Finance Charges. When account balances become past due, cooperatives are allowed by law to assess finance charges of 1 ½ percent a month, which equates to an 18 percent annual rate. This rate is very comparable or even lower than other forms of unsecured credit extension. Many credit card rates are in excess of 20 percent annual rate. Secured credit is generally at a substantially lower rate because the lending institution has security in one or more of your possessions as collateral. Crystal Valley’s primary purpose in business is to provide you with the products and services you need. Using accounts receivable balances for financing is not part of our core business services.
Timely Payments. We appreciate your timely payments. Receiving your payment before the due date will help ensure that you do not receive a finance charge when a payment is received after the due date. Mailing your payment at least five to seven days before the due date should help your payment get to us in time.
Returned Checks. Most payments come to Crystal Valley in the form of paper or electronic checks. Returned checks will have a $30 service charge added to the amount owed. Your check and/or service charge may be electronically represented. Additional civil penalties may be imposed on dishonored checks for non-payment after 30 days.
Energy Assistance. With the heating season upon us, the ability to finance your home heating needs is crucial. If you are wondering how you will be able to afford to heat your home this winter, you may qualify for assistance through Minnesota Valley Action Council. If you believe you may qualify, it may be in your best interest to pursue the application as soon as possible. The accompanying information provides income guidelines and contact information for the program.
From Crystal Valley Coop