COVID-19 Loan Deferral Relief

We understand that you may be facing unexpected financial challenges during these trying times. To help relieve the stress that may be associated with making your loan payments right now, we have implemented automatic one-month loan deferrals. 

First Commerce Consumer loans including Auto Loans and Revolving Lines of Credit, RVs, and credit cards qualify for automaic loan deferral. Additional ACTION NEEDED for Real Estate Consumer (ex: Home Equity Loan, Home Equity Line of Credit, Mortgage Milestone) and Business Loans.  

Automatic Loan Deferrals › 

Consumer Loans Secured by Real Estate › 

Business Loans Secured by Real Estate › 


 

 Automatic Loan Deferrals

We have automatically extended the due date for qualified First Commerce loans with a due date between April 20 and May 19, 2020. This deferral applies for all non-Real Estate related consumer and business loans that were opened as of March 19, 2020. In most cases, depending on how you set up your payment, there is nothing you need to do for the automatic deferral to take place – we have taken care of everything for you. Please read on for additional details.

  • Effect on Loan Due Date. For loans with monthly and semi-monthly due dates that fall between April 20 and May 19, the due date will be pushed to the same date(s) of the following month (e.g., for a loan with an upcoming due date of April 25, we will push the due date to May 25). For loans that are paid weekly or bi-weekly, due dates will be pushed out four weeks (e.g., for a loan with an upcoming due date of April 25, we will push the due date to May 23). 
  • Payment Drafted from a First Commerce Account. If First Commerce set up your automatic transfer, there’s nothing you need to do. If you set up a recurring loan payment in digital banking, you will need to go into the Digital Activity Center to modify your transfer to start with the next due date.
  • Payment Drafted from Another Financial Institution. If your loan payment is automatically drafted from an account at a financial institution other than First Commerce, you have options. Depending on how your payment from your other financial institution was set up, your payment may still come to First Commerce, but should be made available in your savings or checking account instead of being applied to your loan. 
  • Contact your other financial institution to request pausing your payment for one month or, if you would like to make your payment, simply transfer the funds to the loan. For security reasons, First Commerce is not able to request a pause in payments on your behalf with the other financial institution.

Note: Automatic loan deferrals will not be applied for first mortgages, home equity/HELOC/Milestone Mortgages, business real estate secured loans, or for members who pay their credit cards in full each month and loans with payments that were 90 days or more past due as of April 10. In any of these situations or if you need assistance for any reason, please contact us directly by calling 1.800.533.5772, pressing 1 and then ext. 1230

As always, you have the choice to make your regular loan payment or additional payments at any time. Contactless payments may be made through Digital Banking, Video Teller Service and the Contact Center. 


Consumer Loans Secured by Real Estate

We are offering members the choice to opt-in for loan deferrals on First Commerce home equity, home equity line of credit, and Milestone Mortgages with a due date between April 20 and May 19, 2020.

As always, you have the choice to make your regular payment or additional payments at any time. “Contactless” payments may be made through Digital Banking, Video Teller Service and the Contact Center.

*Note: Eligibility for deferrals does not include members who have loans more than 90 days past due as of April 10. For first mortgages, please contact us about options. In any of these situations or if you need assistance for any reason, please contact us directly by calling 1.800.533.5772, pressing 1 and then ext. 1230. Most other types of loans have been automatically deferred; please visit the COVID-19 page on our website for details.  

Opt-In to Home Equity, Home Equity Line of Credit, and Milestone Mortgage Deferrals through Digital Banking.

  1. Access the First Commerce Digital Banking login on your computer, tablet, or mobile device.
  2. LOG IN to Digital Banking
  3. Select SERVICES in the menu to the left of the page.
  4. Select DEFER-A-PAYMENT in the drop-down menu.
  5. Select the eligible loan(s) you would like to defer.
  6. Click on TERMS and CONDITIONS, check the I ACCEPT box, then click CLOSE before submitting the deferment.
  7. Click SUBMIT. You will receive a confirmation notification. 

Please note that our online deferral process will display our standard eligibility terms and fees that relate to our regular seasonal Defer-A-Pay opportunities. As part of this special COVID-19 relief deferral program, we are waiving some of these requirements, as well as any related fees; please disregard the information displayed in the digital banking deferral form. You will see a fee of $0.01 prior to submitting your deferral. This fee WILL NOT be charged to your account.

Opt-In to Consumer Home Loan Deferral

First Commerce consumer home loan members can opt-in to a 30-day deferral through Digital Banking. If you do not have a Digital Banking login, Enroll today to take advantage of all the benefits of banking on-the-go. It’s easy to enroll!

Along with completing the opt-in loan deferral form in a quick and convenient manner, members can make loan payments, transfer between accounts and check account balances with our Digital Banking feature. Members have 24/7 access anytime, anywhere on a tablet, computer, or mobile device with Digital Banking.

Consumer home loan members without access to Digital Banking need to follow these easy steps: 

    1. COMPLETE the COVID19 Loan Relief Opt-In form. CLICK HERE ›  

2. UPLOAD the completed Opt-In form (on page 2 of the PDF linked to above) in the table below and COMPLETE all required fields within the table.

  1. Click UPLOAD. 

For loans with monthly and semi-monthly due dates that fall between April 20 and May 19, the due date will be pushed to the same date(s) of the following month (e.g., for a loan with an upcoming due date of April 25, we will push the due date to May 25). For loans that are paid weekly or bi-weekly, due dates will be pushed out four weeks (e.g., for a loan with an upcoming due date of April 25, we will push the due date to May 23).

Payment Drafted from a First Commerce Account. If First Commerce set up your automatic transfer, there’s nothing you need to do. If you set up a recurring loan payment in digital banking, you will need to go into the Digital Activity Center to modify your transfer to start with the next due date.

Payment Drafted from Another Financial Institution. If your loan payment is automatically drafted from an account at a financial institution other than First Commerce, you have options. Depending on how your payment from your other financial institution was set up, your payment may still come to First Commerce, but should be made available in your savings or checking account instead of being applied to your loan. 

  • Contact your other financial institution to request pausing your payment for one month or, if you would like to make your payment, simply transfer the funds to the loan. For security reasons, First Commerce is not able to request a pause in payments on your behalf with the other financial institution.

 Disclosures: 

* Automatic Loan Deferral: Your loan maturity will be extended and regular payments will resume after the deferred payment period. Finance charges will continue to accrue as outlined in your Loanliner Agreement, Retail Installment Sales Contract or Credit Card Agreement during the deferment period. Deferred payments may not be covered under GAP waiver agreements. Members with loans more than 90 days past due as of April 10 must contact us. For FCCU Credit Card members who typically pay their credit card balance in full each month, we will not apply this deferment automatically as that would cause interest to accrue. If you would like to take advantage of the deferment knowing you will have interest accrue, please contact us directly.  For consumer and business real estate-related loans, members must initiate the deferral process; please visit the COVID-19 page on our website for details. Regular deferment fees will be waived.--->