May 2022 > 2022 Credit Reminders

2022 Credit Reminders

May 5, 2022

As we begin another busy “Spring Season,” an essential business practice for your cooperative is to review customer accounts that have unpaid amounts 60 days or more past due.
 
Thank you to patron members that have taken advantage of input finance options or bank loans to prepay for products and services. There are enough issues with weather, machinery breakdowns, and other factors, and you won’t have to worry about how to pay for items needed as you are well prepared.
 
Policy Reminders 
United Cooperatives’ credit policy remains unchanged – all balances are due Net 30-day terms. When an account is 60 days or more past due, we will place the account on a cash basis (no charge). The account does not automatically return to charge privilege when paid. To reinstate credit, an account review with someone in our credit department needs to be done by calling 920-887-1756 or 800-924-2991.
 
Over time the enforcement of our policy has saved your cooperative thousands of dollars in bad debt losses. Likewise, failure to enforce the policy exposes the cooperative to unnecessary losses, which deteriorates earnings for all the other customers that pay promptly. We work hard to protect your equity in the cooperative.
 

For this reason, we must strictly enforce a COD status for All Customers with amounts owing over 60 days. Even though this may be uncomfortable for some members, it has proven to control exposure to losses and improve returns to all members.

 
Your Good Credit is vital to all of us here at your cooperative. It is a handy tool that allows you to make timely decisions. We do not want to see any customer lose that privilege.
 
Heating Season Reminders
Another heating season is almost over, and for some of you, the high usage of Propane and Fuel Oil caused difficulty in paying promptly. You must plan for the next heating season so that we can deliver product to you without delay. We offer multiple ways to ease your frustration: Budget, Booking, and Prepay programs. Contact the energy department for further details at 920-887-1756.
 
Patronage distributions
Are you receiving your full patronage dividend? For purchases made in 2021, we sent out patronage dividend checks in early May. If your check stub shows a “Federal Withholding Tax line,” your check is reduced per IRS regulations because we do not have your Social Security number or Federal Tax ID number on file. Please contact the credit department at 800-924-2991 to correct this so we can pay out your full dividends in future years.

Mary Beth Schade

Vice President - Credit & Administrative Services


 
Posted: 5/5/2022 8:59:34 PM by Samantha Schade | with 0 comments
Filed under: Corporate News, Credit Reminders


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