Deposits

Question

Answer

Is a business required to have a deposit?

All business accounts are required to have a security deposit to cover two times the average monthly bill amount.

How is the amount determined?

The deposit is equal to approximately two months average bills at the service address.

Will I get a bill for the deposit?

Yes, a deposit statement is mailed once the account is opened.

When is the deposit due?

The deposit is due when the account is opened, and can be

• paid online using FPL Pay Online
• mailed to FPL or
• paid at a participating pay agent.

Cash, checks or money orders are acceptable forms of payment. Use the new account number for reference.

Is there an alternative to a cash deposit?

Alternatives to a cash deposit include a

• bank Letter of Credit or
• Surety Bond (issued by an insurance company).

These alternatives are recommended for deposits over $1,000.

Once the Surety Bond or Letter of Credit is received and approved by FPL, your cash deposit is credited to your account.

Is the deposit adjustable?

The deposit is reviewed after six months to ensure the correct amount of the deposit is held.

Does the deposit earn interest?

Yes, a deposit accrues 6 percent interest once it is paid in full for six months. The interest is calculated from the date the deposit is paid in full and credited to the account annually in June.

The business deposit interest is increased to 7 percent after 23 months of prompt payment.

When is the deposit refunded?

The deposit is held until the account is closed.

Question

Answer

Is there an alternative to a cash deposit?

Alternatives to a cash deposit include

• a bank Letter of Credit or
• Surety Bond (issued by an insurance company).

These alternatives are recommended for deposits of over $1,000.

Once the Surety Bond or Letter of Credit is received and approved by FPL, your cash deposit is credited to your account.

What do I have to do if I want to use a Surety Bond or Letter of Credit instead of a cash deposit?

Download the applicable form below and forward the completed document to the bank or the insurance company.

The Surety Bond or Letter of Credit must be issued in the exact name of a corporation registered and active with the State of Florida. This name must also match the name on your account(s). You may use www.sunbiz.org to verify the exact name under which your company is registered. Please be aware that failure to comply with this stipulation may lead to rejection of your Letter of Credit or Surety Bond.

If your company is a partnership instead of a corporation, e-mail us for an application. Please specify your account number and whether you are interested in a Surety Bond or a Letter of Credit.

Note: These files require Adobe Acrobat Reader. If you don't already have it, download it now.

• Letter of Credit Application (72kb .pdf file)
• Surety Bond Application (104kb .pdf file).

If you would like to see a sample Surety Bond or a Letter of Credit, please click on one of the following links:

• Surety Bond Sample
• Letter of Credit Sample 1
• Letter of Credit Sample 2.

Once the bank or the insurance company completes the form, return the original with

• an Evidence of Authority (for a Letter of Credit) or
• Power of Attorney (for a Surety Bond) to:

FPL
Deposit Administration
9250 W. Flagler Street
Miami, FL 33174

or

FPL
P. O. Box 025209
Miami, FL 33102

Your cash deposit will be applied to your electric bill as soon as the Surety Bond or Letter of Credit is received and approved.

If you should have any questions or need additional information, please e-mail us.