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Deposits

General Deposit Conditions:

  1. A prospective member of the Cooperative must furnish a credit reference or make a deposit equal to an amount two (2) times the estimated average month's usage of electricity at location of service request. Minimum deposit shall be $200.
  2. If the prospective member is a prior member and has a past record of timely electric bill payment to the Cooperative on a similar account, the requirement of deposit may be waived.
  3. If the prospective member does not have a prior payment record with the Cooperative, it shall be the responsibility of the member to have their former utility supplier(s) furnish directly to the Cooperative, a record of payment. If the member has a history of timely payments with their former utility supplier(s) for a similar account, the deposit may be returned within 90 days of receipt of credit information at the Cooperative headquarters.
  4. If the prospective member does not have an acceptable payment record with an utility supplier, their deposit shall be retained by the Cooperative a minimum of 12 months or until the member can establish an acceptable payment record. The deposit may be retained as long as the member continues to receive electric service from the Cooperative.
  5. If the deposit is retained by the Cooperative after the 90 days, the deposit shall be placed in an FDIC insured account established for retained deposits and shall accrue interest equal to the amount of interest accrued to said account less any costs experienced by the Cooperative for accounting and notification to the members having deposits in said account required under applicable laws.
  6. As part of the agreement for electric service and attached thereto, the member is requested to complete the "Emergency Information" questionnaire. It shall be the duty of each member to keep the Cooperative informed of any changes in their Emergency Information status.
  7. Should a prior member who did not pay amounts owed the Cooperative at the time of disconnection wish to become a member, all past charges, costs, penalties and interest must be paid in advance, plus a deposit equal to two (2) times the estimated average month's electric usage at this or a similar account before electric service will be connected. The deposit requirement shall be retained as long as electric service is provided to the member.
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