The Bancorp Bank is headquartered in Wilmington and is the 11th largest bank in the state of Delaware. It is also the 232nd largest bank in the nation. It was established in 2000 and as of March of 2017, it had grown to 542 employees at 1 location. The Bancorp Bank has a C health rating.
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. . .
My previous employer sent me paperwork that stated if I didn't fill it out, my 401K would be distributed to me by check. Since it was a small amount and I got the paperwork THE DAY before it was due, I thought, I know it will be even smaller because of taxes, but I'd rather just get the check.
Imagine my surprise when instead of a small check, I get a letter that states on 2/17 my small amount was rolled into Bancorp WITHOUT my permission. Even more concerning, to revoke this enrollment I have to send something notarized. What I have to send to them notarized is NOT clearly stated in the document, so I call the phone number.
The person on the phone will NOT tell me what documents I have to send in UNLESS I give her my social security number and DATE of birth. I was upset but she kept invoking the PATRIOT act but I was thinking, I don't want to access my account, I just want to find out how to revoke the Safe Harbor IRA that I DIDN'T SIGN UP FOR.
So she tells me I have to download 2 documents off the web, xerox my DRIVER's license, and get all this notarized. I have 10 days from the date of the letter which is Feb 27, so I have to do all this by March 6. Mind you it's already March 2 by the TIME I GET THE LETTER.
So the amount for me is small. Some others probably aren't that lucky. I'm going to let the thieves get away with it because a) they already have too much of my NPI information for my taste so they don't need my driver's license, b) the hassle of time to print the documents and NOTARIZE them is prohibited especially since I only have a few days to find a notary, and c) I'm hoping that someone who is looking to do their job as a financial investigator looks into this company's practices because of my experiences and others.
I received paperwork in the mail saying a previous employer sent my 401 k to Bancorp bank which was transferred into an ira and place in a safe harbor account. I file all the paperwork and followed instructions to close this account. Was told it would take 20 business days to close. After 20 plus business days I called to see if the account had been closed, was informed it had not been closed and they needed more time to close because other customers accounts had to be closed first because first come first served. I never heard this in a business setting before. It appears customers service has no idea whats going on and refuse to allow you to speak to management.I can't understand why a bank would continue to lie to you about closing an account. Now I xan no longer check my balance because my information is not being verified my the automatic system. This is a complete horror story.
|FDIC Certificate #||35444|
|Return on Assets - YTD||0.81%|
|Return on Equity - YTD||12.71%|
|Annual Interest Income||$28.4MM|
|Assets and Liabilities|
|Assets||Q1 2017vs Q1 2016||$4.37B$4.36B|
|Loans||Q1 2017vs Q1 2016||$2.05B$1.95B|
|Deposits||Q1 2017vs Q1 2016||$4.05B$4.01B|
|Equity Capital||Q1 2017vs Q1 2016||$298.3MM$301.6MM|
|Loan Loss Allowance||Q1 2017vs Q1 2016||$7.3MM$4.4MM|
|Unbacked Noncurrent Loans||Q1 2017vs Q1 2016||$53.0MM$65.9MM|
|Real Estate Owned||Q1 2017vs Q1 2016||$33.3MM$10.9MM|
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|The Bancorp Bank Locations|
|The Bancorp Bank||409 Silverside Road||Wilmington, DE 19809|