Southeastern Electric Co-Op Unfair late fees on electric bill Durant, Oklahoma

This local rural electric co-op has a policy of sending you a bill at the beginning of the month(which may or may not arrive on the first), and then giving you until the tenth to pay it.  If the bill is not paid by the tenth, they assess a 10% late fee!  I own a small business locally and am only allowed to charge my customers a maximum of 2%.

This fee, multiplied over a 12 month period comes to 120% per year!  That's way out of line in my opinion.  Other utility companies such as AT&T and Oklahoma Gas and Electric charge 1-2% per month. 

I have complained about this issue with them in the past and they say it's company policy. 

I understand the need to assess a penalty for late payment.  I think they should either reduce the fee or give more time to pay.