Thank you for your time and attention in helping us make a smooth transition to a merged Association – one that powers the pursuit of our mission to serve the farmers and ranchers of New Mexico. Please find answers to frequently asked questions about our online banking system and the conversion process below.
Online Banking and Mobile Check Capture Overview
Yes, you should continue to use your existing Farm Credit of New Mexico drafts through Saturday, September 30, 2023.
Customers enrolled in the Borrower Draft Program will be migrated to the American AgCredit program automatically, you just need to start using your new American AgCredit drafts after October 1, 2023.
All drafts (and ACH received entries) will be honored up to 90-days post merger. However, you should start using the new American AgCredit drafts after October 1, 2023, to avoid any posting delays.
Your revolving line of credit loan number will not change, however your American AgCredit drafts will now include your new Customer Convenience Account (CCA) number and the AAC designated routing transit number. Your new Customer Convenience Account draft program functions the same as your current Farm Credit of New Mexico program, with a few key changes, that will be disclosed on future communications.
If you have more than one loan account with drafting privileges, you will receive a separate email communication shortly after the delivery of the drafts which will include the details about which loan number is tied to which CCA. For your security, both the loan and the CCA account numbers will be masked on the communication. The account number masking involves displaying only a few specific characters at the end of the account numbers. If you have additional questions or need to further validate the loan numbers tied to the CCAs, you can also contact us at 1-800-869-6034.
Stop payments placed on your Farm Credit of New Mexico Account will remain in effect when your accounts convert to American AgCredit.
To receive one-time or regularly scheduled ACH electronic transactions to your loan you just need to provide the Originator (the entity that agrees to initiate transactions, e.g., utility billers or insurance companies) with the following information.
Please remember to update your electronic transactions with this information after the October 1 effective date, but before your next automatic ACH transaction.
American AgCredit’s online banking is built on a business-oriented platform to better meet customer needs. This requires that one person be responsible for managing all users and their permissions, which increases control and security for the account.
The Authorized Signer(s) designates a key individual as the Administrator. Authorized Signer(s) have the authority to sign on behalf of the individual or entity. Authorized Signers also are responsible for notifying American AgCredit if the Administrator needs to be changed or disabled.
Since the Agreement gives the Administrator the rights and privileges of the Authorized Signer(s), careful consideration should be given to designating an Administrator who can be entrusted with such responsibilities.
The Administrator is designated by the Authorized Signer(s) but is not required to be a borrower themselves. However, it is highly recommended that the Administrator be an Authorized Signer or directly associated with the loan due to the level of responsibility, control, and oversight associated with this role. We do not recommend designating a third-party advisor, such as a CPA, as the Administrator.
Only one individual can be designated as the online banking Administrator. However, the Administrator can create additional users who have varying levels of permissions, including the same functional access as the Administrator.
To update the Administrator, a new Agreement would need to be completed and returned with signatures of each Authorized Signer. The Administrator designation remains in force until changed or disabled by the Authorized Signer(s) through completion of the Agreement.
The Agreement gives the Administrator the rights and privileges of the Authorized Signer(s). Careful consideration should be given to designating an Administrator who can be entrusted with significant responsibilities, such as:
Transactional access gives the user the ability to create and maintain additional users, assign roles and permissions, view account history, draft images, and statements, as well as transfer funds internally and externally via ACH.
View-only access allows the Administrator the ability to create additional users, view account history, draft images, and statements, but not initiate transactions.
Without an online banking Administrator, there is no access to American AgCredit’s online banking platform.
If you wish to no longer have Online Banking, please select the checkbox option to “Opt Out of Online Banking”.
The Administrator manages and controls all access and permissions for other additional users. The Administrator will have full access to all accounts, with the added responsibility of creating additional users, assigning roles and permissions for the online transactions, and maintaining those users as business changes. The Administrator may setup a sub-user with administrator rights. Designating an Administrator gives our customers more control, so they can manage their own online banking users and user permissions 24/7.
Additional users can perform functions specifically designated by the Administrator, which may include all the same permissions as the Administrator, at the Administrator’s discretion.
External bank account information was received from the current Farm Credit of New Mexico online banking platform.
By indicating the external account status, American AgCredit will not preload any inactive external accounts. This will help ensure that the external accounts displayed within Online Banking are converted and active.
Verification of ownership allows American AgCredit to easily convert your owned external accounts over to our Online Banking platform for immediate use upon merger. Any external account that is currently as a third-party account would be processed through our business ACH service.
If you are not the owner of an external account, this would be considered a Third-Party Account. ACH are still able to be performed but need to run through the American AgCredit Business ACH service as a part of Online Banking.
To remove any external account listed, under Account Status, select “Inactive – Delete” next to the desired account to be removed. This account will not be converted over to the American AgCredit Online Banking platform.
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