UMB Loan System Changes -- June 6, 2016
We are updating our loan systems to better serve you. These changes do not impact the terms of your loan (e.g. payment amount, interest rate, etc.). The information below is designed to help answer questions you may have.
What Is Changing?
- Your loan account number is changing.
- Your payment address is changing, although it's still being processed by the same team. To help, please update your payment instructions (whether digital or postal mail) to the new address and new account number.
- Your loan statement is changing. Please find a summary of the changes here. (UMB Clients formerly with Meridian Bank have already adopted the new loan statement and will see no changes.)
As part of this change, you will notice new loan accounts are now visible to authorized users. The legacy loan account data will remain accessible to you for historical research purposes, but all new activity will show only under the new loan accounts.
Impact to Reports
If you have created Custom reports that show only your loan accounts, you will need to update these reports to include your new loan accounts.
In the month of June, loan history will be split between the legacy and the new account numbers.
- Customers using QuickBooks will need to synchronize their accounts after the new loan system goes into effect June 6, 2016. This will bring the new loan numbers into your QuickBooks account.
We have provided two examples of what your new statements will look like: