Fees at Axos Bank: What You Need to Know

Customers are complaining about Axos Bank’s practices despite the bank’s big promises about its business policies and features.

Axos Bank, formerly known as Bank of the Internet, opened in July 2000 and touts its “technology-driven financial services” and “innovative banking products.”

Although the company is known for its high-yield savings accounts, Axos Bank offers five checking accounts: Rewards Checking, Essential Checking, CashBack Checking, Golden Checking (for seniors), and First Checking (for teens).

Each type of account offers different features tailored to what a customer may value the most. The Rewards Checking, Essential Checking, and First Checking have a notable lack of overdraft and non-sufficient fund fees, according to the company’s website. Unfair non-sufficient funds or overdraft fees are often a major complaint about other banks, including problems with the fees being too high, charged unfairly, or charged multiple times on one transaction.

According to the company’s fee schedule, Axos Bank’s non-sufficient fund fees are $25 each—with up to $75 in NSF fees allowed per day. The company’s Cashback Checking account option does charge both overdraft and NSF fees.

However, bank fees are not the only problem that bank customers may have to be concerned about. Despite its attractive promises, Axos Bank may disappoint customers when it comes to real-life results.

Numerous consumers have left complaints online about the bank’s practices. In some cases, consumers argue that they are owed thousands of dollars from the company.

Many customers have filed complaints with the Better Business Bureau, detailing countless different issues. One complaint from November 2020 details the “most unprofessional conduct” the review had “ever seen.” In October, Axos Bank allegedly closed the customer’s account without warning. Despite being told they would receive the $600 in their account through the mail, the reviewer claims that they have not been sent the money they are owed.

Axos Bank may have a habit of denying consumers the funds they deserve. Another BBB complaint from July 2020 claims that the bank denied the reviewer nearly $300 in accrued interest for the month of June.

The financial institution allegedly justified its decision to deny an interest payment for June since, as of the last day of the month, the consumers had moved money out of the account.

“This is in contrast to what was posted on their website,” the reviewer notes.