FAQs on VECO Bill Deposit
Why do I need to pay a bill deposit?
A bill deposit protects VECO against customers who neglect to pay their electric bills. The deposit allows VECO to recover payment equivalent to one billing period when a customer fails to pay an amount that has become uncollectible.
The Energy Regulation Commission (ERC), through the rules of the Magna Carta and Distribution Services and Open Access Rules (DSOAR), allows power distributors like VECO to collect a bill deposit from all residential and non-residential customers that apply for new and/or existing with additional electric service.
How is my bill deposit computed?
The amount of your bill deposit is equivalent to your 12 months average monthly bill or it will be calculated based from the applied load if you are a new applicant.
Will my bill deposit be the same every year?
Your bill deposit may vary each year. One (1) year after paying your bill deposit, and every year thereafter, if your actual average monthly bill for the past 12 months is less than 10% of your current deposit, it will be lowered to approximately the same amount as your average monthly bill.
Will my bill deposit earn interest?
Your bill deposit will earn a 0.25% interest, which will be credited annually to your bill.
Can I get a refund of my bill deposit?
Your excess deposit for the year will be refunded to you via a credit adjustment in your bill.
What happens if my electric service is disconnected?
If your electric service has been disconnected, a bill deposit will be re-imposed and/or adjusted based on your actual average monthly bill in the past 12 months.
What if I am unable to pay the re-imposed or adjusted bill deposit?
Your failure to pay is ground for continued electric service disconnection.
Will I get a full refund when I decide to terminate my VECO electric service?
Yes, your bill deposit will be refunded in full upon termination of service provided all bills have been paid and all identification requirements have been complied.
Otherwise, the bill deposit will first be applied against any arrears.
Will I be entitled to a full refund of my bill deposit prior to the termination of my VECO service?
Prior to the termination of your VECO service, you will be entitled to a full refund if you have:
a) Paid all your bills on or before its due date for 36 consecutive billing months or 3-year period; and
b) Complied with all identification requirements
In cases where the customer has previously received the refund of his bill deposit, and later defaults in the payment of his monthly bills, the customer shall be required to post with the distribution utility and lose his right to avail of the right to refund his bill deposit in the future until termination of service.
For further clarification, call 230-8326 (VECO) or visit the VECO Service Center at the 2nd Level of SM City Cebu, North Reclamation Area, Cebu City.