How does the transition affect my DEBIT/ATM Card?
You will be receiving a new Bank of Internet USA Debit/ATM Card and a new PIN (mailed separately) the week of August 26, 2013. You should continue to use your existing Principal Bank Debit/ATM card through Sunday, September 8, 2013. As of Monday, September 9, 2013, you can start using your new Bank of Internet USA card. Your new card can be activated any time after 8:00 a.m. CT by calling 877-541-2634 or by using the new card and your new PIN at an ATM. As of September 9, 2013, your transaction limits will be:
ATM Card: $300 daily limit
- Cash or Point-of-Sale transaction from ATM: $500.
- Point-of-Sale transaction using your Check Card: $1500 daily limit.
NOTE: Because of the conversion process, between Friday, September 6, 2013 at 9:00 p.m. CT and Monday, September 9, 2013 at 8:00 a.m. CT, the limits will be $300 per day per card for ATM and $500 per day per card for purchases. During this same period, your account balances may not be accurately reflected at the ATM. We apologize in advance for any inconvenience this may cause.
What about Bill Pay? Will I have to rebuild my payees?
If you have Bill Pay, no new payees or payments can be created on the Principal system after August 29, 2013 at 9:00 p.m. CT as the system will come down in preparation for the transition. Any payments scheduled before this time, no matter the effective date, will be paid by the current or new bill pay system. When the Bank of Internet USA Online Banking system becomes available on Monday, September 9, 2013 at 8:00 a.m. CT, all of your payees will be there and new bill payments may be created at that time.
What about Bill Payments in process during the conversion?
On the Bank of Internet USA Bill Pay system, you may need to allow at least five (5) business days when making your first payment. This allows our system to determine how the merchant receives their payment (via check or electronic). After the first payment is made, you will notice on your payment screen how many days to allow for the next and future payments (2 days for electronic or 5 days for check). This is important information when setting your payment dates.
It is important that you review your existing Principal Bank bill payment instructions, making particular note of any one-time or recurring bills scheduled for payments between Monday, September 9, 2013 and Friday, September 13, 2013. To minimize any possibility of late payments as we make the transition to the new Bill Pay system, you may want to consider rescheduling these bills to be paid on or before September 6, 2013.
How will my direct deposit or automatic debit be affected?
All current direct deposits and automatic debits will continue to be processed as usual. If you have any active debits on your current debit card, these will need to be set up again with your new Bank of Internet USA Debit Card.
My Principal Bank account is automatically being transferred to a like account at Bank of Internet
USA. What if I am unhappy with the choice made for me?
We’ve chosen an account that best matches your existing Principal Bank account. Please refer to the attached Personal Account Conversion Chart. If you are unhappy with the choice, just speak to one of our Direct Bankers, and we’ll be glad to change your account for you after the conversion.
Will there be any changes to my checking account?
You will find that the accounts transfer over to a very similar product. Please refer to the attached Personal Deposit Account Agreement & Schedule of Fees for all terms and conditions.
Will my account number(s) change?
All account numbers will remain the same.
Tell me about Bank of Internet USA
Bank of Internet USA is a division of BofI Federal Bank, a FDIC-insured diversified financial services company, with over $3.09 billion in assets that provides innovative banking and lending products and services to our personal and business banking customers throughout the United States. We operate our bank from a single location headquartered in San Diego, California. We aspire to be the most innovative branchless bank in the United States providing products and services superior to our competitors, branch-based or otherwise.
When will the change-over take place?
The integration of systems will take place over the September 6-8, 2013 weekend. Beginning Monday, September 9, the system will be ready to service all of your banking needs. Until then, it’s business as usual.
What about branch availability and office hours?
We are a branchless bank. Bank of Internet USA brings your everyday banking to your home, office, and anywhere you have your mobile phone. You can access your account anywhere you can log online, 24/7. Our Direct Bankers are available to you during our office hours: 6:00 AM - 6:00 PM Pacific Time Monday to Friday.
Will I be able to use my existing supply of checks?
Yes. No need to worry about ordering new checks before the conversion date. Continue to use your existing supply of Principal Bank checks until they are depleted and reorder whenever you need more. At that time, you will be issued new Bank of Internet USA checks.
What about ATM fees?
Even though we are not a part of the Shazam Privileged Status® network, you will be able to access any ATM in the nation. Depending on your type of account, transaction fees may be waived. Please refer to the Personal Deposit Account Agreement & Schedule of Fees.
How is my bank statement affected?
Due to the change in systems, Principal will provide you with a statement with activity through Friday, September 6, 2013, and interest paid through Friday, September 6, 2013 for any checking, money market or savings account. Interest will begin to accrue as of Saturday, September 7, 2013 on your new Bank of Internet USA account(s). Your first statement from Bank of Internet USA will be as of September 30, 2013. For any customer who already cycled during the month of September, any applicable monthly service charge(s) will be waived for this first partial month.
I receive a paper statement in the mail. Will that continue?
As a paperless organization, Bank of Internet USA encourages its customers to sign up for free electronic statements (e-Statements). With an e-statement, you can view transaction history, statements and check images for up to 2 years at no cost. For a six month grace period, Bank of the Internet USA will provide paper statements for free in hopes that you will sign up for an e-statement through Online Banking. Then for months seven through twelve a $5.00 fee will be assessed for each paper statement. During this time we will send you information on how to sign up for an e-statement.
Will my Certificate of Deposit continue to earn the same interest rate?
Yes. Your CD will earn its current rate until maturity. We will honor the terms and conditions of your current Principal Bank CD. However, once your CD matures, it will roll over to the Bank of Internet USA Terms and Conditions and interest rates. At maturity, Bank of Internet USA will send out a renewal notice indicating to what term your CD will renew. Please refer to the Personal Deposit Account Agreement &Schedule of Fees regarding any other changes concerning your new or renewed Certificate(s) of Deposit.
What about Online Banking?
You will be able to sign into Bank of Internet USA’s Online Banking system by 8:00 a.m. CT on Monday, September 9, 2013. On this date, please go to the new website, www.mybankofinternet.com, to log in. Your log-in name (Access ID) will remain the same. The first time you log in, your password will temporarily be changed to your Access ID plus the last four digits of your Social Security Number. For security reasons you will be asked to create and enter a new password. You will be asked to read and accept the Terms and Conditions of Online Banking and agree that all future disclosures will be sent electronically. Two years of transaction history will appear in Online Banking. As online statements will not be converted and there may be a delay when previous check images are fully loaded into history, please download any information you will need from your existing system prior to September 6 at 9 p.m. CT.
What about my scheduled transfers in Online Banking?
All internet banking transfers will not be converted. You will need to set up all internal and external transfers after the transition via Bank of Internet USA’s online banking.
Does Bank of Internet USA offer Telephone or Mobile Banking?
Bank of Internet USA offers both telephone and mobile banking free of charge. With either service, you will not only be able to inquire on balances and account history, but also make transfers between accounts along with many other transaction choices. For 24 hour Automated Phone Banking, call 877-541-2634.
Tell me more about Mobile Deposit
With Mobile Deposit you can deposit a check anytime, anywhere using your smartphone. Just download our Mobile App by searching “Bank of Internet USA” in the App Store or Google Play. It’s fast, secure and best of all it’s free. Note: You must have registered for Online Banking first to use the Mobile App on your phone.
What about deposits made by mail?
If you currently mail in your deposits, you will need to mail your deposits to Bank of the Internet USA’s PO Box which is:
BOFI Federal Bank
PO Box 509127
San Diego, CA 92150-9948
Be sure any deposits that would arrive after September 9, 2013 are mailed to this new address. NOTE: any deposits mailed to Principal’s old PO Box received after September 9th, will still be forwarded to Bank of the Internet USA but there could be a delay in posting of 1-2 business days while those deposits are in transit.
How does the acquisition affect my FDIC insurance coverage?
If you currently have deposits at Bank of the Internet USA or any of the brands of BofI Federal Bank, your former Principal Bank accounts will continue to be insured separately for a period of six months from the acquisition date. Principal Bank CDs that mature within that six-month period and automatically renew for a like term and for the same principal amount will be insured separately through the next maturity date. If you have any questions regarding this overlapping FDIC coverage rule or if you would like to discuss FDIC insurance in general, please call us at 877-541-2634.
How do I contact Bank of Internet USA?
Call: 877-541-2634 6:00 AM - 6:00 PM PT Monday-Friday
Automated Phone Banking: 877-541-2634 24 Hours