Credit Policy

Effective Date October 1, 2017

Revised May 1, 2018

  1. An approved credit application should be completed and signed by all new accounts.
  2. An inquiry may be made through the credit bureau to determine credit history.
  3. The closing date of the billing cycle shall be the end of the month. All periodic statements will be mailed as soon as possible following the closing date of the billing cycle.
  4. Payment is due in full by the last day of the month the statement is mailed.
  5. Prompt Pay (Cash) discounts are available bulk fuels and bulk LP. All discounts are subject to change without notice. Prompt Pay (Cash) discounts are only available if payment is received by the 15th of the month following date of purchase. No discounts will be offered after the 15th. Account must be current to receive prompt pay discount.
  6. A finance charge of 1.5 % per month or 18 % per year accrues against the outstanding past due balance on the last day of the month. A minimum finance charge of one dollar ($1.00) will be assessed on past due accounts.
  7. An account over 60 days old shall be considered delinquent and may be required to pay cash on delivery (COD), and a collection procedure may begin, with all costs of collection being added to the patrons account to be considered indebtedness of the patron to the cooperative. In addition, the coop reserves the right to place any account on COD if the coop has reason to believe the account may not pay within accordance with the credit policy.
  8. Central Region Cooperative has a first lien on any equity held by the applicant in the Central Region Coop or in either of the legacy coops. 
  9. Management reserves the right to deny or limit extension of credit.
  10. Financing programs are available for most purchases. Please inquire to the divisional manager. Please see departmental credit policies attached for departmental details. 

Departmental Credit Policies

Agronomy

  • No discounts offered on agronomy products.

Feed

  • Selected accounts will be direct debited once a month.
  • No discounts will be offered in feed dept.

Energy

  • Home heat customers will be required to move to budget program if they go past due.
  • Prompt Pay Discounts will be 10 cents per gallon on all bulk fuels and LP effective on purchases after Oct 1, 2017. Bulk fuel and LP will be invoiced at 10 cents per gallon over the cash price and credited as a prompt pay disc when and if payment is made by the 15th of the month following purchase. No discounts allowed if payment is received after the 15th of the month.
  • Account must be in a current status to receive discount.

Grain

  • Corn purchases for Heartland corn products will be due immediately upon being billed.
  • No corn will be delivered to Heartland for a past due customer.
  • Past due drying and storage fees will be automatically deducted when grain is sold.  When a customer sells grain the employee settling the account will check aging and deduct from grain check.
  • Drying charges will be billed out by Nov 30th each year.
  • Storage charges will be billed out annually on July 31st.
  • The grain policies apply to all grain that is sold as unprocessed grain and does not include feed products or grain used in feed production.  
  • Wholesale grain purchases at CRC are due immediately upon billing. Billing will occur the same day the grain is loaded out. Finance charges will start to accrue on the seventh business day. Credit on future grain purchases will not be extended unless previous grain purchases are paid in full. This policy includes all grain products that leave the premises of CRC, including corn, corn screenings, soybeans, wheat and oats. For purposes of this credit policy Heartland corn purchases are considered wholesale.
  • Retail grain purchases at CRC fall under the overall coop credit policy.

 

Credit Application

 

Our Legacy is the Future of Our Cooperative.

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