Residential Service Deposit Policy Copy

Deposit Required

Coin stack with men signing document in backgroundResidential account billing deposits for any type of residence shall be $150.00.

Deposit Waiver

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.

Deposit Refund

Deposits on Residential accounts will be subject to refund after three (3) years from the date of deposit (or the date of the last required additional deposit) if the account has the most recent 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.