We’ve implemented a new loan management technology system
To help us serve you better today and in the future, FCC has implemented a new loan management technology system.
Annual loan statements
You will receive two annual loan statements this year – one at the time your loan information is converted to the new system, and one at your regular year end. The statement provided at year end will have a new format. Please retain both of these statements for tax purposes. One statement will include information up to conversion and the other statement will include information following conversion.
Loan and credit facility numbers
We’ve made minor changes to your loan number, which will ensure the new system can better support your business with us. This will not impact any transactions going forward.
Pre-authorized payment (PAP) changes
PAPs matching payment schedule
In the new loan management technology system, your PAPs need to match your payment schedule. To address this change we have several payment frequency options that give you flexibility and can help you pay down your loan more quickly.
Split PAPs are not a standard offering of our new loan management technology system. If you’d like to continue to have more than one person make payments on your loan, one solution is to have your co-borrower make pre-authorized deposits directly to your bank account and you can then make the full payment on the loan.
Monthly PAP notices
If you were set up with monthly pre-authorized payments and you also received payment notices, you no longer receive these notices in the new system. This change will help reduce paper consumption and minimize our impact on the environment. If you require a paper copy, or wish to sign-up for FCC Online Services, please contact your Customer Service Representative, or the FCC Customer Service Centre at 1-888-332-3301.
Elimination of payment envelopes
We’re removing payment envelopes with your statement to reduce our paper consumption and impact on the environment. You can avoid the paperwork altogether by signing up for pre-authorized payments. Please contact your Customer Service Representative to sign up.
With the implementation of our new system there are some changes to correspondence.
Legal name on correspondence
It is necessary for FCC to use your full legal name. Therefore, all documentation, correspondence and the lending agreement will use your legal name.
We no longer send your correspondence to third parties. This will minimize the risk of confidential information being sent to the wrong person. You have the option to grant a third party access to your customer information through FCC Online Services.
In the new loan management technology system, all correspondence you receive from FCC will be in a new format. As well, new terminology will be used. For example, a loan or commitment will be called a credit facility. A primary borrower will be called a borrower 1, and a draw will be called a loan.
You spoke. We listened. We’ve made changes to ensure doing business online with FCC is easier for you.
Balances – The enhanced FCC Online Services application displays your loan information daily as well as month end applied amounts. You will now be able to see the previous three months and current balances to date.
Transactions – You can find your loan transactions made during a specific month or within a specific date range. It’s an easier way to view your Principal and Interest breakdown and your loan transactions. We’ve also summarized and grouped the information by loan and added a drop-down menu to make navigation easier.
Web browser printing – You’ll now be able to print your information simply by using the printer friendly icon located on each page.
New navigation –The design and structure of FCC Online Services has changed to help you access your information more easily.
- The Customer Portfolio page provides a summary of your lending portfolio. You can easily access your transactions and balance information with once click. The information on this page can be collapsed, allowing you to print more specific loan information.
- The Balances page gives information on all current balances and terms. You can view past and future balances as well as Fiscal year-to-date information. You can project future balances for up to two years. And now you can view applied amounts for four consecutive month ends including the current month and three previous months. This allows for a quick glance at how your balances have changed month over month.
AdvancerPlus $0 balances
With the implementation of the new loan management technology system, all existing AdvancerPlus loans with a balance of $0 at conversion will need to be reset.
We apologize for this inconvenience. After you set up your next disbursement with the Customer Service Centre at 1-888-332-3301, your AdvancerPlus credit facility will operate normally.