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Truth in Savings

This disclosure describes the interest payable and fees charged on Deposit Accounts opened at The Bancorp Bank, also known as the "Bank".

Definitions
Annual Percentage Yield (APY): The interest we will pay you using the interest rate and frequency of compounding for your account, assuming your funds remain on deposit for 365 calendar days.

Daily Periodic Rate: The interest rate divided by 365 days (366 days in a leap year).

Daily Balance Method: For interest bearing accounts the balance in your account on which we calculate interest. Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).


Please click on the account desired or scroll down. 

Employee Checking Account Bancorp Employee IRA MMA
Employee Savings Account Schedule of Fees
Employee Money Market  
Employee Master Demand Account  

 

Employee Checking Account Disclosure

Rate Information
There is no minimum balance requirement to obtain the disclosed interest rate. Our current interest rate and Annual Percentage Yield for this account are included in the Interest Rate Schedule. At our discretion and at any time, we may change the interest rate and annual percentage yield on your account. Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks). Interest will be compounded daily and will be credited to the account monthly.

Balance Information
We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day.

Account Fees
There may be a fee for other services associated with this account. For a list of fees refer to the Schedule of Fees.

Account Closing
If you wish to close your Deposit account with the Bank you agree to notify us of this intention in writing. After a Deposit Account is closed, we have no obligation to accept deposits or pay outstanding items, but may do so at our discretion. You agree to hold us harmless for refusing to honor any check, paper draft, or other item on a closed account. A bank check will be sent to the address on file within 14 business days of the consumer's final transaction. All related closing fees will be deducted from the final balance.

The Bancorp Bank Employee Branch
409 Silverside Road, Suite 105
Wilmington, DE 19809
Attn: Customer Service
Fax: 302.791.5788

If account is closed before interest is credited, you will receive the accrued interest.

Employee Savings Account Disclosure

Limitations
No minimum balance is required to open this account. Federal regulations require us to limit the number of transfers and withdrawals to another account of the depositor or to a third party when such transfers or withdrawals are made by preauthorized or automatic transfer; telephone, facsimile or electronic data transfer agreement, order or instruction, or by check, draft, debit card or similar order made by the depositor and payable to third parties from savings accounts to six (6) per statement cycle. Federal regulations do not restrict the number of withdrawals, or transfers between your accounts when they are made in person, by mail, or at an ATM. We permit unlimited pre-authorized transfers or deposits into these accounts. If the limited types of transactions are exceeded, an Excessive Transaction Fee (see Schedule of Fees) may apply and your account may be converted to an account which permits more frequent transfers.

Rate Information
There is no minimum balance requirement to obtain the disclosed interest rate. Your interest rate and Annual Percentage Yield are based on the daily balance maintained in your account. Our current interest rate and Annual Percentage Yield for this account are included in the Interest Rate Schedule. At our discretion and at any time, we may change the interest rate and annual percentage yield on your account. Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks). Interest will be compounded daily and will be credited to the account monthly.

Balance Information
We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day.

Account Fees
There are no minimum balance fees on this account. There may be a fee for other services associated with this account. For a list of fees refer to the Schedule of Fees.

Account Closing
If you wish to close your Deposit account with the Bank you agree to notify us of this intention in writing. After a Deposit Account is closed, we have no obligation to accept deposits or pay outstanding items, but may do so at our discretion. You agree to hold us harmless for refusing to honor any check, paper draft, or other item on a closed account. A bank check will be sent to the address on file within 7 business days of your final transaction. All related closing fees will be deducted from the final balance.

The Bancorp Bank Employee Branch
409 Silverside Road, Suite 105
Wilmington, DE 19809
Attn: Customer Service
Fax: 302.791.5788

If account is closed before interest is credited, you will receive the accrued interest.

Employee Money Market Account Disclosure

Limitations
No minimum balance is required to open this account.  Federal regulations require us to limit the number of transfers and withdrawals to another account of the depositor or to a third party when such transfers or withdrawals are made by preauthorized or automatic transfer; telephone, facsimile or electronic data transfer agreement, order or instruction, or by check, draft, debit card or similar order made by the depositor and payable to third parties from savings accounts to six (6) per statement cycle. Federal regulations do not restrict the number of withdrawals, or transfers between your accounts when they are made in person, by mail, or at an ATM. We permit unlimited pre-authorized transfers or deposits into these accounts. If the limited types of transactions are exceeded, an Excessive Transaction Fee (see Schedule of Fees) may apply and your account may be converted to an account which permits more frequent transfers.

Rate Information
Your interest rate and Annual Percentage Yield are based on the daily balance maintained in your account. Our current interest rate and APY for each balance level is described in the Employee Money Market Interest Schedule. At our discretion and at any time, we may change the interest rate and annual percentage yield on your account. Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks). Interest will be compounded daily and will be credited to the account monthly.

Balance Information
We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day.

Account Fees
There may be a fee for other services associated with this account. For a list of fees refer to the Schedule of Fees.

Account Closing
If you wish to close your Deposit account with the Bank you agree to notify us of this intention in writing. After a Deposit Account is closed, we have no obligation to accept deposits or pay outstanding items, but may do so at our discretion. You agree to hold us harmless for refusing to honor any check, paper draft, or other item on a closed account. A bank check will be sent to the address on file within 7 business days of your final transaction. All related closing fees will be deducted from the final balance.

The Bancorp Bank Employee Branch
409 Silverside Road, Suite 105
Wilmington, DE 19809
Attn: Customer Service
Fax: 302.791.5788

If account is closed before interest is credited, you will receive the accrued interest.

Employee Demand Account Disclosure

This Disclosure Statement describes the terms and conditions applicable to the Demand Account (the “Account”) provided by The Bancorp Bank (the “Bank”).

Annual Percentage Yield on Amounts Contributed to the Demand Account

Contributions to the Account will bear interest from the date on which such funds are received by the Bank and deposited to the Account, if the funds are received by the Bank before 3:00 p.m. Eastern Time (and otherwise from the business day following the date the funds are received by the Bank), until the date such contributions are withdrawn from the Account at an interest rate established by the Bank. Under federal regulations governing the Account, the return on contributions to the Account is expressed as an annual percentage yield (“APY”). The APY is the interest paid by the Bank on the Account, using the interest rate and frequency of compounding applicable to the Account, and assuming that the funds remain on deposit in the Account for 365 calendar days. The current APY on the Account is available at employee.thebancorpbank.com by clicking on “Rates” and looking at the APY set forth for the “Master Demand Account.” At our discretion and at any time, we may change the interest rate and annual percentage yield on your account.

Interest on the Account will be calculated using the daily balance method. The daily balance method applies a daily periodic rate to the principal in the account each day. For this purpose, non-cash deposits are included in the balance one business day after the day on which the deposit is credited by the Bank to the Account. A daily periodic rate is the interest rate paid on the Account divided by 365 days (366 days in a leap year.) Interest will be credited to the Account monthly.

Limitations on Account

The Account does not provide checking or automated teller machine (ATM) privileges, or provide for transfers of amounts on deposit in the Account to third parties. Federal regulations do not restrict the number of withdrawals from the Account or deposits to the Account.

Withdrawals from the Account will be made by wire transfer or other electronic means on the business day that the withdrawal request is received by the Bank, provided such request is received prior to 3:00 p.m. Eastern Time, and otherwise on the next business day.

The Bank requires no minimum deposit amount or minimum balance for the Account. The Bank reserves the right to limit the maximum amount deposited to the Account.

Although such requirement is not currently in effect, the Bank has reserved the right to require at least seven days' written notice of withdrawal or transfer of funds from the Account.

Employee IRA MMA Disclosure

Limitations
No minimum balance is required to open this account.  Federal regulations require us to limit the number of transfers and withdrawals to another account of the depositor or to a third party when such transfers or withdrawals are made by preauthorized or automatic transfer; telephone, facsimile or electronic data transfer agreement, order or instruction, or by check, draft, debit card or similar order made by the depositor and payable to third parties from savings accounts to six (6) per statement cycle. Federal regulations do not restrict the number of withdrawals, or transfers between your accounts when they are made in person, by mail, or at an ATM. We permit unlimited pre-authorized transfers or deposits into these accounts. If the limited types of transactions are exceeded, an Excessive Transaction Fee (see Schedule of Fees) may apply and your account may be converted to an account which permits more frequent transfers.

Rate Information
Your interest rate and Annual Percentage Yield are based on the daily balance in your account. Our current interest rate and Annual Percentage Yield for each balance level is described in the Premium Money Market Account IRA Interest Schedule below. At our discretion and at any time, we may change the interest rate and Annual Percentage Yield on your account. Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks). Interest will be compounded daily and will be credited to the account monthly. 

Balance Information
We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day. 

Account Fees
An annual fee will be imposed upon the account. The initial fee will be imposed upon account opening. Subsequent annual fees will be imposed on the anniversary date or at the end of the statement cycle nearest that date. There may be a fee for other services associated with this account. For a list of fees refer to the Schedule of Fees. 

Account Closing
There is a termination/closing fee for accounts closed within one year of being funded. For a list of fees refer to the Schedule of Fees. If you wish to close your Deposit account with the Bank you agree to notify us of this intention in writing. After a Deposit Account is closed, we have no obligation to accept deposits or pay outstanding items, but may do so at our discretion. You agree to hold us harmless for refusing to honor any check, paper draft, or other item on a closed account. A bank check will be sent to the address on file within 14 business days of your final transaction. All related closing fees will be deducted from the final balance. 

The Bancorp Bank Employee Branch
409 Silverside Road, Suite 105
Wilmington, DE 19809
Attn: Customer Service
Fax: 302.791.5788 

If account is closed before interest is credited, you will receive the accrued interest.