Anticipate a Direct Deposit Enrollment Letter in Mid-December
The Golden Growers Board had an extensive discussion about the value of Direct Deposit for members (assurance of accurate and timely receipt of distributions) and the cooperative (lower administrative costs). At the conclusion of that discussion, the Board approved a change in policy intended to gradually move all members to participate in Direct Deposit.
Changes are as follows:
- The reprint fee, for members not enrolling at the time of request, increases from $25 to $50 as of January 1, 2021;
- Starting January 1, 2022, GGC will charge an administrative fee of $75 for non-participating members; and
- GGC will require full participation in Direct Deposit as of January 1, 2023.
Direct Deposit was first utilized in October of 2017 with 250 members participating (16%). Over the past three years, we have had steady growth in participation with 1,111 members enrolled (73%) for the October payment. Participants have been pleased with the timely, seamless, and secure process for receipt of distributions. They also receive a mailed letter explaining the payment for their records.
Non-participating members will receive a letter in mid-December explaining the change in policy and encouraging participation prior to January Method A payment and the February distribution.