farm bank account

Muckit

Is there anyone successfully running a farm account without a cheque book?

I'm tight and loathe to pay every time l write a cheque!! Despite talk for years around their demise as a means of payment they are still around!

But is there anyone operating a viable alternative?

Anyone using bank transfer etc for contractors etc? ?

Thanks

stretch film

Muckit wrote: »

Is there anyone successfully running a farm account without a cheque book?

I'm tight and loathe to pay every time l write a cheque!! Despite talk for years around their demise as a means of payment they are still around!

But is there anyone operating a viable alternative?

Thanks

Open to correction but last time I paid attention an online transfer was the same cost as a cheque. So lets not scrap the cheque book yet . The stub is a vital cog in farm accounting

Bullocks

Muckit wrote: »

Is there anyone successfully running a farm account without a cheque book?

I'm tight and loathe to pay every time l write a cheque!! Despite talk for years around their demise as a means of payment they are still around!

But is there anyone operating a viable alternative?

Thanks

Online transfers are the way to go . I think GG said they don't have a cheque book at all .
We use one for most payments here on farm just because the old boy is used to them .
How much is a charge per cheque now

whelan2

stretch film wrote: »

Open to correction but last time I paid attention an online transfer was the same cost as a cheque. So lets not scrap the cheque book yet . The stub is a vital cog in farm accounting

yes but you still get the odd one not filled in, at least with electronic payment you know where it went

Dawggone

France loves cheques. Loves the fecking paper trail.
All shopping is done by cheque.

stretch film

whelan2 wrote: »

yes but you still get the odd one not filled in, at least with electronic payment you know where it went

Funny one lately .I printed off my statements and all my d/ds were just a mish mash of codes so i still ended up going old school and going through original statements and reciepts etc .

Point is online banking and emailed docs etc are not cheaper as promised or as time saving as youd expect.

Brass Tag

I have a debit card for the farm current account. Covers all over the counter and online purchases including insurance etc.
Only wrote 3 cheques this year. Silage contractor and bit of drainage with another contractor.
Makes reading the statement so much easier.

milkprofit

Muckit wrote: »

Is there anyone successfully running a farm account without a cheque book?

I'm tight and loathe to pay every time l write a cheque!! Despite talk for years around their demise as a means of payment they are still around!

But is there anyone operating a viable alternative?

Anyone using bank transfer etc for contractors etc? ?

Thanks

Very few cheques here
Most merchants paid with credit card-extra 3to 6weeks credit
Moving to on line transfer
Nearly all income electronic transfer

Muckit

Yes I am already using card to pay merchants etc.

Debit card has a limit though which makes it near useless for paying for a load of cattle in the mart.

I could get a farm credit card but don't want a huge limit on it for security reasons.

Paying those (contractors etc) without a card machine is another quandary.

With International bank transfer its a bit wishy washy as to if person you are paying has received money.

trg

Does anyone receive payment from marts or factories by online credit transfer?

I enquired from a factory lately and got the distinct impression the person I was talking to had never heard of the Internet!

Farmer Pudsey

Have moved to doing as many tranactions as possible with Debit card. Merchants etc no issue. Marts sometimes however limit on cash amount and issue if you need to move money into account. Bank is unlikely to stop a cheque for a few hundred euro but no way you can debit if gone slightly over the overdraft limit.

Between stamp duty and fees a cheque is well over a euro to use and another to cash. Pay lads that hauls cattle after a few loads he has no issue waiting( pay him 2-3 times a year).

gazahayes

trg wrote: »

Does anyone receive payment from marts or factories by online credit transfer?

I enquired from a factory lately and got the distinct impression the person I was talking to had never heard of the Internet!

Local mart is doing electronic transfers (roscrea) signed up just have to drop off the forms only set up a proper farm account as wages were coming in and out of it before and it was getting a bit hard to keep track of.

Brass Tag

Farmer Pudsey wrote: »

Have moved to doing as many tranactions as possible with Debit card. Merchants etc no issue. Marts sometimes however limit on cash amount and issue if you need to move money into account. Bank is unlikely to stop a cheque for a few hundred euro but no way you can debit if gone slightly over the overdraft limit.

Between stamp duty and fees a cheque is well over a euro to use and another to cash. Pay lads that hauls cattle after a few loads he has no issue waiting( pay him 2-3 times a year).

Been meaning to ask at bank (BOI) if transaction limit on debit card on farm business account can be increased!

They are pushing hard to get rid of cheques. Does it not make sense therefore to make the transaction limit on the card somewhat sensible.

newholland mad

trg wrote: »

Does anyone receive payment from marts or factories by online credit transfer?

I enquired from a factory lately and got the distinct impression the person I was talking to had never heard of the Internet!

I get the impression that the marts are trying to avoid electronic payments out because money is gone instantly, where when they post a cheque it takes the guts of a week before its gone out from their a/c some cases a lot longer.

visatorro

older generation still writing cheques. have to say I don't mind using them myself either. find bank very slow to issuing replacement cheque books, anyone else find this??

Greengrass1

Haven't had a cheque book here in 12yrs it more I think. Dad doesn't like them. Got pissed off with lads not cashing them and crap like that.
Debit card used a good bit
Online banking 80% of it for last few yrs then a bank draft for anything else.
Neighbor was down paying for a bit of hedgetrimming we did a while back told me to fill up cheque. I looked at him as if he had two heads

Muckit

Very good GG. I suppose ye are different to mine and a lot of other lads circumstances. Ye prob rarely set foot in a mart as rare all your own stock and ye do all or most of your own machinery work so no contractor.

Electronic is the way things are going and I want to keep moving that way and not backwards.

Farmer Pudsey

newholland mad wrote: »

I get the impression that the marts are trying to avoid electronic payments out because money is gone instantly, where when they post a cheque it takes the guts of a week before its gone out from their a/c some cases a lot longer.

This is more than likely a real issue with Marts. It also allows cattle buyers a few days to fund accounts or in the case of dealers a few day to move on stock and lodge sales cheque.

As money is lodges in account banks have never stopped people from drawing down non cleared funds. It is a real merry go round until a big cheque bounces somewhere along the line.

Farrell

newholland mad wrote: »

I get the impression that the marts are trying to avoid electronic payments out because money is gone instantly, where when they post a cheque it takes the guts of a week before its gone out from their a/c some cases a lot longer.

Got paid by electronic from the mart on last sale, entered account (both Mart & Account are AIB), payment made was December 16th while sale was December 6th.
While if I bought by cheque, funds are out the following Morning

Brass Tag

Farrell wrote: »

Got paid by electronic from the mart on last sale, entered account (both Mart & Account are AIB), payment made was December 16th while sale was December 6th.
While if I bought by cheque, funds are out the following Morning

Changed to electronic payment by mart this year.
Sell on Tuesday, receive money on Friday. Sell Thursday receive money on Tuesday.
Prior to that cheque would arrive in post 8 days after sale. Might be a few more days to get lodged if too busy with other stuff.
Again the bank statement is easy to read. You see clearly the source of funds.

keep going

The best thing about electronic transfer is you are paid when the money is in your account not when you are handed the cheque.it just means someone cant write a chequejust to get you out ofthe yard and if you are selling something iit dosent leave the yard until it shows in the account

5live

visatorro wrote: »

older generation still writing cheques. have to say I don't mind using them myself either. find bank very slow to issuing replacement cheque books, anyone else find this??

I have 2 current accounts and as soon as the checkbook is a quarter used a new one arrives in the post.

AIB and BOI the two banks.

Bodacious

I opened a farm account jointly with old fella.. he retired now but because his name was on there and over 60 = no bank charges... keep at it til im rumbled!


get screwed for card transactions and atms on my personal account

Muckit

Bodacious wrote: »

get screwed for card transactions and atms on my personal account

Switch to ptsb

Loyalty means nothing nowadays. So why pay fees if you don't have to?

ganmo

15 quid bank charges on my own acc...they still think I'm a student

Siamsa Sessions

Hi lads,

Did a search for bank account and found this thread from last year.

Since we're just getting back into doing a bit around the place (sheep, forestry, and weanling-to-stores), the accountant advised us to open a dedicated bank account.

I was thinking about Rabo bank ("the straight-talking, online bank", as the ad says) - does anyone here have any experience of them from a farm account point of view?

Thanks,
Kieran.

barnaman

lads if you open a new buisness account you get 2 years free banking with AIB also a young farmer silmilar deal. I use a bit of both the BOI cheque books with carbon paper that duplicate the cheque wriitn are great; it doubles up as a receipt. Hard get that with bank statments