Contact a Business Specialist today to find out more!
410-558-4200
business1st@1stmarinerbank.com
How Your Company Benefits
With 1st Mariner Positive Pay you can:
Reduce the opportunity for check fraud losses.
Detect suspect items in time to review and return them within the return deadline.
Provide historical audit and response/disposition information for all exception items.
How It Works
Keeping your bank accounts reconciled provides an extra layer of protection against fraud and errors. With 1st Mariner Bank’s Positive Pay, you’ll be provided with accurate, timely information that will help you to manage your account. Here’s how it works:
Your company will enter issue information into 1st Mariner’s online banking service each time checks are issued. It is important for 1st Mariner Bank to receive this information prior to the checks being sent to the recipients. Each day, 1st Mariner Bank will match checks being presented for payment against current company issues. Any exception items that are found will be reviewed to ensure there was no bank error. Your company can then view suspect items through 1st Mariner’s online banking service. Checks may be flagged as suspect if they fall into one of the following categories:
- Void
- Stop payment
- Already paid
- Amount mismatch
- Stale dated
- Payee mismatch
- Altered
Upon receiving the Positive Pay exception report by 6:00 A.M. each business day, your company will research the questionable items and inform 1st Mariner Bank whether items should be paid or returned. 1st Mariner Bank must receive return notification by 10:00 A.M., and your decision can be made online. 1st Mariner Bank’s leading edge Positive Pay service even interfaces with the teller line, so fraudulent checks are caught before items are cashed, providing complete protection.