BOFI, COST & maybe CRTO

As I was checking things on the board, I just saw my first ad for BOFI, from finance.google.com. It says “Bank of Internet USA - Preferred Lender for Costco Members. Refinancing or purchasing a home? Exclusive discounts for Costco members.” When I clicked the ad it directed me here:

https://www.bankofinternet.com/mortgage/mortgageform?costco-…

Now I don’t know if it was CRTO placing the ad or not, but I imagine it was put there because on occasion I’ve searched on BOFI and COST in the past (it was not the current search, and I don’t think I’ve checked either today). I’m also not in the market for a mortgage.

Anyway the main nugget is that BofI seems to have some relationship with Costco, which I found interesting because I see as evidence that perhaps it’s becoming slightly more mainstream. Had I not been on this board this may have been the first time I’d heard of it.

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Hi Chris,

Great to know. And if it’s any additional consolation, I’ve have two business accounts with them for about two years. They’re extremely responsive and personable. My banking needs are simple, but it’s been an easy relationship.

  • Khleb
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I’ve been interested in switching to them for both business and personal banking, but on rare occasion, say I’m buying a used car, I need a lot of cash. I can’t figure out how I’d get $15000 in cash from BOFI quickly. Certainly not a cash machine.

Do they offer a debit card? It still doesn’t replace cash, but they must have faced similar questions from other customers. Perhaps a call to customer service might get you the answers.

Kris

I’ve been interested in switching to them for both business and personal banking, but on rare occasion, say I’m buying a used car, I need a lot of cash. I can’t figure out how I’d get $15000 in cash from BOFI quickly. Certainly not a cash machine.

Hi UtahChris, I don’t have an account with BOFI, but here are a couple of commonsense suggestions: If you can wait a few days for the check to clear, just write a check. If not, wire the money. I’m sure they must be set up for wires by phone or on line. Either sounds better than walking around with $15,000 in cash in your pocket.

Saul

I didn’t clarify that I meant from a private party, sorry. If I’m buying a used Honda Accord from a private party (off Craigslist, where the best deals can be found), they are only going to take cash. If I’m selling a used car I’m not going to take any kind of check whatsoever. Too much risk of fraud. Not sure about private parties taking a wire - I’d guess most are not so sophisticated.

As I was checking things on the board, I just saw my first ad for BOFI, from finance.google.com. It says “Bank of Internet USA - Preferred Lender for Costco Members. Refinancing or purchasing a home? Exclusive discounts for Costco members.” When I clicked the ad it directed me here:

Hi utahchris, I followed the link to see the ad. Did you happen to notice on that same ad, that in addition to being a Costco Preferred Lender, BOFI is identified as a Zillow 5 Star Lender!

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Yes I saw that too, not sure how exclusive the 5-star rating is, but I’m happy to have BOFI be associated with as many big brand names (COST, Z) as possible.