Credit Policy

 

The purpose of this Notice is to inform you of our Credit Policy.  Please review this information carefully. A Credit application must be submitted and approved from the Credit Department on all new accounts.

 

  1. No Annual Fee: No annual fee will be charged.

 

  1. Terms:  Purchases made during the month are due in full by the 15th of the month (the “Due Date”) following the month in which the transactions took place.  The billing cycle closes at the end of each month.  An itemized statement of all purchases made within a billing cycle will be mailed at the end of each billing cycle.  If an account balance has not been paid by the Due Date, then such account will be deemed past due. 

 

  1. Past Due Accounts:  Accounts deemed past due, pursuant to the credit policy, will be assessed a finance charge of 1.5% per month (18% Annual Percentage Rate) on all past due invoices.  Accounts that have been assessed a 1.5% finance charge and are still not paid by the 20th of the month will receive a reminder latter.  Farmers Coop­–Remsen reserves the right to place a past due account on a cash only basis and may demand immediate payment in full.

 

  1. Payments:  Payments will be applied first to unpaid finance charges, then to the remaining outstanding balance. 

 

  1. N.S.F Checks:  The maximum allowable fee will be assessed on each returned check. 

 

  1. Collection:  If no communication or payment has been remitted to Farmers Coop–Remsen by the end of the month after being placed on a cash only basis Farmers Coop–Remsen reserves the right to take collection actions.  To prevent this; please let us know if there is a problem.  We want to work with you. 

 

  1. Prepayment:  Customers monthly charge accounts must be current in order to take advantage of the prepayment plan. If a Customer’s account is current, Customers choosing to prepay for their purchases may do so at any time.  All prepay monies will be posted to your account.  Any cash discounts that may apply will be given at the time of prepayment.  Customers may not prepay more than their total annual purchases.