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Residential Security Deposit Information

Residential Security Deposits Pulaski Electric System will require security deposits according to the terms specified below:

A.    A minimum deposit requirement of not less than $200 is required of any residential customer.  The minium deposit is based on customer class average.  In lieu of a deposit, PES will accept a credit scoring deemed satisfactory and acceptable by PES, obtained from a credit reporting agency selected by PES.  If the credit score is not acceptable, the customer must satisfy the minimum deposit requirement by cash, check, debit or credit card payment.

B.    Additionally, a deposit may not be required for any customer who currently has service with Pulaski Electric System and who has not had any late payments, delinquent notices, disconnections, or bad checks within a two-year period immediately preceding the customer's application for new service.

C.   A customer who has an unpaid account balance with PES must pay the unpaid amount and satisfy deposit requirements in order to obtain service.

D.  Upon disconnection of service, PES may apply the deposit plus earned interest to the customer's outstanding bills and shall refund any remaining balance to the customer.  Upon written request by the customer or at the discretion of PES, the deposit, including earned interest, may be evaluated.  On an annual basis, the simple interest shall accrue at the rate of the local banks on passbook accounts on deposits held longer than twelve months.

E.  PES may refund the deposit to the customer after three years of continuous service, provided the customer has made no payments after the last date for payment, had no returned checks with PES and has not paid more than one late payment in the last 13 months.  Upon the customer's request, and at PES's sole discretion, if the customer paid a higher deposit due to a bad debt, the customer's deposit may be reduced to not less than $150 after 13 months of continuous service, provided the customer has made no payments after the last date for payment, had no returned with PES and has not paid more than one late payment in the last 13 months.

F.   PES may require any customer to establish or increase his/her deposit if the customer becomes a payment risk, declares bankruptcy, and/or it has been determined by PES that fraudulent or unauthorized use of service or equipment tampering has taken place.  Inflation, change of address, or increased use of service may also require the deposit level to be raised not less than the maximum required under this policy. This policy was amended as of October 22, 2002, to allow the residential security deposit to be waived for any customer who currently has service with Pulaski Electric System and who has not had any late payments, delinquent notices, cutoffs or bad checks within the two-year period immediately preceding the customer's application for new service. This amendment is designed to help customers when they are moving from one location to another within our system in cases where they have a good payment record with PES but do not have a score available from our credit reporting agency.

Commercial Security Deposit Information

Commercial Security Deposit

A.    A security deposit approximately equal to twice the highest monthly bill over the previous twelve months must be paid in advance to obtain electric service.  For new facilities or uses, the required deposit will be based on the contract demand and/or the estimated electrical usage.  Payment may be made by cash or check.  In lieu of a paid-in-full monetary deposit, PES will accept one of the following:

1.    An “Irrevocable Letter of Credit” for the amount of the deposit.  If the letter is for one year, it is the responsibility of the customer to see that it is renewed each year for a period of five years.  The Letter of Credit must be renewed 60 days prior to expiration.

2.    A “Customer Guaranty of Deposit” from an existing customer of PES with at least a good payment history (no more than two late payments within the past 12 months, no terminations and no returned checks).  This option is available only for accounts under 250kW.  The guaranty must be for a five-year period and must state that, upon demand by PES, the guarantor will assume responsibility for any unpaid bills as set forth in the guaranty.

3.    A new PES customer with usage that is expected to average 250kW or above may elect to receive a weekly invoice for a maximum period of 15 months.  The weekly invoice, payable within five days, will be estimated with a month-end “true-up.”  During that period, the customer will be required to maintain a deposit equal to two weeks’ usage.  If the customer’s usage increases, so will the necessary deposit amount.  A $100 monthly administrative fee will be charged to customers using this program.   Within 60 days of the expiration of the 15-month period, the customer must make arrangements to secure the deposit through one of the other approved mechanisms.  Customers utilizing this deposit program may not participate in an “interruptible,” “market day” or other variable-based rate program.

4.    Existing PES customers with a good payment history (no more than two late payments within the past 12 months, no terminations and no returned checks) will be permitted to break their deposit amount into 12 equal monthly payments.  If the customer’s usage increases, so will the necessary deposit amount.

B.    Any existing customer with usage that averages 250kW or above over a 12-month period will be required to establish and maintain a deposit equal to twice the highest monthly bill to receive electric service.  If a customer has multiple meters serving the same facility, operation, or business unit, the usage of all the meters will be totaled to determine the deposit requirement.  Payment may be made by cash, check, or by using one of the security guaranties described in paragraph A.  IRS designated not-for-profits are exempt for this requirement.

C.    Upon final termination of service, any retained cash deposit and accrued interest, if applicable, will be applied against unpaid bills of the customer.  If any balance remains after such application, said balance shall be refunded to the customer.  Interest shall accrue after 90 days, retroactive to day one.  The annual rate shall be simple interest paid by local banks on passbook accounts and change from time to time as needed.

D.    Any accrued interest will be paid at the time the deposit is refunded or at the time it is applied against a final bill.  However, upon demand by the customer, interest which has accrued through the anniversary date of deposit will be paid at any time during the following year.

E.    Except for those customers specified in paragraph B above, PES may refund the deposit to a customer upon request after five years of continuous service, provided the customer has paid all bills during the last 13 months within the net payment period and has no returned check record with PES.

F.    PES may require a customer to establish or increase his deposit if he becomes a credit risk or if inflation or increased use of service has caused the deposit to be less than the minimum required under this policy.  Any customer who appears on the service termination list for nonpayment will be considered a credit risk.

G.    Governmental entities are exempt from the requirements of this policy.

Renting – Info for Tenants and Landlords

Landlord Automatic Meter Transfer Agreement – Landlords of both commercial and residential properties frequently do not want power completely shut off between a move out of a tenant and the moving in of the new one. We are happy to set up an account with you to assure that power is always on regardless of occupancy. The advantage to setting this up in advance is that transfer fees for moving the service in and out of your name are waived when the Automatic Meter Transfer Agreement is in place to protect you. Please contact our Customer Service Team at 931-363-2522 to initiate the Automatic Meter Transfer Agreement.

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