OTITC Policy

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====== Payment policy reminder ======

(Revised December 3, 2003 – this may just be a flyer and not official policy)

  * Carrying charges are due on, or before, the FIRST day of the month.
  * $35 late charge will be assessed for any payment paid after midnight on the fifth day of the month.
  * Payments made after midnight on the fifth must include the $35 late fee and must be paid at the office or the 728 buildings drop box.
  * Each household is asked to submit one payment in full. This could mean several money orders but all add up to the full amount due. Partial payments will not be accepted.
  * NEW POLICY – Payments can be made at the office or at the 728 buildings drop box. The drop boxes in the individual building will be removed in January.
  * NSF Policy – if a payment is returned from your financial institution due to non sufficient funds it is considered late and the $35 late charge will be assessed along with a $30 penalty assessed for the returned check fee. The Cooperative will ask for repayment via Money Order or Cashier’s Check. If more than one personal check payment is received in a twelve month period of time, the Cooperative will not accept your personal check for a period of twelve months after the last NSF payment is repaid. Payments from non-members will not be accepted without prior authorization.

Please note: Should you be face with a hardship that prevents you or your household from paying your carrying charges in full and on or before the first day of the month, the Co-op board of directors has determined that you will be allowed to formulate a payment plan but only one time in a given 12 month period. Your payment plan must be board approved. You may submit a written plan to the office for consideration **before the first day of the given month.**

<WRAP box>
==== History ====
Original 2003-12-03
</WRAP>
OTITC Policy

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