This year, the cash hail discount date was moved to 8/15/2021. This was a great chance to allow some small grains to be harvested and still take advantage of the 5% cash discount. We are working on getting out the final binders and hail billings this week. If you have already received your binder, your cash hail billing is tucked into the front left pocket. For those who have not received their binder with billing and want to take advantage of the cash discount, please call the office and we will give you instructions on how to pay timely. If you do not wish to take advantage of the discount, you may pay the full balance by October 1st with ArmTech, while Pro-Ag & RCIS have a December 1st date with no interest.
Example:
$10,000 Hail Billing
$500 Cash Discount 8/15
$9,500.00 due
45 days annualized interest rate 40.5%
Paying early this year is the equivalent of 40.5% interest on 45 days. I would encourage all producers to take a hard look at paying their hail early this year.
