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Bank of Internet Launches a Person-to-Person Payment Service That Eliminates the Hassles of Checks and Cash


August 12, 2011 - SAN DIEGO, CA

Bank of Internet USA (NASDAQ: BOFI) announced today it has expanded its product offerings with the launch of a new innovative service: Popmoney, a person-to-person payment service that eliminates the hassles of checks and cash.

Popmoney allows customers to electronically send money to other people and it is a convenient alternative to sending cash or checks to friends and family or for paying service providers. With Bank of Internet USA's new Popmoney, sending and receiving money in the USA is as easy as emailing and texting.

With Popmoney you can easily:

  • Send money to your child at college
  • Send a gift to family and friends
  • Pay your babysitter or your lawn care service
  • Pay rent to your landlord or roommates
  • Send money to virtually anyone
  • Pay your share of last night's group dinner

Popmoney makes it simple to send money to anyone using either their email address or mobile number, without having to know their bank account information. Receiving money through Popmoney is just as easy; when someone sends you money via Popmoney, you will simply receive an email or text message.

"We are focused on finding the best ways to help our customers use their money, and this person-to-person payment service provides a convenient way to do so -- people can receive their money straight into their online bank account, saving them a trip to the bank," said Greg Garrabrants, President and CEO of Bank of Internet USA.

To start using Popmoney, simply log into your Bank of Internet USA online bank account and direct the funds by selecting transfers, then external transfers.

About BofI Holding
BofI Holding, Inc. ("BOFI") is the holding company for Bank of Internet USA, a nationwide savings bank that operates primarily through the Internet. With $2.0 billion in assets, Bank of Internet USA provides a variety of consumer and wholesale banking services, focusing on gathering retail deposits over the Internet, and originating and purchasing single and multifamily mortgage loans, and purchasing mortgage-backed securities. BOFI operates its Internet-based bank from a single location in San Diego, California. BofI Holding Inc. stock is listed on the Nasdaq Global Select Market under the symbol "BOFI" and is a component of the Russell 3000 Index.

For up-to-date company information and facts and figures about BofI Holding, Inc. visit www.bofiholding.com or contact Kristi Procopio at (858) 704-6239.

Contact:
Kristi Procopio
(858) 704-6239

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