Bank of Internet USA, a division of BofI Federal Bank, which is owned by BofI Holding, announced the elimination of overdraft fees on their feature-packed Rewards Checking account. Bank of Internet USA is 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.

Bank of Internet’s popular Rewards Checking account already comes with unlimited ATM reimbursements, as well as offers free Mobile Deposit, free Bill Pay, free cash-back Purchase Rewards, and free FinanceWorksTM money management software. Additionally, the account offers the ability to earn interest up to 6x the national average 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.”

For more information on Bank of Internet USA, visit: www.bofiholding.com

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