A security deposit or one of the other deposit options listed is necessary to secure your account prior to turning on service.
- TECO will accept a deposit to secure your account. You can pay the deposit by cash or check, which will accrue interest at an amount subject to change. The deposit is based on twice the average monthly bill at your location. After six months of service, the interest is credited to your account annually. If you discontinue service with TECO, the deposit will be applied to your final bill. Residential deposits are refunded after 23 months of continuous service and no more than one late payment.
- TECO will request an Equifax credit check with your authorization. Your Social Security Number is used to obtain this free service, which determines if your security deposit can be waived. This is only available to the person who calls TECO with the request.
- A deposit may be waived if you had service with TECO for at least 24 months and did not close your account more than two years ago; had acceptable credit during your 24 months or more as a customer and continue to have acceptable credit; and were not subject to a service turn-off at your home because of late monthly bill payment.
- A deposit may be waived if you are a property owner with an irrevocable letter of credit from a banking institution or a bond from an insurance company on file with TECO.