When you apply for electric service with VVEC you are asked to pay a membership fee and a security deposit. The membership fee establishes you as a member-owner of VVEC. Security deposits are required of both residential and commercial members.
- New applications for service -
- A deposit of up to one-fourth (1/4) of the estimated annual bill will be required, except in the following instances:
- When the consumer-applicant has had an account with VVEC for 12 consecutive months of the last 18 months, and service was not terminated for non-payment or the account was not late more than twice during those 12 months.
- When the consumer-applicant, at some time earlier than the previous 18 months, has been a consumer of VVEC and had a satisfactory credit history. Or when other circumstances exist that allow waiving all or part of the deposit requirements in the opinion of the Office Manager.
- When the consumer asks VVEC to perform an “Online Utility Exchange” check and the consumer’s rating comes back as a low potential delinquency risk.
- When the consumer presents a letter from the previous supplier of electricity stating the consumer was not late more than twice, nor service disconnected for non-payment in the previous 12 months. Also when VVEC performs an “Online Utility Exchange” check and the consumer’s rating comes back as a low potential delinquency risk. (If a deposit has already been collected, it will be refunded when the member presents a satisfactory letter of credit and “Online Utility Exchange” check.)
- Current consumers -
- A current consumer shall be required to post a deposit as a condition of continued service if undisputed charges have become delinquent in more than two of the last 12 billing periods. A deposit will also be required if the consumer has had service terminated for non-payment during the last 12 months.
- Annual review of residential accounts for deposit adequacy -
- Around June 1st each year, we review all accounts with deposits to determine if they are eligible to have the deposits returned to the member. The deposit will be refunded if the member has not paid his or her monthly electric bill after the due date more than twice in the preceding 12 months.
Commercial and Industrial Accounts
- New applicants for service –
- A deposit of up to one-fourth (1/4) the estimated annual bill will be required.
- Current Consumers –
- A deposit of up to one-fourth (1/4) of the estimated annual bill will be required.
If you have questions about the deposits we require, please contact our consumer services representatives at (918) 371-2584, between 7:30 a.m. and 4 p.m. Monday through Friday.