Residential account billing deposits for any type of residence
shall be $150.00.
By giving FKEC permission to check with an outside reporting agency, we may
be able to waive your deposit. To see if you qualify, simply provide your
Social Security Number to the Customer Service Representative who will determine
if you qualify. For joint accounts, both the applicant and the co-applicant
are subject to credit approval. The Cooperative does not accept Credit Reference
Letters as a means of waiving a deposit.
Interest will be accrued on all billing deposits monthly
and paid by credit to the account annually in July. The interest
accrual rate will be determined monthly based upon the average rate
of return earned by the Cooperative in the prior month on temporary
investments less 50 basis points.
Deposits on Residential accounts will be eligible for refund after three (3)
years from the date of deposit (or the date of the last required additional
deposit) if the account has 24 months of continuous good credit history and
the member has been in the current account at least 90 days. For purposes of
this policy, good credit history will be defined as no record of the following:
delinquent (late charges), on cutoff list, disconnect for non-payment, returned
check, payment arrangement not honored, or meter tampering. Such refunds will
include any accrued deposit interest and will be made by credit to the account,
and will not be refunded by check.
Additional or New Deposits:
At it’s discretion, the Cooperative may review the billing record of
an account at any time to determine the adequacy of the sum on deposit and
may require that the deposit be increased to approximately two times the highest
monthly bill during the prior 12 months.
Transfer of Deposit:
A member moving from one location to another may have their
billing deposit transferred to the new location, if the total amount
due on the original account is paid and if service to the original
account is disconnected within seven (7) days. However, if the total
amount due on the original account is not paid, these charges will
be added to the bill at the new location and an appropriate billing
deposit required on the new account. In this case, the total amount
due will include all charges for electric service through the date
the service was disconnected and any fees associated with the disconnection
of the original account.