Refundable Security Deposit
Welcome to Polk-Burnett
The cooperative recognizes that some members will experience difficulties in paying their bills and there will also be members who intentionally avoid payment of their bills. Like most businesses, the cooperative does have a small number of people that do not pay for products and services provided by the cooperative for electric bills or other products sold by the cooperative. Rates are based on the assumption that all members will pay their bills. Failure to collect can affect all members through rate increases.
That is why the following members may be required to pay a refundable security (consumer) deposit when they pose a credit risk or have not established credit:
- Property owners and renters
- Those that previously received any type of service from Polk-Burnett and still have an outstanding balance
- Those with a payment record from previous electric service indicating that disconnect for non-payment occurred or there is an outstanding balance
- Location is used for a business as well as a residence
- All commercial applications
- Anyone disconnected for non-payment
- Realtors and financial institutions requiring connection of service to clean-up and/or sell a property
- Any other situation that may, in the opinion of the cooperative, warrant a deposit
The refundable security (consumer) deposit may be waived by taking advantage of one of the following options:
- Enroll in the Prepay Your Way program
- Provide your social security number and give Polk-Burnett permission to check your credit history. The deposit will be waived if the Potential Delinquency Risk returned by Online Utility Exchange is 1-10% for residential accounts or the Intelliscore is 90-100 for commercial accounts.
- Provide documentation from your previous or current energy supplier for a minimum of the previous 12 consecutive months that indicates an excellent payment history with no late payment penalty fees or disconnect notices.
- Provide a credit report run by another business within the last 90 days that indicates an excellent payment history.
- Have another active electric account with Polk-Burnett within the past two years, for a minimum of six consecutive months, that has an excellent credit history with no late payment penalties or disconnect notices.
- The social security or FIN number and business name of your new small to medium sized commercial account exactly matches the social security or FIN number and business name of another active electric account at Polk-Burnett with an excellent payment history.
The amount of the refundable security (consumer) deposit for residential or commercial accounts:
- Shall be equal to three times ($300 minimum) or four times ($400 minimum) the average bill for the service location for the previous 12-month period and will be determined by your credit history and the average energy use per month at your location during the previous 12 months.
The maximum refundable security (consumer) deposit will be required from:
- Existing customers that have been disconnected for non-payment.
- A customer that has an unpaid utility bill at Polk-Burnett or another utility returned by Online Utility Exchange.
- A service applicant who provides a social security number that is returned as deceased, non-issued, belonging to a person under the age of 18, or is fraudulent.
- A service applicant that chooses not to provide their social security number and give Polk-Burnett permission to check their credit history or to utilize any of the other options available to waive the deposit.
Security (consumer) deposits and unpaid utility bills at Polk-Burnett:
- Are required to be paid in full prior to the time a connect service order is issued or prior to the effective date of an account change. Non-payment prior to the effective date of an account change may result in installation of an interruptible power adapter or disconnection of service.
Deposits accrue no interest.
Deposits are applied to the account:
- After 24 consecutive months of satisfactory payment history, no late payment penalties and no disconnect notices for commercial or business owners.
- To all other accounts, after 12 consecutive months of satisfactory payment history, no late payment penalties and no disconnect notices.
- Upon termination of service, the deposit will be applied against any unpaid bills of the member. Any remaining balance will be refunded.
We appreciate your membership in the cooperative and we're here to help you. Please contact our electric billing department at 800-421-0283 or 715-646-2191, ext. 335 or Option 7, or e-mail with any questions or if we can help in any way. Thank you.