The Bancorp Bank is headquartered in Wilmington and is the 10th largest bank in the state of Delaware. It is also the 213th largest bank in the nation. It was established in 2000 and as of June of 2021, it had grown to 646 employees at 1 location. The Bancorp Bank has an A health rating.
Have a checking and savings account. You can either make deposits through an ATM for a fee or you can mail in checks for deposit. If you take money out of the ATM and you mail in your ATM receipt, you will be credited back your ATM fee. I love that!! It is very easy to go online and switch money between accounts, and of course you can opt out of paper statements as the online banking is easy to manage. In addition to savings and checking accounts, they also offer money marker accounts, IRA's, CD's, and business accounts. The few times I have had to call into customer service, they took care of the issue immediately, which is a good thing because most traditional banks take days to fix an issue. I am totally satisfied with this way of banking, I don't have to wait in lines, or drive thru's, and for me it is a great way to bank.
I was curious to see how an Internet-only bank worked and, particularly, if I would be satisfied. I use the bank to transfer funds from different sources to my PayPal debit card. A savings account is an option, but I don't have one with them. Overall I'm satisfied. That said:
There is a delay in funds from the source, usually 24-48 hours. The delay has been up to 3 or 4 days a couple of times recently. I guess this is reasonable, but when I spend money from my checking account using my debit card there is no delay. I guess I just don't understand the process between getting my money and a transfer from my account. I imagine they prefer I don't understand. I'm glad money is taken out of my account immediately, I wish money was put in immediately.
The one time I tried to get customer service it was impossible. It turned out the problem I had was with the entity sending money to me and not the bank. But still. . .
I needed help one day from customer service so at first attempt I emailed support, they auto-responded with a message that said I could expect it to be 4-5 days to receive a response. I then tried calling, entered my ss#, my date of birth and the last 4 digits of my card like it asked and it kept telling me that the information didn't match. I then tried the other option and they said waiting time was 15-45 minutes. I waited a while and finally decided I don't trust my money with companies who do business like this. I also was not allowed to change my address via my computer, they make you do it from the app then tell you that if you want your card sent to your new address you have to call them. You know on that customer service line they don't answer and give you the rigamaroe on. Thank God I was smart enough not to deposit that much money in this account, I will stick with Bank of America. Varo is a sham designed to prey on the desperate. Had I not of already had other accounts elsewhere I would have had a serious issue.
|FDIC Certificate #||35444|
|Return on Assets - YTD||1.83%|
|Return on Equity - YTD||20.84%|
|Annual Interest Income||$113.9MM|
|Assets and Liabilities|
|Assets||Q2 2021vs Q2 2020||$6.56B$6.22B|
|Loans||Q2 2021vs Q2 2020||$4.67B$4.22B|
|Deposits||Q2 2021vs Q2 2020||$5.77B$5.56B|
|Equity Capital||Q2 2021vs Q2 2020||$635.1MM$524.7MM|
|Loan Loss Allowance||Q2 2021vs Q2 2020||$15.3MM$14.6MM|
|Unbacked Noncurrent Loans||Q2 2021vs Q2 2020||$10.5MM$16.7MM|
|Real Estate Owned||Q2 2021vs Q2 2020||$21.1MM$26.3MM|
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|The Bancorp Bank Locations|
|The Bancorp Bank||409 Silverside Road||Wilmington, DE 19809|