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Pre-Authorized Electronic Installment Drafting (PAID) - The Easy Way to Pay

Preauthorized electronic drafting is a method by which your loan installment payment is made without your having to write a check. With this method, AgTexas FCS draws an electronic draft on your local bank account.

What advantages does the program offer?

• The preauthorized draft eliminates preparation of a check and the increasing cost of postage.
• The billing will not be overlooked or misplaced.
• Your check will not be lost in the mail.
• The payment will be made on time, even though you may be traveling, thereby eliminating late payments and penalty interest.
• All these features are available at no additional cost to you.

Since this loan repayment process is more efficient than traditional payment methods, your money will be working harder for you, the association member/borrower, as a result of reduced costs to the association.

How do I sign up for preauthorized electronic drafting?

Contact us for authorization forms. Or, you may choose to download the forms by clicking here. Complete the authorization forms and send them to your local AgTexas office. Enclose a voided personal check so that we may properly establish your account with the appropriate bank numbers. The voided check will not be returned. Processing of your information will take 30 days. Your payments will be made automatically from that time forward until you notify us to stop electronic drafting.

Will I continue to receive a billing statement?

A billing statement will still be sent to you for record purposes. The statement will indicate your installment is to be paid through the preauthorized electronic drafting program. An entry for the electronic draft drawn on your bank account by FCBT will appear in your monthly bank statement and evidence proof of payment.

When is my account affected?

The payment amount applied to your loan (and/or Funds-Held Account) will be posted on the same day as the funds are withdrawn from your financial institution.

Can I change my mind about using preauthorized drafting?

Yes. Notify your local AgTexas office in writing 30 days in advance of the payment due date, and a regular billing statement will be sent to you for payment. You also may stop a preauthorized electronic transfer by notifying your financial institution at least three business days prior to the transfer date.

What if the payment amount changes?

If an interest rate decrease or increase is approved, on the billing notice you will be notified of the change. The new installment amount will become the amount withdrawn from your account.

Can I still make deposits to Funds-Held or make extra payments?

The installment amount drafted on your account will be a fixed amount, taking into consideration variations in the billing rate on each transaction date. On an optional basis, a constant fixed amount above the installment amount can be included in the system and deposited to Funds-Held or additional principal, if desired. You may choose to make a Funds-Held deposit or special principal payment directly to your local association at any time. Contact your association to obtain information about your association's Funds-Held program.

Is this program available for all loan products?

Preauthorized electronic installment drafting is not available on any products that may allow interest rate adjustments on a daily basis.