Preauthorized debit available for farm loan borrowers

From USDA Farm Service Agency Montana

USDA Farm Service Agency has implemented pre-authorized debit for Farm Loan Program borrowers. PAD is a voluntary and alternative method for making weekly, bi-weekly, monthly, quarterly, semi-annual or annual payments on loans.

PAD payments are pre-authorized transactions that allow the National Financial and Accounting Operations Center to electronically collect loan payments from a customer’s account at a financial institution.

PAD may be useful for borrowers who use non-farm income from regular wages or salary to make payments on loans or adjust...