Learn About Our Payment Methods

Oct 28, 2021

New Payment Option

Alabama Farm Credit wants to make your loan payments as simple as possible, so we’ve created our new Make A Payment option to help.

With the Make A Payment option, users don’t have to set up an online banking accounts or remember any logins and passwords. All you need to do is fill out the Electronic Payment Submission Form, found on the top-right corner of our main page, and the authorized funds will be transferred from the designated bank account within 24-48 business hours.

Ag Banking Online (ABOL)

Our other recommended option for making loan payments is the Ag Banking Online (ABOL) method. Using our online banking system, you can access your account 24/7, set-up recurring payments user date, and choose to opt into e-statements with up to two years of history available.

Alabama Farm Credit knows our customers value their security and privacy, which is why we have developed our online banking with the highest level of security measures in place. With online loan payments there is no need to worry about checks being stolen or lost in the mail; you can rest easy knowing your money is going exactly where you intended.

Signing up on our website and activating your user credentials using a desktop computer.  You can then download the mobile app on the Apple App Store or Google Play and manage your loans on-the-go.

Pre-Authorized Installment Draft

If Alabama Farm Credit’s previously mentioned payment options don’t appeal to you, there is always their Pre-Authorized Installment Draft (P.A.I.D.).  P.A.I.D. is similar to the recurring payments function of the online banking system without having to recall password credentials.

Once you fill out the form on our site, the funds required to pay your loan will be automatically withdrawn on the 1st business day monthly when a payment is due.  You’ll never miss a loan payment again!

If your loan’s interest rate happens to change, we will notify you on a billing notice and the installment amount will be adjusted automatically.

Checks and Lockbox Banking

If none of the other options sound right for you, customers can also choose to mail their payments directly to their local Alabama Farm Credit branch or to the lockbox remittance address as printed on their installment loan invoice.

Lockbox banking is an alternative method provided by banks to companies for the receipt of customers’ payments. Instead of sending their checks directly to our branch, customers send their payments to a specific post office box. The bank will retrieve the payments, process them, and deposit the funds directly into the company’s bank account. 

Check payments and lockbox banking are Alabama Farm Credit’s least favorite payment options because they are the least secure and may be susceptible to mail delays. 

Alabama Farm Credit allows this payment option available to all customers but recommends trying one of our other more secure options first.