All new commercially metered accounts are eligible for a security deposit. Here is what you need to know.
- Your security deposit will be added to your account and can be paid along with your regular payments. Read about payment options.
- Your deposit will calculated by the total of the two highest monthly amounts of consumption at the property within the last 24 months.
- Security deposits that we hold gain interest every month, and that interest is reimbursed to your account every year on December 31, when the account is closed or when the deposit is returned to you.
Your deposit can be waived by one of the following:
- You sign up for our Pre-authorized Payment Plan (PAPP). If one payment is missed on PAPP you will be removed and charged the deposit.
- You have an irrevocable letter of credit guarantee from a recognized bank or credit union. This letter will need to be renewed on an annual basis. Should the letter not be renewed the deposit will be reapplied to your account.
- You have an active personal account with an excellent customer credit rating and sign a Personal Guarantee Form, provide search of title showing you are registered on title and allow us to transfer an unpaid balance from your closed commercial account to your personal account should you have an unpaid balance. This option is only available for those who hold leadership roles within the company (director or higher) and live in Manitoba.
- The property is converted into residential dwelling. (A copy of tenant or home owner insurance is required documentation).
Your deposit will be returned to you if:
- You keep an excellent customer credit rating (as defined by Manitoba Hydro) and have not gone into 60-day arrears in a five-year period. If you have filed for bankruptcy or creditor protection, your deposit will be held indefinitely.
A security deposit will not be waived or returned on an account that has been disconnected for non-payment until the account is closed or five years of excellent payment history has been made.