End Rows for Nov. 12, 2013

Monday, November 11, 2013

Changing banks

Nearly all Farm Service Agency payments are made electronically using direct deposit.

To keep the system running smoothly, it's critical to keep the county office staff up to date on changes you might make in your financial institutions.

If you have changed accounts or institutions that might affect the direct deposit of your FSA payments, contact the FSA county office so we can update our files to insure continued uninterrupted service.

If your recent program payments were sent to an account that has been closed, contact the FSA office so we can update your banking information.

Selling land

If you plan on selling farmland, you should be aware of several things to be aware of associated with FSA programs.

For example, if you're planning to sell land that's enrolled in the Conservation Reserve Program, FSA has no requirement the buyer succeed to the contract.

If the buyer doesn't want to continue the CRP contract, you will have to refund all of the payments you've received to date.

Reviewing program implications with your local Farm Service Agency staff before completing a sale of farmland is always a prudent precaution.

Authorization to release information

When farmland is up for sale, interested parties will stop by the FSA office to inquire about the farm's program participation and payments.

We are not allowed to release information without written authorization from the current owner.

If you are selling a farm, contact the FSA office about releasing information to interested parties.

November interest rates

Here are the interest rates for November:

Marketing Assistance Loans(commodity grain loans) -- 1.125 percent

Farm Storage Facility Loans (7-year term) -- 2.000 percent

Farm Storage Facility Loans (10-year term) -- 2.625 percent

Farm Storage Facility Loans (12-year term) -- 2.875 percent

Operating Loans -- 2.125 percent

Ownership Loans -- 4.250 percent

Beginning Farmer Down Payment -- 1.500 percent