Once MVEC has received the deposit policy paperwork, and it is processed, the deposit will be removed from your account. If you do not meet MVEC’s criteria you will receive a notification letter requesting you to choose another option to avoid paying the deposit.
1. Equifax Credit Score: The Equifax Credit Score is a record of your credit history and includes information about your utility bill payment history and if you are a credit risk. The Equifax Credit Score has no impact on your credit rating. If your rating is 700 or greater a deposit will not be assessed.
2. Letter of Reference: Provide a letter of reference (showing “good credit”) from your previous electric utility. “Good credit” is defined as not having one of the following incidents within the previous 12 month period: late payment, shutoff notice, past due notice, returned bank item(s), unpaid bill(s), meter tampering, bankruptcy, disconnect for nonpayment or an uncollectible. The letter of reference must be on letterhead from your past electric utility provider; list the service address and service dates.
3. Free Payment Programs: MVEC offers a variety of payment programs. If you sign up for a payment program you are required to stay on the program for one year. If you remove the payment program prior to one year, your account will be assessed the deposit.
- Pay as you Go: a minimum balance of $50 is needed to get your account started on this program. This $50 balance goes toward your future electricity usage. Sign up for Pay as you Go
(Please note: Members in the former Alliant Energy service area of Montgomery or Le Center cannot participate in PayGo because the metering infrastructure is not yet in place.)
- Automatic Bill Pay: have funds automatically drawn from checking or savings account. Sign up for Automatic Bill Pay
- Recurring Credit Card: have funds automatically paid with the credit card of your choice. Sign up for Recurring Credit Card
NOTE: Deposits will earn interest consistent with MVEC’s schedule of charges.
Questions? For more information contact:
(952) 492-2313 or (800) 282-6832