Nothing is known of Bancroft’s parentage or background. By 1611 he was a clerk in the lord treasurer’s remembrancer’s office. A Thomas ‘Bancroste’ donated £5 to the Palatinate cause in 1622.
Bancroft’s parliamentary career was dominated by Exchequer matters. In 1624 his sole committee appointment was to examine abuses connected with the fees demanded by the officers of the Exchequer (26 February).
In 1625 Bancroft was appointed to the committee for the assignment of debts bill (23 June).
Bancroft was overseer to the will of a Merchant Taylor named Thomas Marsham in 1625, and apparently owed his Norfolk neighbour, Sir Thomas Knyvett, £500 in 1626.
