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Understanding My Farmlands Statement
Farmlands Statements are sent to Shareholders around the 5th working day of each month via email or standard NZ post if mailed. If you receive your statement as posted mail these will be sent via standard NZ post. Farmlands Statements are IRD approved documents and therefore cannot be amended once generated.
Statements are dated the 1st of the month and display the previous month’s transactions (e.g. the 1st January Statement will show transactions from the 1st – 31st December.)
Statement page 1 explained
Closing Balance shows what is currently owed and the payment due date.
The Quick Summary shows the previous month’s transactions and the payment due date. It includes:
• Opening Balance: Any carried-over amounts from the previous month like overdue balances or credits.
• This month’s transactions less your rebates: Breaks down the current months transactions by total amount spent less your rebates earned this month.
• Total Due: The total amount of your current statement, any credits, and outstanding amounts, along with the due date and selected payment method.
Statement page 2 explained
Last Month’s Balance: This is the total amount that was due last month and the total amount that was paid for the previous month. If you have an overdue balance this will be displayed on the last page of your statement.
Current Charges: If you have spent on your Farmlands Account in the previous month, this is where you will see the breakdown of your current charges and what is expected to be paid. Charges on your statement will display:
1) The date the purchase was made.
2) The card number associated with the purchase. Note: The card number will only display a 3-digit number within your 16-digit Farmlands Card number.
3) The invoice number.
4) The Category code for accounting purposes.
5) The goods supplied line by line and where the purchase was made.
Expenditure Definitions:
Gross $ is total amount before any rebate has been applied.
Rebate $ is the amount of discount (rebate) for the individual purchase.
Net $ (Incl. GST) is what the total amount of the purchase minus any rebate and including GST.
GST on Net $ is the amount of GST included in each purchase.
Statement last page explained
Payments Due: The last page of your Farmlands Statement shows your current balance plus any outstanding amounts. If you have a direct debit set up, it will include the payment amount and date the payment will come out of your bank account. For one-off payments by credit card or internet banking throughout the month, ensure they are made prior to the 15th of the month to ensure that the direct debit can adjust if manual payments have been made.
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Ways to Pay
- Direct Debit. Our preferred payment method. To pay your account on the due date you can register for Direct Debit in a few simple steps. The amount you owe will be deducted automatically on the 20th of the month following your Farmlands statement.
To register for or change your current Direct Debit details
1) Log into your MyFarmlands account
2) Select the payments option
3) Select register for Direct Debit
4) Follow the instructions to finish setting up your payment
5) Once you have submitted the request you will receive an acknowledgement email
Please note: Photo ID is required to register online for Direct Debit. All Direct Debit forms need to be submitted by the 15th of the month to ensure they have been loaded prior to the due date.
- Credit Card. Make a one-off credit card payment with your Visa or MasterCard. Your account balance will update within 1-3 working days.
To pay by Credit Card
1) Log into your MyFarmlands account
2) Select the payments option
3) Select Pay by Credit Card
4) Follow the instructions to finish setting up your one-off Credit Card payment
Please note: There is a 2% surcharge on all Credit Card payments. We are also unable to take any Credit Card payments over the phone. Any Credit Card payments made prior to the 15th of the month will automatically adjust your 20th of the month payment.
- Internet Banking. Farmlands are a Registered Payee on most banking websites and apps. Your account balance will update within 1-3 working days.
1) Search Farmlands as a registered bill payee and select “Farmlands Cooperative”
2) Use your Farmlands account name as Payee Particulars
3) Use your 9-digit Farmlands account number for Payee Code and Reference (this can be found at the top of your Statement or in MyFarmlands)
Please note: if you are using this method to pay of the whole bill, please ensure all payments are made by the 20th of the month. Any manual payments made prior to the 15th of the month will automatically adjust your 20th of the month payment.
- Farmlands store. Your account balance will update immediately when your account is paid in a Farmlands store.
1) Take your Farmlands Statement into your local store
2) Farmlands stores accept payments by Cash, EFTPOS, Debit Card or Credit Card.
Please note: Credit Card and contactless payments will incur a 2% surcharge.
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Failed or Overdue Payments
What happens if my Direct Debit fails?
If the first direct debit attempt fails, Farmlands will do another direct debit retry within 2 – 4 days of the first attempt. If the second attempt fails, Farmlands require you to make an internet banking payment to avoid the account becoming overdue.
What happens if my account becomes overdue?
If an account is left unpaid after the due date, you will be charged default interest and Farmlands may reverse any discounts or credit rebates recorded on the account invoices and statements.
Default interest is 24% per annum, this is calculated by multiplying the amount in default at the end of the day by a daily default interest rate. The daily default interest rate is calculated by dividing the default interest rate by 365. Default interest is debited to your account monthly until the account is paid in full.
Overdue Account Reminder.
If your account remains unpaid, we will contact you by phone, email, or text to remind you of the overdue balance and request immediate payment. Your account will be updated once we receive your payment. The time it takes to update your Account depends on your payment method:
Pay at a Farmlands Store: your Account will update immediately.
Pay via Internet Banking or Credit Card*: Your Account will update within 1-3 working days.
*2% surcharge applies to all credit card payments.
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Revolving Credit
Farm Flexi is your revolving credit option, exclusive to Farmlands Shareholders. The idea is simple, put your farming inputs on your Farm Flexi and pay it off when you get paid from them (or earlier if you choose). It’s simple to use, easy to apply for and offers a great range of benefits. Find our more.
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Common Queries
Where can I find my account number?
Your 9-digit Farmlands Account number is at the top of each Statement page.
When are payments due?
Payments must be made in full on the 20th of the month. The date that payments are due will be specified on your monthly statement of the account.
How can I see my Farmlands statements?
Farmlands sends monthly statements around the 5th working day of each month. The fastest way to receive your statement is via MyFarmlands or email.
Email option: You can select two different email addresses to have your monthly statement sent to.
Additional Copies: Can be accessed in MyFarmlands at any time, or request via our Customer Hub team for a nominal fee.
Add link to the current View and Download statement section on current website here.
How do I update the email address where I receive my statement?
2) Go to Account Management
3) Under Statement emails select Update
Note: This will only update the email address Farmlands sends statements to.
If you require an additional email address added to receive a copy of the statement, please email ask@farmlands.co.nz or call 0800 200 600.
Default interest and rebate reversal
If an account remains unpaid after the due date, default interest will be charged, and any discounts or credit rebates may be reversed
Default interest is 24% per annum this is calculated by multiplying the amount in default at the end of the day by a daily default interest rate. The daily default interest rate is calculated by dividing the default interest rate by 365. Default interest is debited to your account monthly until the account is paid in full.
The Direct Debit taken was different to my statement?
Your direct debit will automatically adjust if:
• You have made manual payments to your account between the 1st and the 15th of the month
• A credit has been applied to your account between the 1st and the 15th of the month
Query a charge on my statement
If you find an incorrect charge, query it by clicking “Query My Statement” at the bottom of the email with your statement and filling out the form. For incorrect charges from Card Partners, please contact them directly.
Alternatively, call 0800 200 600 or email ask@farmlands.co.nz for further assistance.