Irish financial institutions have seen a huge reduction in the use of cash and cheque payments among consumers, in a move toward mobile and online banking. The exception to this rule is reportedly from within the farming community, but this is slowly starting to change. IFA farm business chair Rose Mary McDonagh says the benefits of online banking, especially in the current COVID-19 climate, far outweigh any negatives.

“Farmers should definitely look into online banking options,” she says. “It’s very convenient, cost effective and – especially now – it just makes sense. You may need to be more conscious of your paperwork (marking invoices as paid, etc) but overall, I would encourage it. Always ensure you keep your account information private to avoid scams; never tell anyone your pins or passwords.”

If you’re considering making the move to online or mobile banking, here’s what you need to know from Ireland’s main financial institutions.

KBC

A digital-first bank, KBC’s range of products can be accessed online on KBC.ie, through the KBC contact centre and through the KBC mobile app. Their call centres operate 24 hours a day, seven days a week and customers are encouraged to contact them at any time. For those looking to register for online banking with KBC, it can be done by calling 1800 51 52 53. You can then access your account anytime to see balances and make transactions.

In correspondence with Irish Country Living, a KBC spokesperson writes: “We have a broad range of financial measures in place to help farmers who bank with us in a personal capacity and are facing personal financial difficulties as a result of COVID-19, including a moratorium or an interest-only option (payment break) for personal loans and mortgages for a three-month period.”

Bank of Ireland

Bank of Ireland have created self-isolation supports for those affected by the COVID-19 virus. These include the option of naming a second signatory on your account for the purpose of making transactions on your behalf.

“We are acutely aware of the challenges facing farmers and the wider rural community and would encourage anyone impacted to contact us,” Bank of Ireland says in correspondence with Irish Country Living. “We can talk them through managing the impact of coronavirus on their personal finances and on their businesses.”

To sign up, call the Bank of Ireland activation team at 1890 365 500 with your account number at hand. The activation team will verify your identity and then walk you through the process of getting your sign-in information for online banking.

Ulster Bank

Ulster Bank’s Anytime Banking online system is quick and easy to set up – it’s done entirely online and your account is verified via SMS on your mobile.

If they don’t have your mobile number on file, they will send you the activation information by post. For farmers or small business owners who have just made the switch to online banking, a source at Ulster Bank recommends they find out their daily financial spend limit, regardless of who they bank with.

For Ulster Bank, this is €5000 – which is handy to know if you plan to be making large purchases in the next while. Download the app on your mobile phone to keep track of your balance. To sign up for online banking, have your account number, banking card number and sort code on hand and go to www.ulsterbankanytime banking.ie to get started.

AIB

AIB aims to keep branches and mobile/online banking services operating during the COVID-19 crisis, but online banking is highly encouraged. Once set up with their online banking system, you can download their banking app to your mobile phone. The app enables you to do all of the banking you would normally do online and is very easy to use.

AIB’s head of agriculture Tadhg Buckley says that farming families should not hesitate to get in touch with their branch or via telephone if they have specific financial concerns as a result of COVID-19.

“We expect the closures of marts and the delay in the sales of animals to lead to some financial strain for our farming customer base,” he says. “We have a range of customer solutions – including fast approvals on loans and overdrafts, working capital, short-term loans to replenish cashflow and our farmer credit line available.”

To sign up for online banking, call 0818 724 020. After confirming your account and identity, you will be given a registration number and a personal access code which will be used to access your online banking account.

Credit Union

If you are banking with a Credit Union, online banking is done on a branch-by-branch basis with the vast majority of Credit Union branches having some kind of online banking programme for their members. According to Irish League of Credit Unions head of communications Paul Bailey, there has been a significant increase in online banking registrations in recent days.

“In order to register for this service, a person should first go to their local credit union’s website and follow the necessary steps,” he says. “Credit unions have a long history of looking after members in times of need. Members, including farmers, impacted by COVID-19 will be treated empathetically by their credit union.”