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Banks vs credit unions, the finance thread.

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    #2
    Siamsa Sessions
    Moderators, Society & Culture Moderators Posts: 3,661 Mod ✭✭✭✭Siamsa Sessions


    I got a phone call Friday morning that’ll probably change what I’ll be doing for the next 20 years. For better or worse!

    The Credit Union approved my €60k loan application and I’m going to drive on with the cows. Lots of work to be done but all going well I’ll be milking 32 beasts this time next year and 60-ish in 2026. I’ll probably do a quick video on it but wanted to let people know on here first.

    I couldn’t recommend the Credit Union enough for a loan. Spoke to someone last Wed week, he emailed me a list of docs they needed, I got them all back to him last Fri, and he rang Fri just gone and said it was approved. Five working days and I got an answer.

    Compare that with AIB. It’s 6 months since I first called into the nearest branch (15 miles away). The guy in Dublin I eventually got to speak to seems OK but he’s only gathering the paperwork. And the tin hat on it then was the letter I got from them in the post on Fri, the same day the Credit Union approved the loan

    IMG_0288.jpeg

    Trading as Sullivan’s Farm on YouTube



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    #3
    JustJoe7240
    Registered Users Posts: 1,440 ✭✭✭JustJoe7240


    Best of luck with the decision, you'll have a busy year ahead



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    #4
    mr.stonewall
    Registered Users Posts: 1,646 ✭✭✭mr.stonewall


    https://www.boards.ie/discussion/comment/121987538#Comment_121987538

    Congrats and the best of luck on this journey. As a few have said when they are running away from something slowly walk the opposite way. There will be a future in dairying but not at the extreme pushed limits of 220-250kgN/ha



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    #5
    whelan2
    Registered Users Posts: 29,187 ✭✭✭✭whelan2


    Aib are useless atm. No one is answerable to anyone else, a deadline doesnt mean a deadline. They could have rang you to say the above instead of sending snail mail



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    #6
    Castlekeeper
    Registered Users Posts: 1,704 ✭✭✭Castlekeeper


    https://www.boards.ie/discussion/comment/121987538#Comment_121987538

    Best of luck Siamsa, a lot comes down to it in the finish, and let every one of those euros be a hostage.



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    #7
    FintanMcluskey
    Registered Users Posts: 8,285 ✭✭✭FintanMcluskey


    https://www.boards.ie/discussion/comment/121987538#Comment_121987538

    Well done.

    I can't believe €60k took so much hassle, it's a loan amount for a decent car nowadays.

    It's usually only a phone call obtain that much money with AIB, or any of the bigger lenders.

    Or did you mean €600k?!



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    #8
    Grueller
    Registered Users Posts: 5,120 ✭✭✭Grueller


    Fair play Siamsa. I am not too dissimilar to the scale you are at. I have 75 to go through the parlour this year. Compared to beef there is a future there now on your farm in my opinion. As Fintan said above, €60k is only a car loan now.

    Funny thing is, I looked for €25k in 2013 to build a shed for sucklers. BOI, AIB and Ulster Bank all declined me. The local credit union looked after me. When Ulster closed we were opening accounts with BOI again and all the questions came about the farm business. The last thing the lady said was, when you are expanding or upgrading give us a shout about finance. I told her that M****** F***** didn't want to hear from me a few years ago so unless the credit union aren't open for business I won't be back.



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    #9
    Siamsa Sessions
    Moderators, Society & Culture Moderators Posts: 3,661 Mod ✭✭✭✭Siamsa Sessions


    https://www.boards.ie/discussion/comment/121987866#Comment_121987866

    Ah here, €60k is a big investment for me, never mind adding another zero onto it!

    That €60k will get me up and running but I’ll be going back to them for more within 2-3 years as I’ll have to put up a calf shed and do a few more bits too. I reckon I could have €100k spent within 4-5 years. But I didn’t want to ask for so much in one go in case it was refused and I’d prefer to have a basic system up and running before I see where’s the best place to put a calf shed, add 100m of roadway, etc.

    I’ll build what I need based on what I see in front of me rather than having a specific template - if that makes sense.

    Thanks for all the good wishes. Ye’ll have to listen to me complaining now as and when things aren’t going to plan 😁

    Trading as Sullivan’s Farm on YouTube



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    #10
    kk.man
    Registered Users Posts: 3,443 ✭✭✭kk.man


    Siamsa Sessions wishing you the very best.

    Can't believe 60k is that much hassle. I'd be getting that amount for buying cattle most years in 2 to 3 days turn around from BOI and no security. I'm not advocating BOI here.



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    #11
    Base price
    Registered Users Posts: 11,172 ✭✭✭✭Base price


    Best of luck Kieran. I think that I can add for most of us here on F&F that we all wish you the very best of success. It would be nice if you could document your journey via your youtube channel. I always enjoyed reading @davidk1394 similar journey here on F&F.



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    #12
    Siamsa Sessions
    Moderators, Society & Culture Moderators Posts: 3,661 Mod ✭✭✭✭Siamsa Sessions


    https://www.boards.ie/discussion/comment/121988859#Comment_121988859

    The Credit Union is the only local bank now

    Trading as Sullivan’s Farm on YouTube



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    #13
    minerleague
    Registered Users Posts: 1,036 ✭✭✭minerleague


    https://www.boards.ie/discussion/comment/121987966#Comment_121987966

    Were they not right to refuse you?🤣 No money in sucklers!



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    #14
    emaherx
    Registered Users Posts: 5,993 ✭✭✭emaherx


    https://www.boards.ie/discussion/comment/121988049#Comment_121988049

    Of course it's easy to get it if you've been getting it that often, that's a different ball game altogether.



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    #15
    Base price
    Registered Users Posts: 11,172 ✭✭✭✭Base price


    https://www.boards.ie/discussion/comment/121988049#Comment_121988049

    Surely that's what I call a stocking loan with a substantially higher interest rate?



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    #16
    Grueller
    Registered Users Posts: 5,120 ✭✭✭Grueller


    https://www.boards.ie/discussion/comment/121989387#Comment_121989387

    They probably were to be fair but do you not know that we all put in our off farm income? Lads around here love hearing that.



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    #17
    ESetter
    Registered Users Posts: 62 ✭✭ESetter


    https://www.boards.ie/discussion/comment/121989375#Comment_121989375

    fully agree, banks wouldnt talk to me last year for a small loan like yours but the credit union stepped up..you can at least talk to the person making the decision in the cu,, best of luck



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    #18
    whelan2
    Registered Users Posts: 29,187 ✭✭✭✭whelan2


    The difference is the credit unions want the business the banks don't care anymore



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    #19
    green daries
    Registered Users Posts: 1,981 ✭✭✭green daries


    https://www.boards.ie/discussion/comment/122000150#Comment_122000150

    We are only hassle to them......it feels like it anyway



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    #20
    whelan2
    Registered Users Posts: 29,187 ✭✭✭✭whelan2


    Rang bank yesterday to get something simple done. Cant be done in local branch as that's not a main branch anymore. Would need to write a letter...ffs this is 2024



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    #21
    Siamsa Sessions
    Moderators, Society & Culture Moderators Posts: 3,661 Mod ✭✭✭✭Siamsa Sessions


    Can't be a good sign when banks are essentially becoming like the civil service, with no local accountability and everything centralised in Dublin

    Trading as Sullivan’s Farm on YouTube



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    #22
    green daries
    Registered Users Posts: 1,981 ✭✭✭green daries


    https://www.boards.ie/discussion/comment/122000205#Comment_122000205

    It's a slow creep thing it's being going on for ages



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    #23
    _Brian
    Registered Users Posts: 18,504 ✭✭✭✭_Brian


    https://www.boards.ie/discussion/comment/122000222#Comment_122000222

    Harder for older people or those not able to bank online, they are being left behind… There will be plenty to fill the gap from Credit Union up to the online likes of Revolute..

    I see towns like Killeshandra in Cavan, bank branch was closed, then credit union was closed and finally the post office closed… Its gone from a busy wee town to a shell of its former self, businesses closing and buildings falling into terrible disrepair.. A scene repeated across the country sadly



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    #24
    Say my name
    Registered Users Posts: 11,173 ✭✭✭✭Say my name


    https://www.boards.ie/discussion/comment/122000205#Comment_122000205

    Probably to do with the government bailout. The civil service have a say in how the banks are run. Coupled now with politicians seeing their opportunities in how they can leverage banks decisions in who gets loans or not.



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    #25
    Siamsa Sessions
    Moderators, Society & Culture Moderators Posts: 3,661 Mod ✭✭✭✭Siamsa Sessions


    https://www.boards.ie/discussion/comment/122000545#Comment_122000545

    All control is being pulled back into the centre.

    I think it's called 'kingdom building' in the civil service (or any large organisation). You try to take on more control and more staff to expand your importance and buffer yourself against any future cuts.

    https://www.boards.ie/discussion/comment/122000222#Comment_122000222

    And it shows no sign of slowing down. Technology is putting more power in fewer hands. All the more reason to shop local and buy from independents rather than franchises. I give the young lads this lecture when they want McDonalds and I want something from the local chip-shop 😀

    Trading as Sullivan’s Farm on YouTube



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    #26
    V6400
    Registered Users Posts: 47 ✭V6400


    anyone using the credit union for their farm account?



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    #27
    Siamsa Sessions
    Moderators, Society & Culture Moderators Posts: 3,661 Mod ✭✭✭✭Siamsa Sessions


    https://www.boards.ie/discussion/comment/122000754#Comment_122000754

    Not yet, but I've been thinking about it. I'll have a chat to them when I call in to draw down the loan.

    These are the fees and charges from the Credit Union I deal with: https://www.cairdecu.ie/images/library/documents/08032024-161013.pdf

    I'm assuming they're similar or maybe slightly less that the banks' fees.

    Trading as Sullivan’s Farm on YouTube



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    #28
    whelan2
    Registered Users Posts: 29,187 ✭✭✭✭whelan2


    Milkman left a leaflet for the credit union here this morning



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    #29
    Odelay
    Registered Users Posts: 3,799 ✭✭✭Odelay


    I see the credit union are actively advertising their ‘cultivate” load specifically.



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    #30
    Kevhog1988
    Registered Users Posts: 3,972 ✭✭✭Kevhog1988


    What would % interest be in Credit union?. i got a pop up from revolut offering me a loan today



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    #31
    Birdnuts
    Registered Users Posts: 9,652 ✭✭✭Birdnuts


    https://www.boards.ie/discussion/comment/122000150#Comment_122000150

    So True - AIB in particular seem to be a joke shop, I'm the Chairperson of a local Conservation Group and after our previous Chairperson passed away I and a board member have twice gone into the branch to sign documents authorising a change of address for correspondance on the account. They are still sending documentation to the old address nearly 3 years on!!🤬 - Plus a close family member recently took up a position in their HQ and is shocked by how outdated and uncoordinated their current systems and senior management are!!



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