Late Payment Finance Charge Policy
Union Pacific assesses a monthly finance charge for freight bill payments made beyond specified credit terms. Credit terms typically are specified in a customer's governing tariffs, transportation contracts or in other quotation documents.
Monthly statements will cover the freight bills paid past the due date for the previous month. A finance charge will be assessed at an annual rate of 12% or 0.0329% per day for each day a freight bill is past due. The date a freight bill is due is calculated as invoice date plus credit terms. The days past due will be calculated as due date minus the date funds were received by Union Pacific.
The specific terms of the Late Payment Finance Charges are included in Uniform Freight Classification (UFC) Rule 62, which spells out our Credit and Collection Terms.
We have created an Account on the Web Demo to assist our customers in the payment process. Customers can use Account on the Web to view, print, dispute and pay bills directly online. Account on the Web payment option offers customers time and cost savings with immediate confirmation of payment, reduced paperwork and faster resolution of billing disputes.