What is a security deposit?
A security deposit is an amount of money Global International Meter Services will request from a consumer when establishing a new account with us. This is money paid in advance to secure payment of future charges for the supply of water and electricity to your premises. Global International Meter Services are therefore partly protected against risks such as death, absconding and non-payment of accounts.
Security deposits are collected / reviewed:
- when a customer initially applies for a new service,
- when a customer's electricity consumption increases or;
- when a customer failed to maintain a good payment history.
Once you have completed and supplied Global International Meter Services with your new service application form and relevant I.D. details, we will send you your first bill. The raised security deposit amount will appear as a line item on your bill. The due date for payment of this bill is 14 days from the date you take responsibility of the electricity or, the date you lodge your application, whichever is the greater.
Paying by Installments
You may pay your security deposit in equal installments over a two-month period, together with your normal monthly bill. If you would like to pay by installment please notify us.
Global International charge all its consumers an electricity security deposit equal to two months electricity, water and any fixed charges that might be included.
You may provide the security deposit by:
2. bank guarantee
4. or cheque.
The Importance of a Good Payment History
We encourage customers to maintain a good payment history to avoid unnecessary security deposit increases. You are considered to have a good payment history as long as you haven't had one of the following on record:
- more than two disconnection notice issued
- more than one cheque or pre-authorized payment returned for non-sufficient funds
- illegally reconnected your own electricity supply
- a collection or disconnection trip has occurred more than two times.
Disconnection on non payment of security deposit :
If the consumer does not make payment of the amount of security deposit or additional deposit within the 14 days period, supply to the consumer shall be liable for disconnection.
Refund of Deposits
Cash deposits made by residential, commercial, office and industrial customers shall be refunded at such time as the customer discontinues electricity and/or water service, provided that all final charges for electricity and/or water service have been paid in full at the time the customer discontinues said service.
Bank guarantees posted in lieu of such cash deposits shall be canceled upon payment of the final bill for electricity and/or water services and after the customer discontinues services. Any deposits retained at time of termination of the account will automatically be applied to any outstanding bill, and any remainder shall be refunded.
Deposits will only be refunded when the balance of the final account has been settled in full. The outstanding value may be deducted from the deposit on hand. Any refunds of deposits must be requested in writing for security purposes. The deposit will only be refunded to the person who signed the innitial application form.
Interest on Deposits
Deposits held by Global International Meter Services earn no interest and are retained until a consumer terminates service with us. The reason why Global International Meter Services do not pay interest on security deposits are because we continually apply these deposits against unpaid electricity and/or water bills until payment is received from the consumer.
Deposit Refund Request