The Bancorp Bank, N.A.

CLICK HERE TO START AN ONLINE CLOSURE REQUEST

The Safe Harbor Individual Retirement Account (“Safe Harbor IRA”) and Safe Harbor Roth Individual Retirement Account (“Safe Harbor Roth IRA”) (collectively referenced when appropriate as “Account”) are each considered an “automatic rollover IRA” which, under Department of Labor rules, permits a plan sponsor to remove small account balances of former employees or account balances from terminated retirement plans by creating and funding an individual retirement account maintained by a custodian for the benefit of the former employee or ex-plan participant.

The Bancorp Bank (“Bank”) maintains Accounts as a custodian. The former employee or ex-plan participant must assert ownership of the Account by completing an Application, Adoption Agreement, and Distribution Form (“Adoption Agreement”) for the Account. Until ownership of the Account is successfully asserted, the former employee or ex-plan participant cannot withdraw funds or otherwise exercise control of the funds. 

The Account is a limited purpose, non-transactional individual retirement account that does not permit additional contributions or selection of an alternative investment by the former employee or ex-plan participant. The Account is subject to the information and disclosures summarized below as well as all the Account information and disclosures contained in the Welcome Kit mailed by the Bank to the former employee or ex-plan participant. To receive another copy of the Welcome Kit, please call Customer Care toll-free at 866.540.9364.

To enable you to make an informed decision, these are the fees associated with the Account established at the Bank on your behalf. (Fees are current as of November 16, 2017.)

For advice about the options regarding the Account, a tax advisor should be consulted. Whatever decision is made may affect the amount of income tax owed or be subject to IRS penalties. Until control over the Account is successfully asserted, the Bank will continue to maintain the Account with no tax penalties, and deposits are FDIC insured up to $250,000.

Choose one of the options listed below when deciding the disposition of the Account:

1. Revoke the Account

   As described in the Adoption Agreement, there is a right to revoke the Account. This revocation right must be exercised within seven (7) days of the Account Opening Date (referenced in the Welcome Kit or available by calling Customer Care toll-free at 866.540.9364) or ten (10) days from the date the original Welcome Kit was mailed to the former employee or ex-plan participant (“Addressee”), whichever is later.

   If the revocation right is exercised, the Bank will return any funds in the Account to the Addressee after the necessary documents have been submitted and they are verified by the Bank. If the revocation right is not exercised, it is assumed Addressee has accepted the terms and conditions of the Account.

   • Click here to access and print the Traditional Adoption Agreement or Click here to access and print the Roth Adoption Agreement. Portions of each Adoption Agreement may be completed prior to printing the document, or simply print the document and complete it. A paper version of the Adoption Agreement was provided in the Welcome Kit we sent by mail when the Account was opened.* Or, call us toll-free at 866.540.9364 to request another copy be sent by mail, fax, or email.
   • Complete all required fields of the Adoption Agreement. To exercise the right of revocation, Part 10 of the Adoption Agreement must be signed in the presence of a notary public.
   • Refer to Part 5 of the Adoption Agreement to ensure all documents are complete before mailing them to the Bank.
   • Send the completed, signed and notarized documents using only first-class mail to the address shown in Part 5 of the Adoption Agreement or by using the postage-paid envelope included in the Welcome Kit. Delivery by email or facsimile will not be accepted.
   
   

   *  Versions of the Adoption Agreement dated earlier than December 2017 contain different Part numbers. We suggest using the newest version of the Adoption Agreement, available for at-home printing from this website, or by calling and asking us to send it by mail, fax, or email.

2. Assert Control of the Account; Close the Account and Obtain the Funds

   1. Online Closure Request – Allow up to 10 business days for us to review the documents, process the closure request, and send the funds using the selected payment method. This is the fastest way to assert ownership and close the account.

      • Click here to access and print the Traditional Adoption Agreement or Click here to access and print the Roth Adoption Agreement. Portions of each Adoption Agreement may be completed prior to printing the document, or simply print the document and complete it. A paper version of the Adoption Agreement was provided in the Welcome Kit we sent by mail when the Account was opened.* Or, call us toll-free at 866.540.9364 to request another copy be sent by mail, fax, or email.
      • Complete all required fields of the Adoption Agreement. Parts 6 and 10 of the Adoption Agreement must be signed in the presence of a notary public.
      • Refer to Checklists 1 and 2 of the Adoption Agreement to ensure all documents are complete before submitting them to the Bank.
      • Once the completed Adoption Agreement has been signed in the presence of a notary public, return to "Online Closure Request" on this website and enter the selections for the type of distribution, mandatory tax withholding information, and distribution instructions (Parts 7, 8, and 9), just as was indicated on the paper form. 
      • On the "Required Documents" web page, upload the completed notarized Adoption Agreement, then click “Submit.” We will confirm that the documents have been successfully submitted, and will send an email once the Account has been closed.
        
        

   2. Mail or Fax Request

      Allow up to 14 - 20 business days for us to review the documents, process the closure request, and send the funds using the selected payment method.

      • Click here to access and print the Traditional Adoption Agreement or Click here to access and print the Roth Adoption Agreement. Portions of each Adoption Agreement may be completed prior to printing the document, or simply print the document and complete it. A paper version of the Adoption Agreement was provided in the Welcome Kit we sent by mail when the Account was opened.* Or, call us toll-free at 866.540.9364 to request another copy be sent by mail, fax, or email. 
      • Complete all required fields of the Adoption Agreement. Parts 6 and 10 of the Adoption Agreement must be signed in the presence of a notary public. 
      • Refer to Checklists 1 and 2 of the Adoption Agreement to ensure all documents are complete before submitting them to the Bank.
      • Once the completed Adoption Agreement has been signed in the presence of a notary public, mail the paper version to us at the address shown below, use the postage-paid envelope included in the Welcome Kit, or fax it to 302.791.5788. We will NOT send notification confirming receipt of the documents.
   
   

   * Versions of the Adoption Agreement dated earlier than December 2017 contain different Part numbers and do not include the Distribution Form. We suggest using the newest version of the Adoption Agreement, available for at-home printing from this website, or by calling and asking us to send it by mail, fax, or email. 

3. Assert control of the Account and keep it open

   Assert control over the Account without closing it.

   1. Mail or Fax Request

      • Click here to access and print the Traditional Adoption Agreement or Click here to access and print the Roth Adoption Agreement. Portions of each Adoption Agreement may be completed prior to printing the document, or simply print the document and complete it. A paper version of the Adoption Agreement was provided in the Welcome Kit we sent by mail when the Account was opened.* Or, call us toll-free at 866.540.9364 to request another copy be sent by mail, fax, or email. 
      • Complete all required fields of the Adoption Agreement. Parts 6 and 10 of the Adoption Agreement must be signed in the presence of a notary public. 
      • Refer to Checklist 1 of the Adoption Agreement to ensure all documents are complete before submitting them to the Bank.
      • Once the completed Adoption Agreement has been signed in the presence of a notary public, mail the paper version to us at the address shown below, use the postage-paid envelope included in the Welcome Kit, or fax it to 302.791.5788. We will NOT send notification confirming receipt of the documents.
      • The Account will remain open and the funds will remain on deposit with the Bank.
   
   

   * Versions of the Adoption Agreement dated earlier than December 2017 contain different Part numbers and do not include the Distribution Form. We suggest using the newest version of the Adoption Agreement, available for at-home printing from this website, or by calling and asking us to send it by mail, fax, or email.

Whether the online or mail/fax method is selected, processing begins once we receive all completed, required documents. 

If submitting an online closure request, allow up to 10 business days for us to review your completed documents and process your closure request. If submitting a mail/fax closure request, allow 14 to 20 business days for us to review your completed documents and process your closure request. For all requests, please allow an additional 7 to 10 business days’ mailing time for a distribution check, or 2 to 3 business days to process an ACH (electronic) payment. 

If additional documentation such as a copy of a driver’s license or proof of address is needed to process a request (see Safe Harbor FAQs for a complete list), a Bank representative will be in contact by phone or email. If this occurs, the account closure may be delayed. 

For more information about how to assert ownership of the Account as a beneficiary, refer to the Safe Harbor FAQs.

NOTE: The distribution of funds from an IRA is reported to the Internal Revenue Service (IRS) on Form 1099-R. In accordance with IRS regulations, payment of taxes and/or a penalty on withdrawn funds may result. For details on taxation and penalties, we recommend contacting a tax advisor or the IRS directly.

To make an informed decision about the Account, use the links below for additional information, including the table of fees which is part of the Application, Adoption Agreement, and Distribution Form.

Safe Harbor FAQs

Safe Harbor IRA Documents:

Safe Harbor IRA Application, Adoption Agreement , and Distribution Form

Safe Harbor IRA Disclosure Statement

Form 5305 Automatic Rollover Individual Retirement Trust Account Agreement

Safe Harbor Roth IRA Documents:

Safe Harbor Roth IRA Application, Adoption Agreement , and Distribution Form

Safe Harbor Roth IRA Disclosure Statement

Form 5305-R  Automatic Rollover Roth Individual Retirement Trust Account Agreement

If sending us a version of the Adoption Agreement which does not contain a Distribution Form, please print, complete, and include this IRA Distribution Request form:

IRA Distribution Request form to accompany previous versions of the Adoption Agreement

The Bancorp Consumer Privacy Notice

Mailing Address

The Bancorp Bank
Safe Harbor IRA Retail Operations
409 Silverside Rd. Suite 105
Wilmington, DE 19809

Additional Details

Your account is currently earning interest. Please see the interest information available below.