SOURCE: BofI Federal Bank

BofI Federal Bank

October 16, 2012 09:00 ET

Bank of Internet Eliminates Overdraft Fees for Rewards Checking Account

SAN DIEGO, CA--(Marketwire - Oct 16, 2012) - Bank of Internet USA, a division of BofI Federal Bank, owned by BofI Holding, Inc. (NASDAQ: BOFI), recently announced the launch of no overdraft fees on their feature-packed Rewards Checking account.

Bank of Internet's Rewards Checking account comes with unlimited ATM reimbursements and offers free Mobile Deposit, free Bill Pay, free cash-back Purchase Rewards and free FinanceWorks™ money management software. Plus you can earn interest up to 6x the national average, up to 1.25% Annual Percentage Yield (APY), on all balances and it only takes $100 to open an account. The account has no monthly maintenance fees, no minimum monthly balance, and now no overdraft fees... EVER.

"As a branchless bank, our low cost structure allows us to offer superior value to our customers without sacrificing customer service. We are eliminating overdraft fees for our Rewards Checking account at a time where many banks are increasing monthly service fees and minimum balance requirements," said Greg Garrabrants, President and Chief Executive Officer of BofI Federal Bank. Mr. Garrabrants continued, "We also offer a line of credit that is linked to our Rewards Checking account. Unlike most banks, there is no fee each time the line of credit is utilized."

Visit to learn more about our account offerings and our Rewards Checking account.

About BofI Holding, Inc.
BofI Holding, Inc. is the holding company for BofI Federal Bank, a nationwide branchless bank that provides financing for single and multifamily residential properties, small-to-medium size businesses in target sectors, and selected specialty finance receivables. With over $2.4 billion in assets, BofI Federal Bank provides consumer and business banking products through its low-cost distribution channels and affinity partners. BofI Holding, Inc.'s common stock is listed on the NASDAQ Global Select Market and is a component of the Russell 3000 Index. For additional information, visit

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