Fecca's Employee Loan Deposit: What You Need To Know

The FedEx Employees Credit Association (FECCA) offers a range of financial services exclusively to FedEx employees, including loans, credit cards, savings accounts, and vehicle loans. FECCA provides competitive rates and convenient online account management, allowing users to view their account balances, transaction histories, and pending payments. The association also assists members in improving their credit health and making informed financial decisions. While some have praised the convenience and rates offered by FECCA, others have reported issues with account access and slow responses.

Vehicle loans

The FedEx Employees Credit Association (FECA) offers a variety of auto loans to its members, including first-time buyer auto loans, credit restoration auto loans, and financing for new and used cars, trucks, and SUVs. To be eligible for an auto loan from FECA, you must be a FedEx employee, retiree, family member, or household member. In addition, you'll need certain documents, such as proof of income and residency, and a checking account with direct deposit.

FECA offers competitive rates and term options to make payments match your budget. They also provide pre-approval options to help take the stress out of high-pressure sales tactics. The pre-approval is valid for 60 days from the date of application. When refinancing a vehicle, you will need to submit documents such as the current registration, a payoff declaration, and an insurance declaration page to your FECA Loan Officer, who will guide you through the purchase process.

FECA finances both new and used cars, with several options available for any budget. Vehicles over 10 years old or with more than 100,000 miles are not eligible for financing. FECA also offers auto loans for leisure vehicles, with terms available up to 84 months and minimum rates starting at 7.29% APR.

To apply for an auto loan, you can go online or call FECA. You will likely need the make, model, year, and VIN of the vehicle you plan to purchase. Once your application is approved and you have found your vehicle, FECA will provide you with a list of required documents, which may include a buyer's order, insurance declaration, and a copy of your driver's license.

While some FedEx employees have reported issues with accessing their accounts and delays in communication, others have successfully obtained vehicle loans from FECA without complaints.

Savings accounts

The FedEx Employees Credit Association (FECCA) offers a range of savings accounts to its members. These include the Share Savings Account and two types of savings club accounts: the Christmas Club Account and the Vacation Club Account.

The Share Savings Account is a standard savings account offered by FECCA. The current rates for this account are available on the FECCA website.

The Christmas Club Account is designed to help individuals save for the holiday season. Account holders can make deposits through payroll deduction, online deposit or transfer, or by phone. The account earns dividends and matures on the third Wednesday in October, at which point the balance is automatically transferred to the primary savings account. To discourage early withdrawals, there is a $5 charge per transaction for any withdrawals made before maturity.

The Vacation Club Account is ideal for those planning a trip. Account holders can set up payroll deductions or recurring online transfers to build their savings. They can also choose a maturity date for the funds to transfer to their Share Savings Account, ensuring they have the necessary cash for their vacation. Similar to the Christmas Club Account, there is a $5 charge per transaction for early withdrawals to encourage disciplined saving.

Overall, the savings accounts offered by FECCA provide employees with disciplined and rewarding ways to save for different financial goals, whether it's for the holidays or an upcoming vacation.

Credit cards

The FedEx Employees Credit Association (FECA) offers a range of credit cards designed to meet various financial needs and goals. Whether you're looking to pay off existing balances faster, maximize cash back, earn rewards, or build your credit history, FECA has a credit card suited for you.

Visa Classic Credit Card

The Visa Classic Credit Card is a versatile option for FECA members. It offers a promotional balance transfer APR of 2.90% for the first 12 months, helping cardholders save money on interest when transferring balances from other credit cards. This card is ideal for those who want to streamline their finances by consolidating debt or taking advantage of the lower interest rate for a limited time. After the promotional period, the APR will revert to the standard card rate.

Premier Visa Credit Card

The Premier Visa Credit Card is another offering from FECA, providing benefits such as maximized cash back, rewards, or a combination of both. While specific details about this card are scarce, it appears to be geared towards cardholders who frequently use their credit card and want to maximize the benefits they can accrue.

First-Time Visa Credit Card

This credit card is tailored for individuals who are new to credit and looking to build their credit history. The First-Time Visa Credit Card helps establish a solid foundation for responsible credit usage, allowing cardholders to gradually build their credit score.

Credit Restoration Visa Card

The Credit Restoration Visa Card is designed for individuals who have experienced bankruptcy and are now seeking to restore their creditworthiness. This card helps individuals rebuild their financial reputation and work towards a more secure financial future.

All FECA credit cards come equipped with EMV chip technology, providing an additional layer of security to protect cardholders' accounts and personal information.

Online account access

Once enrolled, you can log in to your account using your username and password. From there, you can view your account balance and transaction history, as well as download your last 12 months of account statements. You can also make loan payments, transfer funds between accounts, and pay bills. To make a payment, you will need to enter the payee's name, phone number, account number, and routing number. You can choose to send payments electronically or by physical, mailed check.

FECA also offers a mobile app that allows you to access your account on the go. With the app, you can view account balances, transaction history, make payments, and deposit checks. The app also offers a Mobile Check Deposit service called RAD (REX Anywhere Deposit), which allows you to deposit a check into your account by simply snapping a picture of it.

Additionally, FECA provides online access to loan payoff information. You can view your loan payoff date and other specific loan details. You also have the option to set up email alerts for balance amounts or transactions.

Loan application process

To apply for a loan with the FedEx Employees Credit Association (FECA), members can apply online or over the phone.

Online Loan Application Process

To apply for a loan online, members must first log in to their account. From there, they can click on the "Additional Services" tab and select "Online Bill Pay Enrollment." Once enrolled, they can navigate to the "Bill Payment" tab and click on the "Add Payee" icon. Here, they will choose their payee type—company, financial institution, or person. For security, a one-time activation code will be sent to the member's phone or email to complete the payee setup.

Phone Loan Application Process

Alternatively, members can call 901-332-9232 or 800-833-3544 (if outside the 901 area code) to speak with a Loan Officer, who will guide them through the purchase process and expedite the final paperwork.

Additional Requirements

As part of the loan application process, members must authorize the release of information concerning their financial affairs, including a credit report. This will result in a credit inquiry on their credit file.

It is important to note that members must be in good standing to obtain a loan from the FedEx Employees Credit Association.

Frequently asked questions