The credit terms for open charge accounts at your cooperative remain unchanged from prior years. For those that are new members, and as a refresher to all, open account balances are due in full no later than the last business day of the month following when the charge occurred. For example, all charges in the month of August are due in full no later than September 30. Any balance remaining on October 1 will be subject to a 1.5% finance charge (18% APR). Accounts that are not paid monthly and/or exceed their credit limit may be put on a cash only basis.
With our fiscal year end on September 30, it is more important than ever that all open account balances are within the credit terms of the company. Past due accounts:
Negatively impact your company’s balance sheet and operating statement.
Reduce the amount of money returned to our members as patronage and in stock redemptions.
Negatively impact our ability to borrow low cost funds and pay them off in a timely manner.
Affect our ability to purchase new equipment and inventory for our members.
Reduces our ability to grow and expand the business when opportunities arise.
Negatively impact our company grain licenses and increases fees paid for them as they are associated with financial performance.
Drain valuable resources such as staff time, legal fees, interest and other expenses associated with collections.
Impact our ability to attract and retain quality staff to serve you.
Thanks to all of you who continue to keep your accounts current. For those who are past due, please make arrangements to clear up any amount over 30 days old by September 15.
