Deposits

Accounts in Personal Name or Joint Accounts:

When opening a new account you must complete a Membership Application.  Your name, social security number, and birth date are required on the application in order to verify your identity (if you seek a joint membership, the same information will be required for all parties). 

If you have, or have had, an account with Macon Electric Cooperative that shows a good payment record, a credit check may not be required.  However, if you have never had an account with MEC, or if you have had an account with several late payment penalties or a delinquent disconnect, a credit check will be mandatory to determine if a deposit is required.

Based on the results of the identity check, a deposit of up to two and a half times the average monthly bill or $200, whichever is greater, could be required.  The average usage will be estimated if a one year history is not available.

Accounts For Businesses or any other account not listed:

An initial deposit of $200 or one and a half times the average monthly bill, whichever is greater, will be required for all accounts held in a business name.  Should the deposit amount be more than $2,000, other means of guarantee may be authorized by Board action.  The average usage will be estimated if a one year history is not available. 

Accounts For Church, School, or other Governmental Organizations:

No deposit is required.

Refund of Deposits:

Any security deposit paid by an individual or joint account holders will be refunded if the account receives no more than one delinquent notice during a 12-month time period.  However, any account which is not an individual or joint account must have a good payment record, and will need to provide a personal guarantee for the refund to be made.