South Central Grain & Energy Credit Policy

  1. The purpose of this credit policy is to extend only convenience credit to patrons and customers. Any other terms of credit must be approved by the appropriate authority prior to the time of purchase. 
  2. All purchases made on credit during the month are due and payable by the 15th of the following month. Any remaining balance due and unpaid by the 15th of the month following the month of purchase shall be subject to a finance charge computed at the periodic rate of 1.5% per month, which is an annual percentage rate of 18%. A minimum finance charge of $0.50 shall be assessed on past-due accounts. 
  3. The closing date of the billing cycle shall be the end of the month. All periodic statements shall be mailed as soon as possible following the closing date of the billing cycle.
  4. If the account is not paid by the 15th of the month, the account shall be classified as delinquent, and the account shall be placed on a cash-only basis. Credit shall not be extended to any account that has a past-due balance. 
  5. Cash discounts may be given on certain items in certain departments. Check with the department for further details on cash discounts. 
  6. In the event that collection proceedings are initiated to collect any balance due, you may be subject to additional court costs, attorney’s fees, or collection agency charges. It is understood that South Central Grain & Energy has a first lien on any equity held by the applicant in the co-op. 
  7. This policy may be changed from time to time by notifying you. Use of the account after notification will indicate your agreement to the change. 
  8. Management reserves the right to deny or limit extension of credit.