FDIC Announces Settlement with The Bancorp Bank, Wilmington, Delaware, for Unfair and Deceptive Practices — 2018-03-07

Harmed consumers to receive approximately $1.3 million in restitution The Federal Deposit Insurance Corporation (FDIC) announced a settlement with The Bancorp Bank, Wilmington, Delaware, relating to unfair and deceptive practices in violation of Section 5 of the Federal Trade Commission Act (Section 5). In addition, the FDIC found that the bank violated the Electronic Funds Transfer Act, the Truth in Savings Act, and the Electronic Signatures in Global and National Commerce Act. As part of the settlement, the bank stipulated to the issuance of an Order for Restitution and Order to Pay Civil Money Penalty. The Order for Restitution requires the bank to prepare a comprehensive restitution plan, and to pay restitution of nearly $1.3 million to approximately 243,000 harmed consumers who were assessed transaction fees exceeding what the bank disclosed.