Utility Deposit Bond - Amicalola Electric Membership Corporation in Georgia

Brief Summary

Amicalola EMC can ask a commercial account for a security deposit equal to twice the average billing history at the location. For a busy shop or a large building that can be a sizable check. A utility deposit bond, where the co-op agrees to accept one, lets the business keep that cash and pay a premium instead.

Amicalola Electric Membership Corporation, an electric cooperative in north Georgia, collects a security deposit before connecting service. Its Apply for Service page sets residential deposits at $0 to $350 depending on credit rating, and says a commercial security deposit equal to 2x the average location history may be required. The Utility Deposit bond guarantees Amicalola EMC that the member's electric bills will be paid, in place of the cash deposit. Confirm with the co-op that it will accept a bond, and the amount and form, before the bond is issued.

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How to Apply for a Utility Deposit Bond:

• Apply for service with Amicalola EMC and get the deposit amount the co-op sets for your account.
• Ask Amicalola EMC whether it will accept a surety bond in place of the cash deposit, and whether it has a bond form.
• Provide the legal business name and service address exactly as on the service application.
• Owner name, home address and Social Security number for the credit review.
• Complete the bond application and review the quoted premium.
• Deliver the executed bond to Amicalola EMC before service is connected.

Detailed Information About the Georgia Utility Deposit Bond:

What the co-op publishes

Amicalola EMC lists its deposit rules on its Apply for Service page. A residential applicant pays a security deposit somewhere between $0 and $350, set by the applicant's credit rating. A commercial account may be asked for a security deposit equal to 2x the average location history, meaning the co-op looks at what that service location has historically used and doubles the average. The co-op tells applicants the fees and deposit required before service is connected.

Where the bond fits

The Utility Deposit bond is a guarantee from a surety to Amicalola EMC that the member will pay for electric service. If the account closes with an unpaid balance, the co-op can claim against the bond up to its amount, and the member repays the surety. The bond matters most on commercial accounts, where the deposit follows the location's usage rather than a fixed cap.

The co-op's page does not mention surety bonds. Acceptance is handled directly with Amicalola EMC, so call the main office at 706-253-5200 to confirm it will take a bond for your account, the amount it wants, and whether it has its own form.

What drives the premium

The surety reviews the owner's credit, the business's finances and the bond amount, then issues a quote.

Eligibility and Requirements for a Georgia Utility Deposit Bond:

• Amicalola Electric Membership Corporation named as obligee.
• Bond amount equal to the deposit the co-op would otherwise require.
• Principal name matching the member account.
• A surety company authorized to write bonds in Georgia.
• Owner credit review.

Georgia Utility Deposit Bond FAQs:

Official and Additional Resources for the Georgia Utility Deposit Bond: