Deposit Policy

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 notices, past due notice, returned bank item(s), an 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 for 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. Learn more about 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 

If you are an existing member, and moving from one location to another, OR if you were a previous member within the previous 12 months, you will not be assessed a deposit unless you have had unacceptable payment history, which includes any of the following: late payment, bankruptcy, returned check/bank item(s), collections, cutoff notice, disconnection for non-pay, delinquent notice, meter tampering, deposit on existing MVEC account or an uncollected bill. If you are an existing member with an existing deposit and are moving to another location in MVEC’s service area, the deposit will be transferred to your new account. The deposit will be returned 12 months from when the final installment of the deposit was paid. The “paid date” will carry over to the new account when the deposit is transferred. To avoid the $265 deposit or receive your deposit back, you can sign up for one of the free payment programs listed above under option 3.

Any existing member receiving three or more delinquent notices or receiving two returned bank items during a 12-month period will be billed a deposit equal to two times their average monthly bill. When a member’s existing deposit is below MVEC’s Schedule of Charges (by $100 or more), and the member has at least one site visit for a disconnect situation in the past 12 months, they will be billed for the increase. To avoid paying the additional or increased deposit, you can sign up for one of the free payment programs listed above under option 3.

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 or no returned bank items 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. If the deposit is still being held after the initial 12 month period, a member may request a deposit review once every 12 months thereafter. When a member leaves MVEC’s service area, any remaining deposit (plus earned interest) will be applied to the final bill. If a credit balance is remaining, it will be refunded within 30 days or applied to any active existing accounts with MVEC. If the member is setting up another MVEC account, the deposit will be transferred to the new account.