Contact a Business Specialist today to find out more!
410-558-4200
business1st@1stmarinerbank.com
How Your Company Benefits
With 1st Mariner Account Reconciliation you can:
- Reduce the clerical effort necessary to reconcile accounts.
- Free personnel for more productive tasks.
- Improve management information and control with detailed and timely record of account transactions.
- Increase confidentiality through the use of an outside processor.
- Improve accuracy.
How It Works
1st Mariner Bank offers two different account reconciliation programs: paid reconciliation and full reconciliation. Our account reconciliation programs are designed to be flexible enough to meet your company’s individual requirements.
Paid Reconciliation
With 1st Mariner Bank’s Paid Reconciliation service, each check being paid against your account is reviewed automatically. The information from the check is intercepted and matched against the account’s bank statement. Then, computer reports are produced listing information including check number, amount, date paid, and exception items (such as stop payments). Checks may also be subtotaled by location or division if desired. The report summarizes all disbursement account activity and provides the total dollar amount of all checks posting against the account. There is no need for your company to supply any information to the Bank.
Paid reconciliations can be scheduled for end of month or special dates. The reconciliation cycle specified must match your company’s checking account statement cycle. Reports are sent or e-mailed within three to five business days after the cycle ends. Data can also be delivered to a pre-established mailbox or transmitted directly to your company using File Transfer Protocol (FTP).
Full Reconciliation
1st Mariner Bank's Full Reconciliation service provides comprehensive reconciliation of your accounts by comparing cancelled check information to issue information supplied by your company. Issue information can be delivered to a pre-established mailbox or transmitted directly using FTP.
Information captured in the account reconciliation system is matched against the issue data. Reports are then produced listing information on paid and outstanding items. The reports then total the number and dollar amount of all paid and outstanding checks.
Your company may choose to have full reconciliation reports sent or emailed within three to five business days after cycle-end or the bank’s receipt of the issue data, whichever is later. Data can also be delivered to a pre-established mailbox or transmitted directly to your company using FTP.
Several options are available with our account reconciliation programs:
Maximum Amount Control
Specify a maximum dollar amount for checks presented against the account. Any check that is above this dollar amount will be flagged and highlighted on reports.
Stale Date Indicator
Specify a certain number of days after which a check is considered "stale dated." Any check considered to be stale dated is flagged and highlighted on reports. This service is available if you are receiving a full reconciliation.
Range Reconciliation
Specify that all checks within designated serial number ranges be subtotaled. This option is especially valuable for companies with several locations, each disbursing from the same account. Subtotals are printed for each location code, and grand totals are provided for the account.