New MVEC electric service
MVEC has a deposit policy for any electric service where the member received a “ low utility credit score”, was previously on MVEC lines and had an unsatisfactory payment history or there was a disconnection of power at the location. The policy states a deposit, in the amount of $150.00, plus sales tax, will be billed to members unless one of the following requirements is met:
1. Sign up for MVEC’s free payment program, Automatic Bill Pay.
2. Sign up for MVEC’s free payment program, Pay As You Go.
3. Provide a letter of reference (showing “good credit”) from your previous electric utility. MVEC defines “good credit” as any member that has not had one of the following incidents within the previous 12 month period:
- Three shutoff notices
- Past due notice
- One returned bank item
- Unpaid bill(s)
- Meter tampering
- Bankruptcy
The letter of reference must be provided on the utility service provider’s letterhead and it requires the service address and service dates.
4. MVEC will conduct an identity check to comply with federal Red Flag Rules. You can avoid a deposit if you have a utility credit score of 700 or greater.
Transfers
If moving from one location to another within MVEC’s service area, you will not be assessed a deposit if you meet the requirements of acceptable payment history outlined above or sign up for one of the programs listed below:
Sign up for MVEC’s free payment program, Pay as you Go
Sign up for MVEC’s free payment program, Automatic BIll Pay
Note: If deposit is assessed it will be billed (plus sales tax) on your next bill.
Existing residential members
Any member receiving three or more delinquent notices during a 12 month period will be required to pay a deposit equal to two times their average monthly bill or $150, whichever is greater. To avoid the deposit, members can sign up for one of the programs listed below:
Sign up for MVEC’s free payment program, Pay as you Go
Sign up for MVEC’s free payment program, Automatic BIll Pay
MVEC reserves the right to review billing records of any account, at any time, to determine the adequacy of the sum on the deposit. This may require the deposit to be increased to two times the highest monthly bill during the prior 12 months.
Returned Payments
A deposit will be applied if MVEC receives two returned payments within a 12 month period. Members will be required to pay a deposit equal to two times the average monthly bill or $150, whichever is greater.
Deposit Return
Return of a deposit may be applied to the bill when it becomes delinquent and approved by MVEC’s collections representative or vice president of finance.
MVEC will return the deposit to the member (plus earned interest) as a bill credit if the member has a history of no late payments during the most recent 12 months of service. The 12 months is calculated from when the final installment of the deposit was made to MVEC.
When a member leaves MVEC’s service area, the deposit, plus earned interest, will be applied to the final bill. If a credit balance is remaining it will be refunded within 30 days.
Questions? For more information contact:
Collections Department
952.492.2313 or 800.282.6832
info@www.mvec.net
