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Individual Retirement Accounts (IRAs)

This Truth in Savings 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. This method applies a daily periodic rate to the principal in the account each day. Interest begins to accrue on the business day you deposit noncash items (for example, checks).

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 the deposit is applied to your account. 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
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
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.