Farm Lending Institutions

[flapjack]

I live in a small town with one bank. I would like to get some feed back on peoples experiences with there bank. What they like about it,What its farm lending policies are.Is it a farmer friendly bank, if there is such a thing.

[melvill]

My personal experiences with one of the big banks (RBC) is not real good. However I guess its a sign of the times when we have voice mail boxes. HOWEVER I don't appreciate dailing a local bank number, and then getting the run around from someone at a call center in Toronto. Anytime I have gotten the run around they only follow the "Company" policy and the local staff are more than accomadating to try a fix it. The trick is to be able to talk to them! I PERSONALLY can't fault the local staff, they are stuck with the SUITS in Toronto that have NO IDEA whats important anymore.

I heard of one fellow's trick to talk to a local person at the local branch was to ask if they could see if they had found his gloves anywhere. He had lost them when he was in earlier. <LOL>

[ValueChainFX]

Banks and the agriculture industry seem to be going head to head these days. Many a story has come out about how the banks are heartless when the farms are looking for help. Like many other things in the agricultury industry the banking system for the system needs to be revised. I guess like in the old days maybe the ag industry needs to look after itself and start kicking the dead wood out of the system?? How that is done ... well ... I guess we need to just start the process and see if any of these ag professionals can think outside the box.

[gopher]

I agree with each of you about the service received from the banks. I also deal at the Royal Bank and the phone system they are using is unreal. To talk to a person in Lethbridge I usually end up talking to Toronto or Calgary. However, I have since learned that many of the loans officers and investment consultants from the Royal Bank will come to the farm. I have used both and found it more enjoyable doing business at our kitchen table.

[gopher]

I think getting the loans officer out the office and onto the farm is something more of us should be doing (and most of aren't). How better to explain the money pit that we all work so hard to look after. Maybe if they can see the hope in our eyes as we show off the new calves, the remodeled barn, or sit on the fence watching the spring lambs, then maybe more of them will appreciate why we all do what we do.

Fresh air BTW is better for you than recirculated office air too <grin>, just remember to stand upwind from things!

[rip]

Dealing with these institutions can be trying...We just recently sold our farm and relocated about 4 hrs away from old location. Even though our new place is all payed for and for the first time in my life Im debt free it took a trip back to my old bank to get things going on the purchase of some additional land as no one here knew me and it was hard to get them to listen to my strategies without them knowing my past history...I was able to set up an interest only payment line of credit so that I manage the rate of my paydown and how the money is invested in the pay down period. I should have the land payed for in about half the time as an amortized loan and save close to a quarter of the interest. They will work with you if you look hard enough and tell them what you want... dont always have to take what they think you have to have. Tell them to flip the mortgage page and get to the line of credit. there are ways to make it work for you