New Loan Accounting System
Coming July 2025
Redesigned billing statements | Enhanced online banking | Same-day ACH
Bills and Statements Changes
For all loans, there is a new, simplified format to Bills and Statements and the “look and feel” will be different. The enhanced design of these Bills and Statements was to address user dissatisfaction with the legacy-system Bills and Statements.
Bills for Operating Loans will be sent at the end of the last night of the month.
Cash Management System Changes
Although the impacts to you are minimal, the new system comes with a few changes relating to the cash management and payment solutions offered by the Association.
AgBanking Online (ABOL)
Effective July 7th, same-day ACH will be available to ABOL customers. Any transaction that qualifies for same day ACH will be processed and posted the same day. If a transaction is submitted through ABOL by 12:00 pm CT and is $1,000,000 or less, it qualifies for same day ACH.
ABOL remains a great way to conveniently and quickly manage your AgTrust account(s) using your desktop, tablet, or smartphone. With ABOL you have the flexibility to:
- Make loan payments from your business or personal checking account;
- Set-up real-time, future or recurring payments on any desired day of the month, for any desired amount, including a recurring amount to apply as a special principal payment;
- Track your account history, including your payments, online transactions and patronage; and
- Access your bills, statements and tax documents online.
Preauthorized Electronic Installment Drafting (PAID)
Beginning with August billing, all customers will now have their payment processed on the 1st of the month. Please ensure that funds are in place for timely processing.
Customers will no longer be able to process extra principal payments or funds held deposits through the PAID system. Please give your local credit office a call and they can assist you in an alternative method including ABOL.
PAID remains a great way to automate your payments, saving you money on stamps and envelopes and ensuring your payments are on time, every time.
FastCa$h
Effective July 7th, same-day ACH will be available to customers enrolled in FastCa$h. Any transaction that qualifies for same day ACH will be processed and posted the same day. Any transaction processed by staff by 12:00 pm CT and is $1,000,000 or less, qualifies for same day ACH.
With just one phone call, you can make a loan payment or request money from your loan without leaving your home, office, or tractor cab.
Voluntary Advance Payment (or Funds Held) Account Changes
Voluntary advance payment, or funds held, accounts, are accounts the Association is authorized, but not required, to offer customers, and can only be utilized for limited purposes. The primary use of funds held accounts at the Association relates to the application of future payments in which funds in these accounts are applied to installments of principal and interest on the related loan account as they come due. This type of funds held account was offered because of limitations in the Association’s legacy loan accounting system; however, the Association’s new loan accounting system eliminates the need for the use of a funds held account for such purposes.
Although payment of interest on funds held accounts is solely at the discretion of the Association, all current funds held accounts accrue interest at a variable rate equal to the Equivalent Bond Yield, all-in, ACT/365 rate for a 30-day maturity of Discount Notes (30-day Discount Note Rate) as quoted in the “Interest Rate Summary” published by the Federal Farm Credit Banks Funding Corporation on the last business day of the prior month and rounded to the nearest 0.05%.
Due to changes made by the Association’s funding bank, the Farm Credit Bank of Texas, effective August 1, 2025, funds held accounts will no longer accrue interest unless 1) the payment of interest is allowed through specific loan product offerings authorized by the Association from time to time, including but not limited to the Association’s Consumer Purpose Construction Loan Program, in which case the amount in such funds held account accrues interest at the rate applicable to the related loan; or 2) the deposit of funds in a funds held account is required as a condition of your loan, in which case such funds accrue interest at a rate established by the Association in its sole discretion.
Please contact your local lending office should you have any questions about funds held accounts. They will be able to let you know whether you have funds in a funds held account, and if you do, will guide you through the best actions to take with any funds in your funds held account(s).
System Installation Weekend
July 2 – 7, 2025
During the weekend of Wednesday, July 2nd, through Monday, July 7th, cash management processes will be affected by system installation processes. Although there will be no impact to your loan accounts there may delays in processing payments while software transfers take place.
Below is information regarding payment processing options and how to plan accordingly. Rest assured we will work with you to ensure you are not negatively impacted by the installation. Any late fees or penalty interest resulting from the system installation will be waived automatically.
AgBanking Online (ABOL)
ABOL will be offline Wednesday, July 2nd starting at 2:45pm CT, and will be back online Monday, July 7th. Recurring transactions scheduled for Thursday, July 3rd, through Friday, July 4th, will be processed Monday, July 7th, automatically. No action is required on your behalf.
Preauthorized Electronic Installment Drafting (PAID)
Our PAID system will not be affected during new system installation. Currently, auto draft payments are scheduled to draft prior to the system installation. Due to this timeframe, PAID will not be affected.
FastCa$h
All FastCa$h transactions must be submitted to your local office by 2:00pm CT on Wednesday, July 2nd, for processing prior to the new system installation. FastCa$h processes will be down Thursday, July 3rd, through Friday, July 4th. If a disbursement is needed on Thursday, July 3rd, funds can be distributed via wire transfer. Please contact your local office for assistance.