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.