Deposits of approximately twice the highest monthly utility bill of specific location may be required of a potential general power customer. Deposit requirements equal to or less than $5000.00 may be met by paying MEWS with cash/check or credit card at the time of the application, to be held as long as service is active, in which it shall earn interest at the rate required by applicable K. R. S. standards that shall be paid when service is disconnected or annually. Upon termination of service, any retained deposit and accrued interest shall be applied against unpaid bills of customer and if any balance remains after such application said balance shall be refunded to customer.
General power customers requiring a deposit of more than $500.00 may meet the deposit requirement by providing:
- An Irrevocable Letter of Credit for the required amount from your banking center. An Irrevocable Letter of Credit is one where a banking center agrees to extend credit to an applicant for a specified amount. MEWS will hold this document in lieu of a cash security deposit to protect MEWS against loss resulting from unpaid service bills by nonresidential customers. This letter can only be modified by the beneficiary (in this case, MEWS). The minimum dollar amount for this application is $500.00. It is very important that the information on the Irrevocable Letter of Credit is correct and complete. For your convenience, a template of an Irrevocable Letter of Credit can be obtained from MEWS to take to your banking center.
- A Utility Insurance Bond is a surety bond, similar to an insurance policy, for a specific amount which is issued to guarantee the payment of utility bills in the case of nonpayment by a company in which services have been terminated. This bond is under the classification of a financial guarantee and is required by a private oblige (in this case, MEWS). Some companies that issue bonds may charge the bond applicant 1-2% of the bond amount annually depending on the risk. Most Utility Insurance Bonds can be purchased from the business’ insurance carrier.
- A Certificate of Deposit for the required amount, written in the name of business AND Mayfield Electric & Water Systems. The business owner MUST sign the CD when applying for service and surrender the CD to the MEWS Customer Service Representative, which will then be held by MEWS until services are discontinued and the account balance is paid in full. This CD should be from a LOCAL bank in case MEWS has to use this CD to obtain payment for any unpaid balances left by the business. For your convenience a list of local banks where you can obtain an acceptable CD is listed below.
|FNB Bank - Main Office||101 East Broadway||270-247-1758|
|FNB Bank - South Office||310 Charles Drive||270-247-1352|
|First Kentucky Bank||223 South 6th Street||270-247-1403|
|First Kentucky Bank-South||1708 ST RT 121 South||270-251-4920|
|Regions Bank-Plaza Office||1104 Paris Road||270-247-5513|
|Regions Bank-Downtown||117 North 7th Street||270-247-4495|
|Your Hometown Credit Union||2338 ST RT 45 N||270-247-6458|
|Independence Bank||337 Charles Drive||270-804-7425|
Security deposits are held by MEWS to ensure payment of final bills at a specific location. Once all of the general power customer’s outstanding balances are satisfactorily paid, the security deposit shall be returned to the customer.