FCS Financial offers many tools to aid you in managing your finances. Below is a brief description of each of the tools. Click on the name to expand the box. Contact your nearest office to learn more about enrolling in these programs.
A Funds Held account can give you peace of mind and earn interest credit on temporary, excess amounts of cash. Contributions to Funds Held are retained for future payments. Each month, or each time a payment is due, the amount will first be deducted from your Funds Held account.
Many customers like this “rainy day” feature because if cash-flow is tight and you are unable to come up with a loan payment, the Funds Held account can kick-in and make the payment for you.
Money in your Funds Held account can be used to make future loan payments, pay taxes or pay insurance. You also can use it as a money-management tool to compensate for fluctuating cash flows, earning a return on advance loan payments. You can deposit money into your Funds Held account at any time, and the earned interest will be credited with each loan payment. However, voluntary Funds Held contributions cannot exceed the lesser of two times the estimated annual payment amount or the unpaid principal balance of your loan(s).
Farm Cash Management®
Farm Cash Management®, or FCM, links your FCS Financial line of credit with an AgriBank Money Market Investment account. FCM will automatically manage your funds to minimize your cost of credit when you have a loan balance or, if you’ve put more funds into your account than are needed for your loan, it will automatically invest the excess funds so you can earn a competitive interest rate. No fees, state and local tax exemption and integration with your loan are just a few of the other benefits you will find with FCM.
FCM is also offered as stand-alone Money Market Investment account for members who are interested in a convenient way to invest excess cash, but do not want a line of credit.
This is not an offer for the sale of FCM investment accounts or AgriBank Money Market investments. Such investments are not insured by or a direct obligation of the United States government. FCM investments can only be purchased directly from AgriBank, FCB. Carefully review the disclosure information provided to all prospective purchasers prior to purchasing. Farm Credit associations are not authorized to represent AgriBank regarding AgriBank Money Market investments. You should not rely on any statement or opinion of such association or its personnel in deciding upon the safety and soundness of investment accounts or their suitability for your particular situation.
Change from one loan program or interest rate plan to another so you are in control of your interest rate cost and risk. Conversions are generally less costly and simpler than refinancing a loan.
You can choose a loan program that allows you to repay a loan at any time with no added cost. Not all loan products offer this feature so be sure to discuss your needs with your FCS Financial loan officer.
Early Principal Management
Pay ahead whenever you have the opportunity. When you make early principal payments, your next scheduled principal payment will be reduced by that amount already applied. You can prepay principal in any amount and for any number of years.
Our Pre-Authorized Installment Draft (PAID) program saves you time by allowing your monthly payment to be automatically deducted from your bank account. You decide the frequency and from which account to withdraw funds. We do the rest by setting up automatic transfers so you don’t have to worry about missing a payment.