Banking crux as farmers deal with Ulster exit

FARMERS who have accounts with Ulster Bank are running into a financial wall when it comes to transferring or opening new accounts over recent weeks and months, according to farm business section of the IFA.

Following the decision by Ulster Bank to pull the plug on their Irish operations, thousands of farming customers with that provider have struggled to make a smooth transition to another financial institution.

IFA National Farm Business Chair Rose Mary McDonagh said the exit of Ulster Bank from the banking market was creating huge uncertainty and added stress for many farmers, who are already worried about escalating input costs and falling farm incomes.

“We’ve heard of cases where existing Ulster Bank customers are waiting literally months for an initial meeting with a new financial provider to set up a current account facility with them.

“Others are encountering obstacles in opening business accounts and overdrafts, even though personal accounts are held with the new bank provider,” she said.

For more, read this week’s Connacht Tribune.

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