Full Circle Ag Credit Policy

It is by direction of the Board of Directors that the following credit policy has been adopted as a convenience, not a financing program, to our patrons and customers.  It will be enforced by this cooperative in a non-discriminating manner to ensure fair and equal treatment to all.
EFFECTIVE February 1, 2014.

  1. Billing Cycle is closed the last day of each month.
  2. A statement is mailed the first week of each month which will cover the previous month transactions. This statement serves as your reminder of the aging of your account.
  3. Payment is due in full by the 15th of the month the statement is mailed.
  4. All Fertilizer & Chemical will be Prepay, Cash on delivery or pickup, Credit Cards, Irrevocable Letter of Credit from your lender or an approved producer financing program.  Convenience credit (if prepay runs out) can be granted only by the Credit Manager and the Location Manager, based on past years credit history, only for short periods of time.  If a grower is approved for short term credit he will receive a cash discount if he meets payment terms. Fall Fertilizer deferred billing may be offered.  Approval has to be granted by the Credit and Location Managers.
  5. A finance charge of 1.67% per month or 20.04% per year accrues against the outstanding past due balance on the last day of the month.
  6. When an account is 60 days old, credit can no longer be extended until the account becomes current.  Until the account is current, all purchases will be required to be cash.
  7. Accounts over 90 days will be considered delinquent and a collection procedure will begin.
  8. Open account credit balances exceeding $1000.00 will earn interest; the rate will be posted in each location.  The interest will be credited to the account on billing day.  Credit balances on agronomy products should be used within 60 days or can be refunded.  No interest will be paid on locked in items.  Management may use his or her discretion to determine the amount of credit to allow each patron.
  9. We reserve the right to refuse or limit credit to anyone, at any time, based on ability to pay, financial condition or previous experience as we see fit.
  10. The cooperative has a first lien on all patronage account and equities of its patrons to secure payment of any past due debt.

Authorized by the Board of Directors of Full Circle Ag