FARMERS for Action' (FFA) is urging farmers to "pile the pressure" on banks to get the best deal.
The call comes as the group claimed that members of its steering committee are being inundated with reports of bankers continuing to increase interest and account charges.
"This has prompted outrage in the farming community in Northern Ireland," FF
A co-ordinator William Taylor told Farming Life.
So what are reasonable charges? FFA spoke to a recently retired American banker on this issue, who has many years' experience of the 'family–owned banking' sector in that country.
"We have been told that US corporate banks are always looking for more commercial business and do try to charge as high an interest rate as possible, plus account fees if they can get away with it," explained William Taylor.
"In contrast, family-owned banks tend to only charge interest to farmers at an average of 2% APR over base maximum with absolutely no account fees.
"Up until recently Northern Ireland has only had four main banks. However, a number of other banks have now set up business locally. Our advice to farmers is to shop around and don't stop pushing until you are getting a deal that is maximum 2% APR over bank of England base rate which is currently 0.5% APR."
William Taylor also points out that farmers in Northern Ireland should not have to pay account fees. He also advises that farmers shopping around should never close the account of the bank they are leaving - it should be saved for another day.
"To be fair FFA has come across new customer deals that have no account fees and are under Bank of England base rate + 2% APR – so it can be done," he concluded.
"Without agriculture across the world, the banks couldn't exist. They have always done well from farmers, so now is the time for farmers to pile the pressure on the banks."