The Bancorp Bank is headquartered in Wilmington and is the 9th largest bank in the state of Delaware. It is also the 218th largest bank in the nation. It was established in 2000 and as of September of 2020, it had grown to 638 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. . .
We had an HSA spending account that our insurance provider (Highmark BCBS) switched over to Bancorp about a year and half ago. The moment we began working with this Bank, the problems began. There are too many to list, but the bottom line is that we've been unable to use, access, or transfer the remaining funds in the account that have been steadily diminishing due to Maintenance Fees. Every time we call Bancorp, they send us back to our insurance company (who does not have our HSA funds). I have done what they have asked me; faxing account closure & transfer forms, calling anyone & everyone but someone in there company for help and we are told that they can't help. PICK ANOTHER BANK. If they should somehow reply to me from my post here and fix my issue....I WOULD GLADLY REMOVE THIS REVIEW. Please call me Bancorp and fix this issue. Please.
|FDIC Certificate #||35444|
|Return on Assets - YTD||1.43%|
|Return on Equity - YTD||16.44%|
|Annual Interest Income||$155.8MM|
|Assets and Liabilities|
|Assets||Q3 2020vs Q3 2019||$6.18B$4.95B|
|Loans||Q3 2020vs Q3 2019||$4.42B$2.30B|
|Deposits||Q3 2020vs Q3 2019||$5.50B$4.36B|
|Equity Capital||Q3 2020vs Q3 2019||$551.2MM$475.5MM|
|Loan Loss Allowance||Q3 2020vs Q3 2019||$15.7MM$10.4MM|
|Unbacked Noncurrent Loans||Q3 2020vs Q3 2019||$24.3MM$23.4MM|
|Real Estate Owned||Q3 2020vs Q3 2019||$23.5MM$25.7MM|
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|The Bancorp Bank Locations|
|The Bancorp Bank||409 Silverside Road||Wilmington, DE 19809|