Bancorp Bank Signs Prepaid Card Deal With Insurer

Published April 20, 2011, 12:00 a.m. EDT

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Updated April 19, 2011, 8:30 p.m. EDT

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Bancorp Bank is issuing prepaid cards to policyholders of insurer Ace Ltd. affected by natural disasters, the subsidiary of Wilmington, Del.-based holding company Bancorp Inc. announced April 19.

Ace customers who purchase the insurer’s Declared Disaster Protection policy will receive a MasterCard-branded prepaid debit card for receiving future claim funds, Bancorp said in a press release. By having cards issued to its customers, Ace, based in Switzerland, can reduce the time it takes them to receive their funds after filing a claim.

Consumers may use the Ace cards to initiate purchases and to access cash at ATMs.

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