Deposits

Question

Answer

How is the deposit determined?

FPL uses a credit scoring system to determine residential deposit requirements. This credit scoring system considers items on your credit report and/or prior credit history and produces a score. A deposit can be equal to approximately two months average bills at the service address or waived.

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.

Note: In some cases, the deposit is required before connection of service.

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 deposit paid-in-full-date and credited to the account annually in June.

When is the deposit refunded?

Deposits are refunded in full after 23 months of prompt payment or when the account is closed.

Is there an alternative to a cash deposit?

Yes, there is an Unconditional Guarantee / Guarantor Contract, which is a legal document involving two parties:

• the Guarantee (the party requesting the deposit refund alternative) and
• the Guarantor (the party providing payment security if the Guarantee should default in payment).

In order to be eligible for this non-cash deposit option, the Guarantor must meet certain criteria.

What do I do if I am interested in using an Unconditional Guarantee / Guarantor Contract as deposit coverage?

Please contact your potential Guarantor and have them provide you with either their account number, service address, name, or Social Security number. If your potential Guarantor would rather contact us directly on your behalf, he or she will need the Guarantee's account number, service address, name, or Social Security number.

After collecting the necessary information, please contact our Customer Care Center at (800)226-3545 and they will then send the contract to the Guarantor.

The Guarantor will then mail the notarized contract signed by both parties to:

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

or

FPL
P.O. Box 025209
Miami, FL 33102

Please be advised that an Unconditional Guarantee / Guarantor Contract is a deposit refund alternative. If a deposit is due on your account, please pay the deposit to ensure that your service is not interrupted.

For detailed information, please click here.

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:

• Letter of Credit Application (72k PDF)
• Surety Bond Application (104k PDF).

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.