Contact a Business Specialist today to find out more!
443-573-4982
business1st@1stmarinerbank.com
How Your Company Benefits
With 1st Mariner Cash Concentration you can:
- Concentrate all excess cash into one account. Increase investment opportunities and reduce borrowing expenses.
- Minimize balances in multiple depository accounts.
- Improve control of company cash.
- Reduce the time and expense required to transfer funds.
- Increase security.
How It Works
Good financial management is a critical aspect of every successful business. Cash Concentration gives you control over your cash and makes the transfer of funds easy and affordable. Here’s how it works:
First, designate a concentration account and specify all of the accounts that will be debited. Accounts can be located at any financial institution which is a member of the Automated Clearing House (ACH) network, which includes the vast majority of financial institutions.
For maximum security, funds can only be transferred to and from accounts specified by you in writing at the time the service is implemented. Any changes to these accounts must be requested in writing. You can then transfer funds from remote deposit accounts as needed, either by touch-tone telephone, or through 1st Mariner Bank’s online banking service. All transfers are electronically processed through the ACH network. Your concentration account will be credited with the total transfer amount the day after the transfer is initiated.