The Bancorp Stuck With $11.2M Returned ACH Payment
The Bancorp in Delaware is dealing with a potential earnings problem after an $11.2 million automated clearing house (ACH) payment was returned, according to a report by American Banker.
The company, which is worth about $4.9 billion, found out about the issue on Oct. 22 and told the public on Thursday (Oct. 24) during its Q3 earnings release call. The company said it would be able to offset a portion of the total with $5.5 million of deposits.
Bancorp said it was trying to resolve the issue and that any funds it couldn’t get back would be considered a loss. The bank said the return occurred because of an ACH customer who didn’t fund disbursements.