1st Mariner Blog: Financial Advice, Updates & More

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The 1st Mariner Blog is written by 1st Mariner Bank employees and associates who provide financial advice and write about topics they know matter to you. Our branches send us blog topic ideas all the time based on your questions and interests, so we can be sure that the content we publish is relevant to you.

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1st Mariner Bank launches new suite of business and personal checking products

by Erica Starr 27. February 2017

Today we officially announced the launch of our new suite of personal and business checking products. The new product offerings provide an increased level of convenience and flexibility for consumers’ modern checking needs. Many of the new product and service features are free to customers. 

In an effort to simplify banking for consumers, we've eliminated unnecessary fees that often serve as an initiation and maintenance barrier to account holders.  Our new products also forgo using any complicated marketing-driven names to make the operation of each product clear to the individual or business owner.

“We’ve evolved our offerings to provide a diverse array of products at an even more competitive rate for both individuals and business leaders,” said Rob Kunisch, President and Chief Operating Officer. “We’ve removed unnecessary fees across accounts so that our customers can put more of their own capital towards better supporting their businesses and personal financial goals.”

Our new personal checking suite offers a free personal checking account with no minimum balance or monthly service charge, premium and direct interest checking, as well as interest checking for those over 50 years old

The contemporary business checking offerings include commercial checking in addition to a new business interest checking product and free business checking. The new free business checking boasts 1,000 free monthly transaction items, topping the former generation of the product, which tiered offerings of 50, 200 and 300 free transactions.

Every new personal and business checking accounts include several features free of charge to customers including, a VISA®Debit Card with Instant Issue, access to more than 25,000 1st Mariner and MoneyPass®ATMs nationwide, Apple PayTM , online banking, online check images, bill pay, paperless statements, and a ‘thank you’ gift. Personal checking accounts offer free mobile banking, mobile deposit and savings transfer as well.

Three Reasons Every Merchant Needs Chip Card Readers

by Elizabeth Sherman 14. December 2016

3 Reasons Every Merchant Needs Chip Card ReasersAt the supermarket recently, I had the opportunity to chat with the manager. I noticed that the store, part of a regional chain with a huge corporate owner, had not yet installed readers for the increasingly ubiquitous chip-cards, so I asked him why not.                          

After all, chip cards are meant to protect consumers from fraud. And there’s plenty of evidence that they’re working as intended.

The manager’s response surprised me. He told me the chain wasn’t worried about the cost of upgrading, but about the prospect of losing business. He explained that transactions take longer with chip card readers. And he worried they’d lose customers if they force people to do that.

My view is that they’re much more likely to lose customers if they don’t upgrade (more on that in a moment), but the store is far from alone. According to the business management consultants at the Strawhecker Group, only about 29 percent of American merchants were ready for chip cards — also known as EMV cards, which stands for Europay, MasterCard®, and Visa® — as of September.  

That’s disappointing. Chip cards are our best defense against card fraud. According to the trade newsletter The Nilson Report, U.S. card losses for banks and retailers reached $8.4 billion in 2015. And that number is expected to reach $12 billion by 2020.  

That’s why a consortium of card issuers, banks, and others developed the EMV standard for cards and readers. These chip-enabled cards, which customers “dip” instead of “swipe,” provide greater security from fraud. That’s because swipe cards create a record that crooks can grab and use to make purchases. “Dipped” cards, on the other hand, create a one-time code that can’t be reused. 

Europe has been using this technology for a while now, but it really got going in the United States last year. So far, banks have issued about 600 million chip cards to U.S. consumers, according to the U.S. Payments Forum. And starting Oct. 1, 2015, the liability for card fraud at most merchants without chip-card readers shifted from the card’s issuer to the retailers. And many more U.S. merchants will start accepting chip cards by October 2017, when gas stations will start facing those same liabilities. 

However, many retailers still resist purchasing the upgraded reader. That’s why I want to share with you three reasons why just about every merchant should be chip card-ready: 

1. Peace of mind for you.

A store clerk recently told me that she didn’t understand the “hassle” behind chip cards. So I put my banker hat on and explained that the chip-card machine takes the liability off the merchant (her boss) and puts it on Visa® and MasterCard® if there is fraud. It’s as simple as that.

For those merchants who say, “I never had fraud before,” well, how do you know that? MasterCard® and Visa® were taking it on the nose for you before. They’re not doing that anymore. So if you’re a merchant that hasn’t installed the new card readers, you’re doing yourself a disservice. It’s an easy, inexpensive upgrade that will protect you financially.

2. Peace of mind for your customers.

Your customers know that card fraud is happening. They’re seeing odd charges pop up on their credit card statements — and then spending hours on the phone cleaning those messes up. Chip cards reduce the likelihood of fraud significantly — and your customers are learning this.

You don’t want them to be afraid to use their credit cards in your store. So, being up to date on your POS technology will give them peace of mind as well. You’ll gain their trust.

3. You'll gain an advantage over your competitors.

Staying on top of chip card equipment now means you’ll be more comfortable with the next rounds of payments technology — including chip-and-PIN cards (which allow customers to input a number instead of signing), “tap” cards (which allow them to simply tap their card against the reader), and mobile payments. The more forms of technology you’re familiar with and ready for, the more potential customers you’ll have. And that translates into more dollars coming in.

The Smart Choice

Card fraud rates are already down thanks to EMV. According to Visa®, chip card-friendly merchants recorded a 47 percent drop in card fraud from May 2015 to May 2016. That shows why every merchant should be installing EMV technology if they haven’t already. Your customers will soon be expecting it — and may choose to patronize someone else if you don’t have it.

Most community banks, including 1st Mariner Bank, provide merchant processing services. That means they can get you access to industry-leading chip card POS equipment and solutions. To set a retailer up to take EMV cards, we gather information, fill out applications, get everything through the approval process and order and install equipment. And if our equipment doesn’t fit your budget, we can even help you find better deals.

If you’re ready to get started, or for more information, just contact our business banking services department.

5 Myths Busted About Home Equity Lines of Credit

by Kathy Passman 17. November 2016

5 Myths Busted About Home Equity Lines of CreditIt’s funny how sometimes a myth can be taken as fact if it’s repeated often enough. It can even gain “conventional wisdom” status.                         

Sometimes it doesn’t matter much. It’s pretty harmless to think a tooth will dissolve overnight in a glass of Coca-Cola, and it may do some good if it keeps you away from the sugary drinks. But believing banking myths can hurt your personal finances – and there’s nothing good about that.

For example, a number of myths swirl around home equity lines of credit (HELOCs), and many of these misrepresent what is actually a safe and secure way to borrow money. With a HELOC, you can access a line of low-interest credit secured by your home’s equity – much like you would with a credit card, only the interest payments are tax-deductible and the interest rate is much lower. You should consult a tax advisor regarding the deductibility of interest and charges under the plan.

So today we want to take a few minutes to bust a few HELOC myths – and let you know the truth… 

Myth No. 1: You Can Only Use a HELOC to Pay for Home Improvements

It’s true that HELOCs were initially created with home improvements in mind. However, the fact is that you are allowed to use your HELOC to pay for just about anything – from debt consolidation to your children’s college tuition. That said, most advisors think homeowners should use their HELOCs for expenses that add value to your finances. For a list of our own suggestions, click here.

Myth No. 2: A HELOC and a Home Equity Loan Are the Same Thing

With a home equity loan, your lender will provide you with a one-time lump sum. You pay that fixed-interest loan off over time, month by month. With a HELOC, however, the bank extends to you a line of credit that you can draw upon whenever and as often as you like, within your draw period. While the interest rate is generally low (much lower than that of a credit card), it fluctuates along with the prevailing rate.

Myth No. 3: A HELOC Will Hurt Your Credit Score

On its own, a HELOC won’t do anything to your credit score. It shows up to credit scorers no differently than a credit card. But just as with any other debt you incur, late payments on your loan or maxing out your HELOC may affect your credit score. It’s wise to ensure that you do not advance your line over the approved credit limit as this also would reflect on your credit report.

Myth No. 4: You Can Pay Off Your HELOC by Making Minimum Monthly Payments

With most HELOCs, if you make only the minimum payment each month, you’ll only cover the interest. Once the “draw period” – the five- to 10-year stretch of time when you can use your HELOC – ends, the principal starts becoming due. Depending on how much you’ve used, that can be a lot of money. So the best strategy, much like with a traditional credit card, is to make much more than the minimum payment each month.

Myth No. 5: HELOCs Are Difficult to Get

Taking out a HELOC is not risk-free. But if you use your HELOC conservatively and pay more than the minimum due each month, it is among the best loan options out there.

If you’re ready to apply for a HELOC, or for more information, please contact us.

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