News

Managing your grain payments efficiently is crucial to maintaining a smooth and profitable operation. Direct deposit offers a secure, timely, and convenient way to receive your settlements. While this process will make receiving payments more efficient, it is important to communicate with the individuals helping with your grain contracts. Please clearly communicate splits and positions when making a decision about your grain. Beyond this, as we roll out our new direct deposit system, here are some other key details to note.

• Direct deposit is a secure and timely method of payment.
• Customers will need to complete the Grain Direct Deposit Authorization Form to begin receiving payment for grain by direct deposit. This authorization will allow FCS to collect the pertinent bank and email information that will allow and include:
  1. Grain settlements to be paid electronically.
  2. Settlements to be emailed.
  3. Defer Pay contracts to be paid electronically.
  4. Defer Pay notices of the contract payment to be emailed.
• For any given settlement, if a customer would like a check, they can receive payment by check. This will need to be communicated with the person processing the settlement.
• To avoid complications and delays in payment, it is important that customers review and/or communicate the following for settlement of their grain. Not doing so could add several days to the process:
  1. Split of bushels and tickets being settled.
  2. Decisions to defer settlement to a Defer Pay contract.
  3. Position grain should be settled from – delivered, price later, open storage, etc.
  4. Possible fees or expenses to be deducted from the settlement.

By opting for direct deposit, you’re choosing a faster, more secure way to handle your grain payments. If you have any questions or need assistance with setting up direct deposit, our team is here to help you every step of the way.

*Important notice: If a lien exists on a customer account and requires a two-party check with a bank or other lender, then receiving payment via direct deposit will not be an option. The customer will still receive a check so the bank or lender name can be included as an additional payee on the check.

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