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Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

Why do we require security deposits?

Deposits – normally cash - are used to secure your outstanding account balance. The amount of the deposit is based upon the type of heat (electric, gas, etc.) or usage history at your address. We normally require them from customers who are:

  • New to Appalachian Power.
  • Existing or past customers who haven’t consistently paid their bills on time.

What are my options in providing a deposit for a new account?

In lieu of a cash deposit, you may:

  • Establish an acceptable guarantor. A guarantor agrees in writing to be financially responsible for some portion of your account. The guarantor must meet certain guidelines in order to qualify.
  • Provide a letter of credit from another utility showing on time payment history for at least twelve months.
  • Enroll in our Checkless Payment Plan. This will allow Appalachian Power to automatically debit your bank account on your bill’s due date.

Will I earn interest on my cash deposit?

Yes, interest is earned from the date the deposit is paid. The interest rate is established annually by the Public Service Commission.

When/how will I get my deposit and interest back?

Your deposit and interest will be applied to your account after twelve consecutive bills are paid on time.

If you close your account before a year has passed, the deposit/interest will be applied to your final Appalachian Power bill.

Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

Why do we require security deposits?

Deposits – normally cash - are used to secure your outstanding account balance. The amount of the deposit is based upon the type of heat (electric, gas, etc.) or usage history at your address. We normally require them from customers who are:

  • New to Appalachian Power.
  • Existing or past customers who haven’t consistently paid their bills on time.

What are my options in providing a deposit for a new account?

In lieu of a cash deposit, you may provide:

  • An acceptable guarantor. A guarantor agrees in writing to be financially responsible for some portion of your account. The guarantor must meet certain guidelines in order to qualify.
  • A letter of credit from another utility showing on time payment history for at least twelve months.

Will I earn interest on my cash deposit?

Yes, as long as your deposit is held at least six months. Interest is earned:

  • From the date the deposit is paid.
  • At a rate of 3.00% per year.

When/how will I get my deposit and interest back?

Your deposit and interest will be applied to your account after one year, provided that no more than two bills were paid late. If two bills are paid late, they must not be paid more than 30 days past their due date or the deposit/interest will not be applied.

If you close your account before a year has passed, the deposit/interest will be applied to your final Appalachian Power bill.

Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

Why do we require security deposits?

Deposits – normally cash - are used to secure your outstanding account balance. The amount of the deposit is based upon the type of heat (electric, gas, etc.) or usage history at your address. We normally require them from customers who are:

  • New to Appalachian Power.
  • Existing or past customers who haven’t consistently paid their bills on time.

What are my options in providing a deposit for a new account?

In lieu of a cash deposit, you may provide:

  • An acceptable guarantor. A guarantor agrees in writing to be financially responsible for some portion of your account. The guarantor must meet certain guidelines in order to qualify.
  • A letter of credit from another utility showing on time payment history for at least twelve months.

Will I earn interest on my cash deposit?

Yes, as long as your deposit is held at least six months. Interest is earned:

  • From the date the deposit is paid.
  • At a rate of 5% per year.

When/how will I get my deposit and interest back?

Your deposit and interest will be applied to your account after one year, provided that no more than two bills were paid late. If two bills are paid late, they must not be paid more than 30 days past their due date or the deposit/interest will not be applied.

If you close your account before a year has passed, the deposit/interest will be applied to your final Appalachian Power bill.

Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

Why do we require security deposits?

Deposits – normally cash - are used to secure your outstanding account balance. The amount of the deposit is based upon the type of heat (electric, gas, etc.) or usage history at your address. We normally require them from customers who are:

  • New to Appalachian Power.
  • Existing or past customers who haven’t consistently paid their bills on time.

What are my options in providing a deposit for a new account?

In lieu of a cash deposit, you may provide a letter of credit from another utility showing on time payment history for at least twelve months.

Will I earn interest on my cash deposit?

Yes, as long as your deposit is held at least six months. Interest is earned:

  • From the date the deposit is paid.
  • At a rate of 6% per year.

When/how will I get my deposit and interest back?

At your request, we will apply your deposit and interest after twelve consecutive bills have been paid on time.

If you close your account before a year has passed, the deposit/interest will be applied to your final Appalachian Power bill.

Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

Why do we require security deposits?

Deposits – normally cash - are used to secure your outstanding account balance. The amount of the deposit is based upon the type of heat (electric, gas, etc.) or usage history at your address. We normally require them from customers who are:

  • New to Appalachian Power.
  • Existing or past customers who haven’t consistently paid their bills on time.

What are my options in providing a deposit for a new account?

In lieu of a cash deposit, you may:

  • Establish an acceptable guarantor. A guarantor agrees in writing to be financially responsible for some portion of your account. The guarantor must meet certain guidelines in order to qualify.
  • Provide a letter of credit from another utility showing on time payment history for at least twelve months.

Will I earn interest on my cash deposit?

Yes, as long as your deposit is held at least 90 days. Interest is earned:

  • From the date the deposit is paid.
  • At a rate established annually by the State Corporation Commission

When/how will I get my deposit and interest back?

Any interest earned will be applied to your account in December. Your deposit plus any additional interest earned will be applied to your account after twelve consecutive bills are paid on time.

If you close your account before a year has passed, the deposit/interest will be applied to your final Appalachian Power bill.

Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

Why do we require security deposits?

Deposits – normally cash - are used to secure your outstanding account balance. The amount of the deposit is based upon the type of heat (electric, gas, etc.) or usage history at your address. We normally require them from customers who are:

  • New to Appalachian Power.
  • Existing or past customers who haven’t consistently paid their bills on time.

What are my options in providing a deposit for a new account?

In lieu of a cash deposit, you may:

  • Establish an acceptable guarantor. A guarantor agrees in writing to be financially responsible for some portion of your account. The guarantor must meet certain guidelines in order to qualify.
  • Provide a letter of credit from another utility showing on time payment history for at least twelve months.
  • Enroll in our Checkless Payment Plan. This will allow Appalachian Power to automatically debit your bank account on your bill’s due date if you qualify.

Will I earn interest on my cash deposit?

Yes, interest is earned from the date the deposit is paid. The interest rate is established annually by the Public Service Commission.

When/how will I get my deposit and interest back?

Your deposit and interest will be applied to your account after twelve consecutive bills are paid on time.

If you close your account before a year has passed, the deposit/interest will be applied to your final Appalachian Power bill.

Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

Why do we require security deposits?

Deposits – normally cash - are used to secure your outstanding account balance. The amount of the deposit is based upon the type of heat (electric, gas, etc.) or usage history at your address. We normally require them from customers who are:

  • New to Appalachian Power.
  • Existing or past customers who haven’t consistently paid their bills on time.

What are my options in providing a deposit for a new account?

In lieu of a cash deposit, you may provide a letter of credit from another utility showing on time payment history for at least twelve months.

Will I earn interest on my cash deposit?

Yes, as long as your deposit is held at least twelve months. Interest is earned at a rate of 6% per year.

When/how will I get my deposit and interest back?

Interest is held until your deposit is applied. Your deposit and interest will be applied to your account after nine consecutive bills are paid on time.

If you close your account before nine months have passed, the deposit/interest will be applied to your final Appalachian Power bill.

Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

Why do we require security deposits?

Deposits – normally cash - are used to secure your outstanding account balance. The amount of the deposit is based upon the usage history at your address. We normally require them from customers who are:

  • New to Appalachian Power.
  • Existing or past customers who haven’t consistently paid their bills on time.

What are my options in providing a deposit for a new account?

In lieu of a cash deposit, you may provide a letter of credit from another utility showing on time payment history for at least twelve months.

Will I earn interest on my cash deposit?

Yes, interest is earned at a rate of 7% per year. Interest is earned from the date the deposit is paid.

When/how will I get my deposit and interest back?

Interest earned will be applied to your account every six months. In most instances, your deposit plus any additional interest earned will be applied to your account after twelve consecutive bills are paid on time. If electricity has been used without the authorization of Appalachian Power, the deposit may be held for 36 months.

If you close your account before nine months have passed, the deposit/interest will be applied to your final Appalachian Power bill.

Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

Why do we require security deposits?

Deposits – normally cash - are used to secure your outstanding account balance. The amount of the deposit is based upon the type of heat (electric, gas, etc.) or usage history at your address. We normally require them from customers who are:

  • New to Appalachian Power.
  • Existing or past customers who haven’t consistently paid their bills on time.

What are my options in providing a deposit for a new account?

In lieu of a cash deposit, you may:

  • Establish an acceptable guarantor. A guarantor agrees in writing to be financially responsible for some portion of your account. The guarantor must meet certain guidelines in order to qualify.
  • Provide a letter of credit from another utility showing on time payment history for at least twelve months.

Will I earn interest on my cash deposit?

Yes, interest is earned at a rate of 0.104% per year. Interest is earned from the date the deposit is paid.

When/how will I get my deposit and interest back?

Interest earned will be applied to your account each January. Upon request, your deposit plus any additional interest earned will be refunded after 18 months provided that the last twelve consecutive bills have been paid on time.

If you close your account before 18 months have passed, the deposit/interest will be applied to your final Appalachian Power bill.

Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

Why do we require security deposits?

Deposits – normally cash - are used to secure your outstanding account balance. The amount of the deposit is based upon the usage history at your address. We normally require them from customers who are:

  • New to Appalachian Power.
  • Existing or past customers who haven’t consistently paid their bills on time.

What are my options in providing a deposit for a new account?

In lieu of a cash deposit, you may:

  • Establish an acceptable guarantor. A guarantor agrees in writing to be financially responsible for some portion of your account. The guarantor must meet certain guidelines in order to qualify.
  • Provide a letter of credit from another utility showing on time payment history for at least twelve months.

Will I earn interest on my cash deposit?

Yes, as long as your deposit is held at least 30 days. Interest is earned:

  • From the date the deposit is paid.
  • At a rate established annually that is based upon US Treasury security rates.

When/how will I get my deposit and interest back?

Interest earned will be applied to your account each January. Your deposit plus any additional interest earned will be applied to your account after 12 months of payments, provided that no more than two payments have been paid late.

If you close your account before 12 months have passed, the deposit/interest will be applied to your final Appalachian Power bill.

Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

Why do we require security deposits?

Deposits – normally cash - are used to secure your outstanding account balance. The amount of the deposit is based upon the type of heat (electric, gas, etc.) or usage history at your address. We normally require them from customers who are:

  • New to Appalachian Power.
  • Existing or past customers who haven’t consistently paid their bills on time.

What are my options in providing a deposit for a new account?

In lieu of a cash deposit, you may:

  • Establish an acceptable guarantor. A guarantor agrees in writing to be financially responsible for the deposit amount on your account. The guarantor must meet certain guidelines in order to qualify.
  • Provide a letter of credit from another utility showing on time payment history for at least twelve months.

Will I earn interest on my cash deposit?

Yes, interest is earned from the date the deposit is paid. The interest rate is established annually by the Arkansas Public Service Commission and is based upon US Treasury security rates for the last quarter of the previous year.

When/how will I get my deposit and interest back?

Interest earned will be applied to your account each January. Your deposit plus any additional interest earned will be applied after 12 consecutive bills have been paid on time.

If you close your account before 12 months have passed, the deposit/interest will be applied to your final Appalachian Power bill.

Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

Why do we require security deposits?

Deposits are used to secure your outstanding account balance. The amount of the deposit is based upon the usage history at your address. We normally require them from customers who are:

  • New to Appalachian Power.
  • Existing or past customers who haven’t consistently paid their bills on time.

What are my options in providing a deposit for a new account?

In lieu of a cash deposit, you may:

  • Establish an acceptable guarantor. A guarantor agrees in writing to be financially responsible for the deposit amount on your account. The guarantor must meet certain guidelines in order to qualify.
  • Provide a letter of credit from another utility showing on time payment history for at least twelve months.

Will I earn interest on my cash deposit?

Yes, interest is earned at a rate of 5% per year. Interest is earned from the date the deposit is paid.

When/how will I get my deposit and interest back?

Interest earned will be applied to your account each January. Your deposit plus any additional interest earned will be applied to your account after 12 consecutive bills have been paid on time.

If you close your account before 12 months have passed, the deposit/interest will be applied to your final Appalachian Power bill.

Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

Why do we require security deposits?

Deposits are used to secure your outstanding account balance. The amount of the deposit is based upon the usage history at your address. We normally require them from customers who are:

  • New to Appalachian Power.
  • Existing or past customers who haven’t consistently paid their bills on time.

What are my options in providing a deposit for a new account?

In lieu of a cash deposit, you may:

  • Establish an acceptable guarantor. A guarantor agrees in writing to be financially responsible for the deposit amount on your account. The guarantor must meet certain guidelines in order to qualify.
  • Provide a letter of credit from another utility showing on time payment history for at least twelve months.

Will I earn interest on my cash deposit?

Yes, as long as your deposit is held at least 30 days. Interest is earned:

  • From the date the deposit is paid.
  • At a rate established annually by the Commission on December 1 of the previous year.

When/how will I get my deposit and interest back?

Interest earned will be applied to your account each January. Your deposit plus any additional interest earned will be applied to your account after 12 months of payments, provided that all of the following are true:

  • Service was not disconnected for non-payment
  • There are no more than two late payments
  • The current bill is not past due

If you close your account before 12 months have passed, the deposit/interest will be applied to your final Appalachian Power bill.

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