The Facts About Security Deposits
Why are security deposits sometimes required?
A history of missed payments is the first sign that a mem- ber may not pay for electricity they have used. Therefore, a member without a deposit may eventually be required to pay one if they develop a history of late payments, missed pay- ments, returned checks, bad-debt write-off, or service dis- connection due to non-payment. You are provided 21 days to pay after you are billed for the electricity you have used. A payment not received by the due date is considered late.
What options does LREC offer to set-up electric service and how is the deposit amount calculated?
There are three options to set-up electric service with Lake Region Electric Cooperative. • Option 1 - You may be charged a security deposit, which will equal two times your highest bill at the location you want electric service, plus a $25 applica- tion fee. Example: if the highest bill for the location you want service is $200, your security deposit would be $400 plus the $25 application fee. If the location does not have 12 months of billing history, the deposit amount is automatically $300. Commercial security deposits are calculated the same. However, there is a minimum of a $300 deposit for commercial accounts.
• Option 2 - A credit check is another option, it will cost $5 to run the credit check on the individual. Com- mercial accounts cannot have a credit check. Members with a favorable credit rating from our outside reporting
2 LREC Powerline Press
agency are not required to pay a deposit. We will waive the security deposit and the only amount which is due to set-up service is a $5 membership fee, $5 credit check, plus the $25 application fee.
• Option 3 - Prepaid metering. You start with a $60 payment which consists of a $5 membership fee, $25 application fee, and $30 going toward your electric credit on your prepaid meter. Your meter starts with the $30 credit. It sends a meter reading daily, so your balance will start to de- crease once the meter is activated. When it hits your low balance notification the prepaid system will call, text, or e-mail you. As long as you have a credit you will have electric service. You may put more money on your account from one of our office locations, website, or by calling LREC at 918-772-2526. If the meter hits a zero balance the service disconnects automatically.
Corrections and clarifications
An article published in the September 2013 issue of the Powerline Press (Bill Payment Options) stated that we could accept Automatic Bank Draft from your checking, savings and credit card account. We can NOT accept Auto- matic Bank Draft from a credit card account. We can only accept bank draft from a checking or savings account.
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