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.
How to get year-end information using FCC Online Services
Now that FCC has fully transitioned into our new loan management system, you can use FCC Online Services to obtain this data to get your year-end information.
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
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.
Correspondence
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.
Third-party correspondence
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.
New terminology
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.
FCC Online Services
Enhancements
Year to Date Balances – Due to the conversion of our loan management system, the Year-to-Date balances displayed on the Balances page for FCC Online Services will not include all applied amounts for the 2012 year. We apologize for any inconvenience this may cause you. If you have questions or need assistance, email csc@fcc-fac.ca or call our Customer Service Centre at 1-888-332-3301.
Balances – The new FCC Online Services application displays your loan information daily instead of only at month end.
Transactions – You can find your loan transactions made during a specific date range. It’s an easier way to view your Principle and Interest breakdown and your transactions for your loan.
Web browser printing – You’ll be able to print your information from your web browser without having to download PDFs.
Real-time information – If transactions take place during the day, you’ll see them immediately in your online account.
New navigation –The design and structure of FCC Online Services has changed to help you access your information more easily.
- New Customer Portfolio page provides a summary of your lending portfolio. The information on this page can be collapsed allowing you to print more specific loan information.
- Credit Facility Portfolio page gives more details about the various credit facilities (formerly loans) you have with FCC.
- Loan Details screen (formerly Draw Details) provides a summary of all applicable current balances, terms and payment details for a particular loan and product information.
- Balances (formerly Draw History) gives information on all applicable current and balances and terms. Balances can be viewed in the past and in the future. Year-to-date information based on the customer’s fiscal year end is also displayed. You can project future balances for up to two years. If a date prior to the conversion date is selected, a snapshot of the month-end balance information from pre-conversion is shown.
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.
