Jan 30, 2014, 2:18 pm
Last edit by: AFAM-DFW
http://www.fool.com/investing/genera...collapsed.aspx
Bancorp is the issuing bank for many of the prepaid products discussed on FT.
Their business is to sell prepaid services to other companies and to provide the FDIC shield so those companies don't actually have to become registered banks.
A couple of addresses;
The Bancorp Bank
409 Silverside Road
Wilmington, DE 19809
And oddly, an address for them by Univision:
6100 South Old Village Pl, Suite 200
Sioux Falls, SD 57108
I suspect the DE one is accurate as the phone number Univision gave me uses a DE area code:
(302) 385-5000 or (800) 385-5000
This is their CS line which only operates 8-5 EST weekdays. You will be prompted for the card #. Do not enter your actual card as this will simply forward you to the card issuer (MVD, Incomm, Univision etc.). Instead enter 0 16 times (make sure it is 16). This will drop you to an actual agent.
If you need to escalate to the FDIC, Bancorp's registered FDIC# is 35444.
If you want to try to open an FDIC complaint or investigation you can send one in electronically at
http://www2.fdic.gov/IDASP/DIRSInfoRequest.asp
Note - keep the information field very short or the web site will error. An FDIC agent will contact you for details.
Blackhawk Network World Headquarters
6220 Stoneridge Mall Road, Pleasanton, CA 94588
Phone: 925-226-9990 | Fax: 925-226-9083
Email: [email protected]
Some Incomm products like Vanilla Reload Cards or PayPal MyCash cards, are not FDIC protected but under your state money transmission regulations. This website gives a link to many states regulators:
http://www.nmlsconsumeraccess.org/Home.aspx/MainSearch
However, the card name is not the legal business name for the search. For PayPal MyCash and Vanilla reload, the business names are either ITC Financial Licenses, Inc. (“ITCFL”) or IH Financial Licenses, Inc. (“IHFL”), depending upon the state or territory in which it is purchased but they don't say which name goes with each state.
Bancorp is the issuing bank for many of the prepaid products discussed on FT.
Their business is to sell prepaid services to other companies and to provide the FDIC shield so those companies don't actually have to become registered banks.
A couple of addresses;
The Bancorp Bank
409 Silverside Road
Wilmington, DE 19809
And oddly, an address for them by Univision:
6100 South Old Village Pl, Suite 200
Sioux Falls, SD 57108
I suspect the DE one is accurate as the phone number Univision gave me uses a DE area code:
(302) 385-5000 or (800) 385-5000
This is their CS line which only operates 8-5 EST weekdays. You will be prompted for the card #. Do not enter your actual card as this will simply forward you to the card issuer (MVD, Incomm, Univision etc.). Instead enter 0 16 times (make sure it is 16). This will drop you to an actual agent.
If you need to escalate to the FDIC, Bancorp's registered FDIC# is 35444.
If you want to try to open an FDIC complaint or investigation you can send one in electronically at
http://www2.fdic.gov/IDASP/DIRSInfoRequest.asp
Note - keep the information field very short or the web site will error. An FDIC agent will contact you for details.
Blackhawk Network World Headquarters
6220 Stoneridge Mall Road, Pleasanton, CA 94588
Phone: 925-226-9990 | Fax: 925-226-9083
Email: [email protected]
Some Incomm products like Vanilla Reload Cards or PayPal MyCash cards, are not FDIC protected but under your state money transmission regulations. This website gives a link to many states regulators:
http://www.nmlsconsumeraccess.org/Home.aspx/MainSearch
However, the card name is not the legal business name for the search. For PayPal MyCash and Vanilla reload, the business names are either ITC Financial Licenses, Inc. (“ITCFL”) or IH Financial Licenses, Inc. (“IHFL”), depending upon the state or territory in which it is purchased but they don't say which name goes with each state.
Dealing with Bancorp and Other Prepaid Entities
Jan 30, 2014, 2:17 pm
#1
Original Poster
Join Date: Aug 2011
Location: SFO/SJC
Programs: MR,UR, UA, BA, AA, Hotels
Posts: 581
Dealing with Bancorp and Other Prepaid Entities
This thread is intended to post helpful information for anyone trying to deal with The Bancorp Bank and it's affiliates.
Bancorp is the issuing bank for many of the prepaid products discussed on FT.
Their business is to sell prepaid services to other companies and to provide the FDIC shield so those companies don't actually have to become registered banks.
I recently had a run in with them over the Univision card where they suspended (not closed) my account and as such no check or return of balance was possible and they would not provide any path to removing the suspension or closing the account, essentially holding my money in limbo.
Bancorp is the issuing bank for many of the prepaid products discussed on FT.
Their business is to sell prepaid services to other companies and to provide the FDIC shield so those companies don't actually have to become registered banks.
I recently had a run in with them over the Univision card where they suspended (not closed) my account and as such no check or return of balance was possible and they would not provide any path to removing the suspension or closing the account, essentially holding my money in limbo.
Jan 30, 2014, 2:58 pm
#2
Join Date: Oct 2013
Posts: 1,322
Potentially OT, but ...
InComm is an independent partner of Bancorp, rather than an affiliate, but thought I would share the following:
As indicated in the VR fine print, the PINs are provided by InComm subs ITC Financial Licensees, INC. (ITCFL) or IH Financial Licensees, Inc. (IHFL). One or both of these companies will likely be registered as a money transmitter in your state of residence, and subject to regulation by your state's banking/financial regulator. In my state (Virginia), ITCFL is registered with and subject to regulation by the state Bureau of Financial Institutions (see http://www.scc.virginia.gov/bfi/reg_inst/trans.aspx.)
All of the above to say this, based on personal experience: A complaint against InComm filed with a state regulator is likely to get pretty quick attention. In my case, the state contacted InComm within 48 hrs of receiving my complaint, and InComm satisfactorily addressed my issue within another 24 hrs. This was after about a month of InComm screwing me around.
As indicated in the VR fine print, the PINs are provided by InComm subs ITC Financial Licensees, INC. (ITCFL) or IH Financial Licensees, Inc. (IHFL). One or both of these companies will likely be registered as a money transmitter in your state of residence, and subject to regulation by your state's banking/financial regulator. In my state (Virginia), ITCFL is registered with and subject to regulation by the state Bureau of Financial Institutions (see http://www.scc.virginia.gov/bfi/reg_inst/trans.aspx.)
All of the above to say this, based on personal experience: A complaint against InComm filed with a state regulator is likely to get pretty quick attention. In my case, the state contacted InComm within 48 hrs of receiving my complaint, and InComm satisfactorily addressed my issue within another 24 hrs. This was after about a month of InComm screwing me around.
Last edited by tuphat; Jan 30, 2014 at 2:59 pm Reason: correct typos
Jan 30, 2014, 10:05 pm
#5
Join Date: Aug 2011
Location: New Jersey
Programs: Delta P, SPG G, Marriott S, Hertz PC
Posts: 1,007
I am actually a big fan of Bancorp. They do more than just prepaids.
their business is actually white box/branded banks. So for companies that want to have a "bank" but don't want to deal with it, Bancorp does it.
They do so for:
Deposit/banking (regular online banks)
Prepaid cards
HSA accounts
They also have a great lending arm.
I personally use Bancorp for my business checking accounts through a white box branded bank they run for my financial services custodian. Always 100% american employees, and are quite good.
If anyone needs help with going a different route via Bancorp, let me know.
their business is actually white box/branded banks. So for companies that want to have a "bank" but don't want to deal with it, Bancorp does it.
They do so for:
Deposit/banking (regular online banks)
Prepaid cards
HSA accounts
They also have a great lending arm.
I personally use Bancorp for my business checking accounts through a white box branded bank they run for my financial services custodian. Always 100% american employees, and are quite good.
If anyone needs help with going a different route via Bancorp, let me know.
Feb 15, 2014, 12:36 am
#6
Original Poster
Join Date: Aug 2011
Location: SFO/SJC
Programs: MR,UR, UA, BA, AA, Hotels
Posts: 581
I wonder if Bancorp you like (http://www.bancorp.com) is the same as the prepaid card company The Bancorp Bank (https://thebancorp.mybankingservices.com)
I am actually a big fan of Bancorp. They do more than just prepaids.
their business is actually white box/branded banks. So for companies that want to have a "bank" but don't want to deal with it, Bancorp does it.
They do so for:
Deposit/banking (regular online banks)
Prepaid cards
HSA accounts
They also have a great lending arm.
I personally use Bancorp for my business checking accounts through a white box branded bank they run for my financial services custodian. Always 100% american employees, and are quite good.
If anyone needs help with going a different route via Bancorp, let me know.
their business is actually white box/branded banks. So for companies that want to have a "bank" but don't want to deal with it, Bancorp does it.
They do so for:
Deposit/banking (regular online banks)
Prepaid cards
HSA accounts
They also have a great lending arm.
I personally use Bancorp for my business checking accounts through a white box branded bank they run for my financial services custodian. Always 100% american employees, and are quite good.
If anyone needs help with going a different route via Bancorp, let me know.
Feb 15, 2014, 1:56 am
#7
Join Date: Aug 2011
Location: New Jersey
Programs: Delta P, SPG G, Marriott S, Hertz PC
Posts: 1,007
I wonder if Bancorp you like (http://www.bancorp.com) is the same as the prepaid card company The Bancorp Bank (https://thebancorp.mybankingservices.com)
Yep, those guys. The ones most hate. =)
I use them through a white box branded bank that they run for my investment custodian.
24/7 English/American customer service. Most reps are fairly empowered, professional, able to waive a ton of fees.
Even provided me with a commercial check scanner so I can deposit checks at my office, without going out to an atm.
http://www.thebancorp.com/
Feb 17, 2014, 5:15 pm
#11
Join Date: Dec 2013
Location: California
Posts: 264
What provider does Bancorp or Blackhawk use for identity verification (e.g., to verify your SSN when opening an account)?
And has anyone been initially denied opening an account, but been able to contact them and prove identity and get the account opened?
And has anyone been initially denied opening an account, but been able to contact them and prove identity and get the account opened?
Last edited by sbft77; Feb 17, 2014 at 11:01 pm
Feb 17, 2014, 8:56 pm
#12
Join Date: Jul 2013
Posts: 121
I'm having a problem w paypower that sounds about the same as Univision. Suspension w no closure. You call in and reps say compliance must talk w you but they will call me, I can't speak to them. Then they don't call.
Sounds like I should skip dancing to their stupid tune and just move this to the bank regulator level.
Is there a risk of getting blackballed by Bancorp from all their products?
Sounds like I should skip dancing to their stupid tune and just move this to the bank regulator level.
Is there a risk of getting blackballed by Bancorp from all their products?
Feb 17, 2014, 9:01 pm
#13
Join Date: Oct 2013
Posts: 920
I'm having a problem w paypower that sounds about the same as Univision. Suspension w no closure. You call in and reps say compliance must talk w you but they will call me, I can't speak to them. Then they don't call.
Sounds like I should skip dancing to their stupid tune and just move this to the bank regulator level.
Is there a risk of getting blackballed by Bancorp from all their products?
Sounds like I should skip dancing to their stupid tune and just move this to the bank regulator level.
Is there a risk of getting blackballed by Bancorp from all their products?
If you can't float the money, file a complaint with FDIC or whatever.
Feb 18, 2014, 10:32 am
#14
Join Date: Jul 2013
Posts: 121
just wanted to add that the FDIC complain form listed above on the first post includes with it a referring url to the actual complaint that goes to the FDIC and probably is forwarded to the Bancorp people if they send the whole form. You might want to just go ahead and cut and paste that out and not just click through and fill out the form. Then a whole bunch of the complaints wont originate from the MS forum at flyertalk lol