"Ag Banking Online" Launches As More Farmers Gain Internet Access
By Alisha Carpenter, Loan Officer - In my last blog post, I mentioned a few things that are changing at our rural financing cooperative. Well, there are more changes to come – and they’re all in response to our customers’ needs and requests, and the changes that are taking place in agriculture.
One of those changes is the increasing number of farmers who now have Internet service. In 2007, 57 percent of U.S. farmers had Internet access, up from 50 percent in 2002, according to the 2007 Census of Agriculture. Of those with Internet access, 58 percent had high-speed connections. Here in Alabama, nearly 48 percent of farmers, whose principal occupation was farming, had Internet service. The figure goes up to almost 51 percent if you include those farmers who had other occupations in addition to farming.
Given these statistics, Alabama Farm Credit was thrilled this week to launch Ag Banking Online, our new service that allows borrowers to access their accounts online. Our customers asked for it, and, as always, we listened! That’s what cooperatives do.
For a number of years, our customers have had online access to their Land Bank accounts. But now, with Ag Banking Online, they will be able to make real-time online payments to their Alabama Farm Credit loan accounts from their business or personal checking accounts. They’ll also have the ability to transfer money between their Land Bank Funds-Held Accounts, and to view their payment and online transaction histories, as well as their patronage and stock account histories.
Not all farmers are ready or able to bank online. One reason might be the lack of broadband Internet service in some areas. But with the hectic lifestyle we all lead now, this is definitely something that everyone will be able to use eventually. Don’t worry if you are not an Alabama Farm Credit customer, or future customer — this service will be available in some form or fashion from most Farm Credit lenders.
If you are a Alabama Farm Credit customer and you already have account access, you can sign up for Ag Banking Online using your existing user ID and password. But if you do not sign in by May 2, you will be prompted to call your local Land Bank office for help. If you do not already have an account set up, just click on the “Sign Me Up” link on the home page and we will get you on your way to online banking. If you have questions about getting started with Ag Banking Online, please contact me.
Check back here for updates on our progress toward becoming a full-time agricultural lender. Remember, in 2010 the Alabama Farm Credit will be able to meet your lending needs for not only rural real estate, but also for cattle, crop inputs, equipment, etc.
