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Security Deposits

To view Security Deposit information, please select your state operating company:

Refunds & Security Deposits

Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

Deposits – normally cash - are used to secure your outstanding account balance. The amount of the deposit is based upon the type of heat (electric, gas, etc.) or usage history at your address. We normally require them from customers who are:

  • New to AEP.
  • Existing or past customers who haven’t consistently paid their bills on time.

In lieu of a cash deposit, you may provide:

  • An acceptable guarantor. A guarantor agrees in writing to be financially responsible for some portion of your account. The guarantor must meet certain guidelines in order to qualify.
  • A letter of credit from another utility showing on time payment history for at least twelve months.

Yes, as long as your deposit is held at least six months. Interest is earned:

  • From the date the deposit is paid.
  • At a rate of 3.00% per year.

Your deposit and interest will be applied to your account after one year, provided that no more than two bills were paid late. If two bills are paid late, they must not be paid more than 30 days past their due date or the deposit/interest will not be applied.

If you close your account before a year has passed, the deposit/interest will be applied to your final AEP bill.

Refunds For Residential Customers

AEP Ohio is now offering residential customers who have a refund a Wirecard North America Prepaid MasterCard® issued by Sunrise Banks N.A. The cards will be mailed to customers.

This refund information applies to residential customers. Business customers should contact us for information about refunds.

Once a customer receives their Wirecard MasterCard in the mail, the customer can elect to either start using the card for purchases, they can request a transfer of the amount to their bank account, or they can request a check be sent to them. The instructions for all three options are in the letter which is sent with the Wirecard MasterCard.

The system must process the card first and send it to the customer, once the card is received the customer again has the option to follow the instructions on the letter with the card to either make purchases, request a paper check, or transfer the funds directly into the customer’s bank account.

Prepaid cards allow customers access to instant funds. Checks may take days to process before the funds are available to use. Customers who do not have a banking facility also will have immediate use of the cards without paying any additional check cashing fees. Prepaid cards allow instant access to the refund amounts and allow for immediate spending at stores.

Only residential customers will be receiving prepaid cards as refunds. Business Owners will still receive a check.

Wirecard MasterCard is accepted at all locations that accept MasterCard such as grocery stores, fast food establishments, retail clothing establishments, and movie theaters, just to name a few. Certain restaurants and gas stations when using the card may place a hold for a larger dollar amount on the card, for either a tip at a restaurant or pre-pay at the gas station pump hold. At gas stations take the card in to the attendant and let them know the dollar amount you want to use against the card so that a larger hold amount is not placed on the card which can cause it to be declined.

Call the number on the back or the card or use the website on the back of the card to keep a tab on balances.

If your card has expired, after the inactivity fees are applied, any remaining funds will be handed over to the State and held in an account. Call the number on the card and they will walk you through how to claim the funds from the State.

Customers can either call Wirecard North America directly for a replacement card or call AEP to be transferred to a Wirecard North America MasterCard representative. Initial replacement cards are free, subsequent cards may have a replacement fee.

Most large retail chains have advanced credit cards systems which will allow you to swipe your prepaid card and will use the total amount on the card and require the remaining balance to be paid by a different method (cash, check, credit card, etc.) Small retailers may require that you know the amount you wish to use on the card and can type in that value manually, with the remaining balance paid by another means. Customers can try swiping their card first to see if the location has an advanced system, if the card is declined, then a dollar amount must be given against the card value.

Yes, just as checks must be cashed within a certain period of time, prepaid cards must be used within a certain amount of time before an account maintenance fee is processed. Customers must start to use their cards within 6 months to avoid account maintenance fees.

Customers who don’t expect to use their card within six months may want to consider requesting a check or having a bank transfer to avoid inactive account maintenance fees.

You can call AEP Ohio to request another card. Please be sure to verify the correct mailing address when calling.

You will want to check the amount on your card to ensure the balance on the card is what you expect it to be. Also check to see if the place you used it at may have placed a hold for a certain dollar amount on the card which is larger than the balance, this can happen at gas station pumps and certain restaurants who accept tips. If there are any issues you can contact the number on the back of your card to see if there are any issues with the card itself.

Tennessee Security Deposits

Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

Deposits – normally cash - are used to secure your outstanding account balance. The amount of the deposit is based upon the type of heat (electric, gas, etc.) or usage history at your address. We normally require them from customers who are:

  • New to AEP.
  • Existing or past customers who haven’t consistently paid their bills on time.

In lieu of a cash deposit, you may provide:

  • An acceptable guarantor. A guarantor agrees in writing to be financially responsible for some portion of your account. The guarantor must meet certain guidelines in order to qualify.
  • A letter of credit from another utility showing on time payment history for at least twelve months.

Yes, as long as your deposit is held at least six months. Interest is earned:

  • From the date the deposit is paid.
  • At a rate of 3.00% per year.

Your deposit and interest will be applied to your account after one year, provided that no more than two bills were paid late. If two bills are paid late, they must not be paid more than 30 days past their due date or the deposit/interest will not be applied.

If you close your account before a year has passed, the deposit/interest will be applied to your final AEP bill.

Virginia Security Deposits

Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

Deposits – normally cash - are used to secure your outstanding account balance. The amount of the deposit is based upon the type of heat (electric, gas, etc.) or usage history at your address. We normally require them from customers who are:

  • New to AEP.
  • Existing or past customers who haven’t consistently paid their bills on time.

In lieu of a cash deposit, you may provide:

Yes, as long as your deposit is held at least six months. Interest is earned:

  • From the date the deposit is paid.
  • At a rate established annually by the State Corporation Commission

Any interest earned will be applied to your account in December. Your deposit plus any additional interest earned will be applied to your account after twelve consecutive bills are paid on time. This count begins the month after the last Deposit payment is received and includes any Deferred Deposit paid on the account.

If you close your account before a year has passed, the deposit/interest will be applied to your final AEP bill.

West Virginia Security Deposits

Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

Deposits – normally cash - are used to secure your outstanding account balance. The amount of the deposit is based upon the type of heat (electric, gas, etc.) or usage history at your address. We normally require them from customers who are:

  • New to AEP.
  • Existing or past customers who haven’t consistently paid their bills on time.

In lieu of a cash deposit, you may provide:

  • An acceptable guarantor. A guarantor agrees in writing to be financially responsible for some portion of your account. The guarantor must meet certain guidelines in order to qualify.

Yes, as long as your deposit is held at least six months. Interest is earned:

  • Provide a letter of credit from another utility showing on time payment history for at least twelve months.

Your deposit and interest will be applied to your account after one year, provided that no more than two bills were paid late. If two bills are paid late, they must not be paid more than 30 days past their due date or the deposit/interest will not be applied.

If you close your account before a year has passed, the deposit/interest will be applied to your final AEP bill.

Indiana Security Deposits

Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

Deposits – normally cash - are used to secure your outstanding account balance. The amount of the deposit is based upon the type of heat (electric, gas, etc.) or usage history at your address. We normally require them from customers who are:

  • New to AEP.
  • Existing or past customers who haven’t consistently paid their bills on time.

In lieu of a cash deposit, you may provide a letter of credit from another utility showing on time payment history for at least twelve months.

  1. When the deposit is refunded within 12 months from the date of the deposit, no interest is payable.
  2. Deposits held more than 12 months shall earn interest from the date of deposit to the date of refund at an annual interest rate of 2%.
  3. The deposit shall not earn interest after the date it is mailed, personally delivered to the customer, or otherwise lawfully disposed of.

Interest is held until your deposit is applied. Your deposit and interest will be applied to your account after nine consecutive bills are paid on time.

If you close your account before nine months have passed, the deposit/interest will be applied to your final AEP bill.

Michigan Security Deposits

Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

Deposits – normally cash - are used to secure your outstanding account balance. The amount of the deposit is based upon the type of heat (electric, gas, etc.) or usage history at your address. We normally require them from customers who are:

  • New to AEP.
  • Existing or past customers who haven’t consistently paid their bills on time.

In lieu of a cash deposit, you may provide a letter of credit from another utility showing on time payment history for at least twelve months.

Yes, interest is earned at a rate of 7% per year. Interest is earned from the date the deposit is paid.

Interest earned will be applied to your account every six months. In most instances, your deposit plus any additional interest earned will be applied to your account after twelve consecutive bills are paid on time. If electricity has been used without the authorization of AEP, the deposit may be held for 36 months.

If you close your account before nine months have passed, the deposit/interest will be applied to your final AEP bill.

Security Deposits

Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

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Deposits – normally cash - are used to secure your outstanding account balance. The amount of the deposit is based upon the type of heat (electric, gas, etc.) or usage history at your address. We normally require them from customers who are:

  • New to AEP.
  • Existing or past customers who haven’t consistently paid their bills on time.

In lieu of a cash deposit, you may:

  • Establish an acceptable guarantor. A guarantor agrees in writing to be financially responsible for some portion of your account. The guarantor must meet certain guidelines in order to qualify.
  • Provide a letter of credit from another utility showing on time payment history for at least twelve months.

Yes, interest is earned at a rate of 0.12% per year. Interest is earned from the date the deposit is paid.

Interest earned will be applied to your account each January. Upon request, your deposit plus any additional interest earned will be refunded after 18 months provided that the last twelve consecutive bills have been paid on time. This count begins the month after the last Deposit payment is received and includes any Deferred Deposit paid on the account.

If you close your account before 18 months have passed, the deposit/interest will be applied to your final AEP bill.

Security Deposits

Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

Deposits – normally cash - are used to secure your outstanding account balance. The amount of the deposit is based upon the type of heat (electric, gas, etc.) or usage history at your address. We normally require them from customers who are:

  • New to AEP.
  • Existing or past customers who haven’t consistently paid their bills on time.

In lieu of a cash deposit, you may:

  • Establish an acceptable guarantor. A guarantor agrees in writing to be financially responsible for some portion of your account. The guarantor must meet certain guidelines in order to qualify.
  • Provide a letter of credit from another utility showing on time payment history for at least twelve months.

Yes, as long as your deposit is held at least 30 days. Interest is earned:

  • From the date the deposit is paid.
  • At a rate established annually that is based upon US Treasury security rates.

Interest earned will be applied to your account each January. Your deposit plus any additional interest earned will be applied to your account after 12 months of payments, provided that no more than two payments have been paid late.

If you close your account before 12 months have passed, the deposit/interest will be applied to your final AEP bill.

Arkansas Security Deposits

Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

Deposits – normally cash - are used to secure your outstanding account balance. The amount of the deposit is based upon the type of heat (electric, gas, etc.) or usage history at your address. We normally require them from customers who are:

  • New to AEP.
  • Existing or past customers who haven’t consistently paid their bills on time.

In lieu of a cash deposit, you may:

  • Establish an acceptable guarantor. A guarantor agrees in writing to be financially responsible for some portion of your account. The guarantor must meet certain guidelines in order to qualify.
  • Provide a letter of credit from another utility showing on time payment history for at least twelve months.

Yes, interest is earned from the date the deposit is paid. The interest rate is established annually by the Arkansas Public Service Commission and is based upon US Treasury security rates for the last quarter of the previous year.

Interest earned will be applied to your account each January. Your deposit plus any additional interest earned will be applied to your account after 12 months of payments, provided that no more than two payments have been paid late.

If you close your account before 12 months have passed, the deposit/interest will be applied to your final AEP bill.

Louisiana Security Deposits

Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

Deposits – normally cash - are used to secure your outstanding account balance. The amount of the deposit is based upon the type of heat (electric, gas, etc.) or usage history at your address. We normally require them from customers who are:

  • New to AEP.
  • Existing or past customers who haven’t consistently paid their bills on time.

In lieu of a cash deposit, you may:

  • Establish an acceptable guarantor. A guarantor agrees in writing to be financially responsible for some portion of your account. The guarantor must meet certain guidelines in order to qualify.
  • Provide a letter of credit from another utility showing on time payment history for at least twelve months.

Yes, interest is earned at a rate of 5% per year. Interest is earned from the date the deposit is paid.

Interest earned will be applied to your account each January. Your deposit plus any additional interest earned will be applied to your account after 12 consecutive bills have been paid on time.

If you close your account before 12 months have passed, the deposit/interest will be applied to your final AEP bill.

Texas Security Deposits

Security Deposits For Residential Customers

This security deposit information applies to residential customers. Business customers should contact us for information about security deposits.

Deposits – normally cash - are used to secure your outstanding account balance. The amount of the deposit is based upon the type of heat (electric, gas, etc.) or usage history at your address. We normally require them from customers who are:

  • New to AEP.
  • Existing or past customers who haven’t consistently paid their bills on time.

In lieu of a cash deposit, you may:

  • Establish an acceptable guarantor. A guarantor agrees in writing to be financially responsible for some portion of your account. The guarantor must meet certain guidelines in order to qualify.
  • Provide a letter of credit from another utility showing on time payment history for at least twelve months.

Yes, as long as your deposit is held at least 30 days. Interest is earned:

  • From the date the deposit is paid.
  • At a rate established annually by the Commission on December 1 of the previous year.

Interest earned will be applied to your account each January. Your deposit plus any additional interest earned will be applied to your account after 12 months of payments, provided that all of the following are true:

  • Service was not disconnected for non-payment
  • There are no more than two late payments
  • The current bill is not past due

If you close your account before 12 months have passed, the deposit/interest will be applied to your final AEP bill.

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