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Monthly Housing Charges Policy

Purpose of the policy

To provide members with the rules and responsibilities for paying their housing charges on time.

Payment

Housing Charges are due on the first (1st) day of each month.
The Co-op encourages members to pay with automatic withdrawals or post-dated cheques, NO cash. Automatic withdrawals will be renewed annually by the Member. If using post-dated cheques, the Co-op asks each household to submit twelve (12) post-dated cheques, dated for the first of each month, prior to the new fiscal year (August). This eliminates the need to deliver a cheque to the Co-op office each month. It is more convenient for members and the Co-op as a whole.
Members must have their payments for the monthly housing charges into the Co-op office in time for banking on the first day of each month (prior to 2:00pm). The Co-op stresses the importance of prompt payments.
New members must pay their share purchase when the Co-op accepts them as members. New members must pay the first (1st) month’s housing charges at move-in.
Late fines will apply as per policy. Any late fees accessed become part of the Housing Charges for that month and will be subject to applicable fines. (as per Arrears Policy)

NOTE:

If the first (1st) of the month falls on a weekend or a statutory holiday, the housing charge payment must be in the office by nine am (9:00am) of the first following business day.

This policy replaces all previous policies.

Approved by general membership at AGM on November 4, 2015