The Bancorp Bank is headquartered in Wilmington and is the 9th largest bank in the state of Delaware. It is also the 215th largest bank in the nation. It was established in 2000 and as of December of 2020, it had grown to 635 employees at 1 location. The Bancorp Bank has a B+ 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. . .
Someone used my identity to open up a fraudulent acct. The customer service rep was unable and unwilling to help. I have to send a general email to get any help?? You would think they would have someone who could help so frustrated still waiting on a response. Worst bank to work with!
|FDIC Certificate #||35444|
|Return on Assets - YTD||1.51%|
|Return on Equity - YTD||17.2%|
|Annual Interest Income||$210.8MM|
|Assets and Liabilities|
|Assets||Q4 2020vs Q4 2019||$6.28B$5.66B|
|Loans||Q4 2020vs Q4 2019||$4.54B$3.11B|
|Deposits||Q4 2020vs Q4 2019||$5.57B$5.07B|
|Equity Capital||Q4 2020vs Q4 2019||$575.3MM$476.0MM|
|Loan Loss Allowance||Q4 2020vs Q4 2019||$16.1MM$10.2MM|
|Unbacked Noncurrent Loans||Q4 2020vs Q4 2019||$23.1MM$13.6MM|
|Real Estate Owned||Q4 2020vs Q4 2019||$22.0MM$24.5MM|
Sorry, we do not have rate data for The Bancorp Bank.
|The Bancorp Bank Locations|
|The Bancorp Bank||409 Silverside Road||Wilmington, DE 19809|