The Bancorp Inc. To Refund Money To 21,000 Consumers In Settlement With FDIC

By on December 30, 2015

The Federal Deposit insurance Corporation today announced that the Bancorp Inc. will pay a penalty of $3 million to resolve allegations that it deceptively advertised and managed the debit cards of 21,000 customers.

The company, which does business as Bancorp Bank was accused of charging deceptive fees, not honoring agreements with customers regarding rewards programs, and failing to implement an effective error resolution program.

The affected consumers, numbering 21,000, would be refunded a total of $1.3 million.