
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.
- No Annual Fee: No annual fee will be
charged.
- 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.
- 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.
- Payments: Payments will be applied first to
unpaid finance charges, then to the remaining outstanding balance.
- N.S.F Checks: The maximum allowable fee
will be assessed on each returned check.
- 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.
- 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.