They've Left but Are They Gone?

by Elizabeth Sherman 25. March 2015

My friend, whom I worked with for several years, recently announced she was leaving our company for greener pastures. She really hadn’t been looking, but an opportunity presented itself and it was too good to pass up. While with our company she had access to multiple systems as part of her job. This included banking information, customer databases and back office applications.

Replacing her was difficult enough; however, the real work began after she left when we had to remove her name and access from all of those systems and applications.

An employee leaving is common. Remembering to remove them completely from everything they had access to while in your employ – not so much. In this modern era of technology and security consciousness, it is imperative that you do everything possible to protect your business information. This includes your banking information as well.

When a user with access to banking information leaves your company, remember to contact your bank and have that user’s access deleted. This will eliminate any chance of that employee logging in and seeing information they shouldn’t.

Additionally, DO NOT pass on that log in information to another employee or a new hire. Thinking this may be the easiest route will in fact increase your security risk because now two employees have access to your banking information, and one of them doesn’t even work for the company anymore.

In most business online banking platforms, there is no limit to the number of users, so don’t think that you can’t delete users, change users, or add 1,000 users if that’s what you need to do.

Always remember, you are the first line of defense regarding fraudulent activity. By logging into your bank’s website each day, you can monitor transactions and see if anything is amiss.

Finally, access to your account information is at your discretion. We are here to make it happen for you.

If you found this article useful, be sure to check out these related articles:

The Life of the Business

It's 11:00 p.m. Do You Know where Your Money Is?

It's Fraud Season: Protect Yourself

Money Power Day: Inspiring Financial Literacy for All

by Charlie Maykrantz 24. March 2015

Money Power Day

On Saturday, March 21st, my colleague, Autumn Wallace, and I attended the 10th annual Money Power Day which was held in Baltimore City at Poly-Western High School. The event was free to all who attended with the purpose of helping people boost their financial well-being and to inspire those of all ages and income levels. The theme of the day was about the importance of financial literacy and how it can change your life.

Approximately 40 exhibitors including financial institutions, non-profit agencies and government organizations provided financial services, information and education that the attendees could use to achieve their financial goals. There was a free tax service preparation for those who had not yet filed their income taxes. Workshops were available to help people learn the steps to buying a home, obtaining a mortgage, starting a business and dealing with student loan and credit card debt.

There was a Credit Café where individuals could obtain a free credit report and receive one-on-one counseling; a Financial Planning Zone for free one-on-one consultation with a certified financial planner; a College Access Zone that provided consultations from college aid specialists and counselors on how youth and adults can obtain higher education; a Small Business Zone that provided tips from entrepreneur experts on how to start a business; and a Youth Zone that provided financially focused activities for a wide range of youths.

We were also joined by local politicians including the U.S. Representative from Maryland’s 7th congressional district, Congressman Elijah Eugene Cummings, newly elected Lieutenant Governor of Maryland, Boyd Rutherford and the honorable Mayor of Baltimore City, Stephanie Rawlings-Blake. In their speech to the audience, all three spoke of credit awareness and how important the day was in helping people understand how to control their future.

It was a fun day had by all, and we were delighted to be there to help the attendees achieve their financial goals. We look forward to the 2016 Money Power Day with great anticipation.

D.C. Home Purchase Assistance

by Charlie Maykrantz 19. March 2015

Home Purchase Assistance

Are you looking to purchase your first home in the District of Columbia, but short on funds that are needed for down payment and closing costs? Here at 1st Mariner Bank, we offer a program that you may qualify for to help with your exact needs. It is called the Home Purchase Assistance Program (HPAP) and helps low and moderate income residents purchase a home in the District of Columbia. Qualified applicants can receive financial assistance for down payment and closing costs to buy a home. It is administered through the Department of Housing and Community Development (DHCD) of DC.

To be eligible for HPAP assistance you must meet the following requirements:
  1. Be the head of household and a first-time homebuyer.
  2. Be a low- to moderate-income resident based upon department standards.
  3. Have not owned real estate in the three years prior to application.
  4. Occupy the home as your primary residence.
  5. Be located in the District of Columbia.

The amount of financial assistance for down payment provided to income eligible buyers cannot exceed $40,000. Closing cost assistance is provided separately and is calculated for eligible households to be 4% of the home purchase price, or $4,000, whichever is less. The borrowers must contribute $500 or 50% of liquid assets greater than $3,000. Payment on the loan is deferred for the first five years after which monthly principle-only payments begin at the start of year six and amortize over a 40 year period. The entire balance of the loan is due and payable if the borrower transfers the home, refinances, or no longer occupies as their primary residence.

There is also the Employer Assisted Housing Program (EAHP) that provides assistance to employees of the District of Columbia government employees who are first-time buyers in the district. Eligible DC government employees can receive a down payment match up to $1,500 and a deferred loan up to $10,000.

For more information on these programs or any of our other products at 1st Mariner Bank please feel free to contact Charlie Maykrantz at cmaykrantz@1stmarinerbank.com or 410-735-2068.

The above programs are subject to change at any time and this does not constitute a guarantee on the part of 1st Mariner Bank as an obligation to offer these programs without the approval of the program administrator. All applicants must be qualified to purchase and participate in these programs per underwriting guidelines of both 1st Mariner and the program administrator.

If you found this article useful, be sure to check out these related articles:

Federal Home Loan Bank Atlanta (FHLB)

Anne Arundel County Mortgage Assistance Program (MAP)

Howard County Settlement Down Payment Loan Program



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