Membership & Security Deposits
When a new or existing member transfers an account into their name, a $10 transfer fee will be added to the new account. Reconnecting an account involves a trip to the location, and therefore requires a $25 connection fee. When signing up for service, a new member may be required to pay a security deposit if he or she does not authorize or receive a satisfactory credit report, or enroll in our Prepaid Power Program.
- Credit Check - With authorization from the member, Surry-Yadkin EMC will run a credit check for any new applicant. If the report is satisfactory , a deposit will not be required.
- E-Z Power - Members can choose E-Z Power when they apply for new service, or they can enroll at any point if they have an active, residential account with Surry-Yadkin Electric.
If a consumer deposit is required for the account, it will begin earning interest after 90 days. The deposit is automatically credited to your account after two years, provided the credit history on the account meets established criteria. If a satisfactory payment record has not been established within the 24 month period, the deposit will remain on the account and the payment record will continue to be reviewed on a year to year basis until a satisfactory payment record is established.
As a cooperative member-owner, you not only get excellent service at the lowest possible cost, but you also own a share of the cooperative’s margins. You may have heard us refer to your share of these margins as capital credits. Capital credit allocation notices are printed annually on our members' bills, usually in May. The notice states the dollar amount that has been assigned, or allocated, to the recipient based on last year's margins and their energy usage from the previous year. For example, a notice on your bill in May 2015 would reflect the amount in capital credits that was assigned to the recipient based on the cooperative's margins in 2014, and also the individual's energy usage in 2014.
Surry-Yadkin EMC considers the cooperative's financial needs and position when determining how much money it refunds, or retires, to our members each year. Capital credit refunds are usually applied to our members' electric bill each year prior to our annual meeting, which is held on the first Saturday in October.
If you have questions or concerns about how capital credits are refunded, please contact our Billing Department at (336) 356-8241.