CAISP and Crop Insurance

[grassmarketeer]

The Toronto Dominion will give you a loan to set up your CAIS account deposit. You can never receive the proceeds of the loan unless you pay the loan out. They have realized that this is great business. You borrow the money at prime .25% , and if you borrow enough they will pay 1.75% on your account. Basically, it's just a matter of finding out which bank is less of a money grubber since it is all just an in house paper shuffle that will bill you the difference in interest. The money never trades hands, and was never available to you unless it can out of your pocket. As mine are empty, that won't happen so it will go down as more farm debt that I have accumulated. Indeed the gov't is out to help me. Wonder how hard it would be to set up a bank that didn't actually loan out money but just say that you have an account there and collect interest on your account to the tune of 3%. It is definitely in the BANKS best interest to have big CAIS accounts set up. Even if the money were deposited out of a farmers pocket wouldn't it be a thrill to get 1.75% and still keep paying those 7.5% beginning farmer loans to AFSC.