Telecom Service Deposits Policy
ELECTRIC PLANT BOARD
RUSSELLVILLE, KENTUCKY
TELECOMMUNICATIONS SERVICE DEPOSIT POLICY
Purpose:
The purpose of this Deposit Policy is to outline the guidelines and procedures for accepting and processing deposits to ensure consistency, security, and compliance with applicable rules and regulations. This policy aims to protect both the institution and its customers by establishing clear expectations for deposit required to establish fiber service with the EPB. By setting forth these standards, the policy seeks to promote transparency, reduce risks associated with deposit handling, and maintain trust in the financial operations of the organization.
General Guidelines:
1. This Deposit policy will be applied without regard of race, color, creed, sex, national origin or marital status.
2. Deposits are due prior to service or equipment being provided.
3. Deposits may or may not transfer from one location to another.
4. Upon termination of service, deposits will be applied against any unpaid balance or charges for non-returned or damaged equipment.
5. Any remaining amount will be returned to customer, either by check or by applying the balance of the deposit to any active account of the customer.
Security Deposit:
Applicants will be charged a deposit equal to approximately one (1) month’s charges for the services requested (rounded up to the next $10.00)
Interest on Deposit:
All cash deposits greater than one month’s average bill and retained longer than twelve months
shall accrue interest at the current rate authorized by the Board, which shall not be less than the
interest earned on LPC’s primary bank account. Interest will be calculated using a simple interest rate
and will not be compounded. Interest will accrue annually on a deposit and will be paid when the deposit is refunded or applied to the customer’s account. The deposit balance including earned interest is subject to review by customer and LPC. All deposits - regardless of whether the deposit is based on fiber service or electric - will be treated as one deposit and held until all charges for services have been paid and all equipment returned in good condition.
Approved by the Board: 04/10/2025