you never send confidential information using this method.
  • Phone: Contact a Business Banker at 1-844-678-2726 during business hours .
  • Fax: Contact BofI Federal Bank via fax at 1-858-350-0443.
  • Traditional mail: Send mail via USPS to
    BofI Federal Bank
    P.O. Box 509127
    San Diego, CA 92150-9948
  • Email: Send us an email at businessbanking@bofifederalbank.com. Please note, unless you use secure messaging functionality, we strongly recommend that you never send confidential information using regular email.

What is the routing and transit number for BofI Federal Bank?

The BofI Federal Bank routing and transit number is 122287251.

How do I send or receive a wire?


Sending a wire out from BofI Federal Bank

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.

  • Wire cut-off times:
  • Domestic – 1:00 p.m. (PT)
  • International – 12:00 p.m. (PT)

Wiring funds into BofI Federal Bank

To wire funds into a BofI Federal Bank account you will need the following information:

  • BofI Federal Bank ABA/Routing Transit Number: 122287251
  • Address:
    BofI Federal Bank
    4350 La Jolla Village Drive, Suite 140
    San Diego, CA 92122

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).

How do I change my contact details?

You may change your contact details using one of the following methods:

  • Secure message: Log into your account, click on the "Contact Us" tab and then click on "Click Here" to send an email. Please include all of the updated contact information in your email.
  • Phone: Contact a Business Banker at (844) 678-2726 during business hours Monday - Friday 9:00 a.m. to 6:00 p.m. (PT).
  • Fax: Send instructions, along with a signature, to 1-858-350-0443.
  • USPS: Send instructions, along with a signature, to BofI Federal Bank P.O. Box 509127 San Diego, CA 92150-9948

How do I order deposit slips?

  • For all account types - Business Checking, Business Savings, Business Money Market, and Business Certificate of Deposit (CD) - we offer a convenient printable deposit slip – Universal Deposit Slip
  • We offer an online deposit slip and envelope request form for Business Checking and Business Savings accounts —
  • You can deposit checks instantly from the comfort of your home or office using MyDeposit. that enables you to scan checks from your computer and have the scanned images electronically transmitted into your account.

Which ATMs can I use with a branchless bank?

With a BofI Federal Bank online bank account, you can use any ATM nationwide — any brand.

What are the ATM/Debit card daily limits?

The combined ATM/Debit card limits per account are as follows:

ATM LIMIT POS/PURCHASE LIMIT
$1,010 $5,000

Can I allow someone other than a myself to access the account?

Yes, you may designate individual accessibility levels to people associated with your business, which allows for added flexibility, security, and accountability. Please for more details: 844-678-2726

Do I have to have access to a computer and an email address to have an account?

Yes. As an , 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.

What documentation is required to open a business banking account?

Please view our checklist for information on the documentation necessary to open an account. When you’re ready to open your account, please .

Can Non-US companies open a business account?

At this time, BofI Federal Bank only extends business accounts to companies within the United States.

I own several properties under an LLC company name. Can I open a business checking account for the LLC and have separate accounts for each property linked to the main account?

Absolutely! Please speak to one of our friendly business banking experts for further details.




Business Checking Frequently Asked Questions

How do I make a deposit to my business checking account?

Your business checking account may be funded in one of the following ways:

  • Wire transaction: Transfer funds to your account at BofI Federal Bank by providing the following information to the transferring institution, bank, or broker:

    BofI Federal Bank 
    ABA/Routing Transit Number — 122287251 

    Address:

    BofI Federal Bank
    4350 La Jolla Village Drive, Suite 140
    San Diego, CA 92122

    For the benefit of: Your company name
    Wire cut-off time for same day processing: 1:00 p.m. (PT).

  • Mail a check:

    BofI Federal Bank
    P.O. Box 509127
    San Diego, CA 92150-9948
  • Utilize our mobile app: Remote Deposit Anywhere allows you to deposit a check simply by using your smartphone to take a photo of it. Deposits can be made 24/7 and are fast, easy and secure.
  • Have your financial institution initiate a transfer of money to our Bank.

To whom do I make checks payable when depositing to or funding my Business Checking Account?

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.

How can I access/manage my money from my Business Checking account?

You can access your online bank account, make payments, or move your money in a variety of ways:

  • Use your Visa® Debit card or checks for purchases and payments.
  • Pay your bills using our .
  • Get cash from any ATM nationwide (no matter which bank).
  • Access your accounts through and use many of the same features as Online Banking.
  • Deposit checks with BofI Federal Bank’s mobile app or scan a check via merchant remote deposit in Online Banking.

How do I order checks for my account?

Basic Business Checking, Business Interest Checking, Business Money Market and Non-Profit and Association Money Market accounts have the option to order an introductory starter pack of 50 checks at account opening. Analyzed Checking accounts are eligible for a credit of up to $50 off their first order when purchased through Harland Clarke. Rebate is provided in the form of an account credit.

Subsequent checks can be purchased from the provider of your choice, such as Harland Clarke. Our routing number is 122287251.

Why did I receive an email that a hold has been placed on my check?

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.

How long of a hold will be placed on my check?

The hold time is sent out in the email notifying you of the hold. Refer to the Funds Availability Policy for further details.




Business Money Market & Business Savings Frequently Asked Questions

How do I make a deposit to my business money market or business savings account?

You can fund your or Business Savings account using one of the following methods:

  • Wire transaction: Transfer funds to your account at BofI Federal Bank by providing the following information to the transferring institution, bank, or broker:

    BofI Federal Bank
    ABA/Routing Transit Number — 122287251
    Address:

    BofI Federal Bank
    4350 La Jolla Village Drive, Suite 140
    San Diego, CA 92122

    For the benefit of: Your company name Wire cut-off time for same day processing: 1:00 p.m. (PT).

  • Mail a check:

    BofI Federal Bank
    P.O. Box 509127
    San Diego, CA 92150-9948
  • Utilize our mobile app: Remote Deposit Anywhere allows you to deposit a check simply by using your smartphone to take a photo of it. Deposits can be made 24/7 and are fast, easy and secure.
  • Have your financial institution initiate a transfer of money to our Bank

Who do I make checks payable to when depositing to or funding my Business Money Market or Business Savings account?

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.

How can I withdraw money from my Business Money Market or Business Savings account?

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.

What are the transaction limits on my Business Money Market or Business Savings 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.




Business Certificate of Deposit Frequently Asked Questions

How do I renew a Certificate of Deposit?

To renew a Certificate of Deposit, you may use one of the following methods:

  • Secure message: Log into your account, click on the "Contact Us" tab, and then click on "Click here" to send an email. Please include in your email the new term you wish to renew your Certificate of Deposit into.
  • Phone: Contact a Direct Banker at 1-844-678-2726 during business hours Monday through Friday 6:00 a.m. to 6:00 p.m. (PST).
  • Fax: Send instructions, including the new term and your signature, to 1-858-350-0443.
  • USPS: Send instructions, including the new term and your signature, to
    BofI Federal Bank
    P.O. Box 509127
    San Diego, CA 92150-9948>

What happens with CD funds at maturity?

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.

Is there a penalty for early withdrawal from a CD?

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.

Can I receive interest disbursements from my Business Certificate of Deposit?

Yes. Please use the following form to request interest disbursements: click here

Are there any fees to open or maintain a BofI federal Bank CD account?

BofI Federal Bank does not charge any fees to open or maintain a certificate of deposit.

Can I make additional deposits to a CD?

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.




CDARS Frequently Asked Questions

How can the FDIC insure deposits greater than the $250,000 standard insurance maximum it has established?

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.

Who actually has custody of my funds?

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.

How can my funds be used locally if my CDs are issued by financial institutions throughout the United States?

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).

Is my account information safe?

Your account information is completely safe. Your fiduciary relationship will remain strictly between you and BofI Federal Bank.

What happens if a CDARS® Network member bank fails?

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.

Is there a penalty for early withdrawal from CDARS?

CD Terms Early Withdrawal Penalty
4 week
13 week
FULL interest to maturity
26 week
52 week
104 week
156 week
260 week
HALF interest to maturity

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.

Speak with a Business Banker today!

(844) 678-2726​