FACT SHEET UNITED STATES DEPARTMENT OF AGRICULTURE FARM SERVICE AGENCY October 2012 Loan Repayment by Wire Transfer

Overview How to Make Loan Payments future references. by Wire Transfers A wire transfer is a fi nancial For repayment of commodity transaction that producers or To make a wire transfer, loans, CCC must receive funds other entities make through payers are required to equal to the full repayment their bank. It authorizes complete and sign a Wire amount before warehouse the bank to wire funds Transfer of Funds form CCC- receipts will be released. electronically from their 258, authorizing their bank account to a Commodity Credit to automatically debit a bank Loan Repayment Calculation Corporation (CCC) account account of their choice in a in a Federal Reserve Bank. specifi c amount. Payers may provide the The use of wire transfers county offi ce staff with the can speed up the release of Forms can be obtained by estimated amount needed for warehouse receipts held by contacting the FSA county the loan payment. The county the CCC as loan collateral. offi ce that services the loan. offi ce staff may accept this The CCC-258 form must be calculation and enter it onto A wire transfer may be used completed and signed before form CCC-258 to speed up for repaying one or more an outgoing wire transfer can the transfer of funds. In some Farm Service Agency (FSA) be initiated. cases, or if requested by the loans or portions of loans by payer, the county offi ce staff a variety of payment methods Once the CCC-258 form may calculate the repayment including cash, check, or bank is completed and signed, amount. wire transfer, provided that all the payer sends it to their loans are serviced at the same designated bank. Payers must County offi ce staff reserves FSA county offi ce. Requests request their bank to send the right to calculate the for wire transfer repayment a copy of the wire transfer repayment amount for entry must be made at the FSA receipt to the FSA county onto form CCC-258. county offi ce where the loan offi ce that services the loan. originated. Payers must also inform their FSA Procedures for Wire bank of the routing number of Transfers When requesting a wire the Federal Reserve Bank to transfer, please provide FSA which the payment should be County offi ce staff maintains county staff with the following sent, CCC’s account number a log of wire transfer numbers information: at the Federal Reserve, and that are entered on form CCC- the required payment amount. 258 to match wired payments ■ name, phone, and fax to the correct loan. number of the entity or FSA county offi ces are able to person requesting the wire accept a commercial bank’s Upon receiving a request transfer of funds; receipt of a wire transfer of for a wire transfer of funds, ■ the loan number to which funds as a form of payment. county offi ce staff completes the transfer of funds will be County offi ce staff will wait item numbers 3, 8, 11, 14, applied; for confi rmation of the wire and 15 on form CCC-258 and ■ the requested repayment transfer receipt from the returns the form to the payer date by wire transfer (which Federal Reserve Bank before to complete, sign, and send to is used to calculate the releasing any warehouse the bank. repayment amount). receipts. Failure to provide FSA county offi ce staff with Banks can fax the wire receipt of wire transfer of funds transfer receipts directly to will result in a delay in crediting an FSA county offi ce. Upon your account. Please keep the receipt of evidence of the receipt of your wire transfer for loan repayment, the county FACT SHEET Loan Repayment by Wire Transfer October 2012

offi ce staff will record the loan Item #4: This entry is For More Information repayment and release any preprinted and is the bank’s warehouse receipts associated routing number for the FSA Further information on this with the loan. account. Nothing further needs and other FSA programs to be entered in this section. is available from local FSA Any bank fee for processing a CCC’s account number is also offi ces or on FSA’s Web site wire transfer of funds is paid imbedded in the pre-printed at: www.fsa.usda.gov. by the sender. Account holders entry of Item #11. should know the bank’s procedures, including related Item #8: County offi ce staff fees, its policy for providing computes the repayment receipts, and the time needed amount and enters the to process wire transfer of payment amount estimated by funds. the payer. Although the payer’s estimate may be used for the NOTE: Due to workload, FSA transfer of funds, the fi nal loan county offi ce staff may not be repayment amount applied able to process wire transfer is the amount determined by of funds requests immediately CCC. after requests are submitted. All requests, regardless of Item #10: This entry is the type, are processed in preprinted and nothing further the order in which they were needs to be entered in this received. section.

Explanation of Entries on Item #11: This item contains CCC-258 an alpha/numeric code entered by the county offi ce staff that All circled items (item numbers includes its log number for 1, 5, 6, 7, and 9) on form matching the wire transfer of CCC-258 are supplied by the the loan. payer’s bank for informational purposes. Example:

Item #1: This item is BAN=/AC -4992 OBI=CCC/1/ completed at the option of the XXXXXX/SCH#xxxx/ bank and is not required by CCC. ■ AC-4992 OBI=CCC contains the CCC account Item #2: This notifi es the number payer that interest is calculated ■ XXXXXX is the State and to the date entered in Item #3. County codes and check digit, and Item #3: The requested ■ xxxx is the 4-digit log repayment date. The wire number. transfer of funds must occur no later than the requested Item #14: This contains the repayment date for the transfer voice and fax number for the of funds to be suffi cient to county offi ce. This is the fax repay the loan. The payer may number to which the wire request the repayment date. transfer receipt can be faxed. If not specifi ed by the payer, county offi ce staff will enter Item #15: The county offi ce the date corresponding to the representative signs Form amount entered in Item #8. CCC-258.

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