FAQs About Security Deposits
Security Deposits for Business Customers
- In what circumstances may a security deposit be required?
A security deposit may be required if:
- You are a new customer.
- You have not paid your entire bill or payment plan amount by the due date should the required payment include a previous balance.
- You have unpaid final balances from past accounts.
- You have not established a good credit history and have more than one disconnection notice for nonpayment within the past 12 months.
- You had service shut off for nonpayment.
- You are in bankruptcy.
- You have been involved with unauthorized usage of gas, theft of service or meter tampering.
- How is the amount of the security deposit calculated?
The amount of the security deposit is calculated at 1.3 times the Budget amount for the property.
- Will the security deposit be billed?
Yes. Security deposits are billed in three, equal, consecutive monthly installments.
- When will I get my security deposit back?
The security deposit will be reviewed for refund after two years of timely, in-full, consecutive payments. A 3% rate of interest is paid if the full security deposit is held for 180 days or longer.
- What options are there to avoid paying a cash security deposit?
As an alternative to paying a cash security deposit, a business customer may:
: (April 23, 2014)
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