Farmers told to think hard before changing banks
Published 16/02/2010 | 05:00
Farmers impacted by the closure of 16 ACCBank branches should not be too hasty in pulling the plug on their accounts.
IFA farm business chairman James Kane said that although other banks might welcome new customers, they might not be willing to take on new customers' existing loans.
Mr Kane, who was very vocal in his criticism of the branch closures when they were first announced, has urged farmers to exercise caution before they consider the move.
"Even if another bank is willing to take on the loan, this could end up costing the farmer a lot more in interest and I would advise farmers to consider any move very carefully," he warned.
He also said that it was critical for farmers to protect their credit rating as this would stand to them when dealing with their banks in times of financial difficulty.
ACCBank has already closed its branches in Tralee, Ennis, Nenagh, Ballina, Letterkenny, Castlebar, Tuam, Roscommon, Navan and Monaghan.
Branches in Cavan, Athlone, Tullamore, Dungarvan, Wexford and Clonmel are due to close between now and the middle of next month.
The bank has retained nine business centres in Cork, Dublin, Drogheda, Galway, Kilkenny, Limerick, Mullingar, Sligo and Waterford.