Here’s something that might be of interest: if I’m reading this correctly, then in North Carolina utilities are required to pay 8% interest on deposits required from a customer. The relevant language:
(c) Each utility shall pay interest on any deposit held more than ninety (90) days at the rate of eight percent per annum. Interest on a deposit shall accrue annually and, if requested, shall be annually credited to the customer by deducting such interest from the amount of the next bill for service following the accrual date. A utility shall pay interest on a deposit beginning with the 91st day after it is collected and continuing until such deposit is lawfully tendered back to the customer by first-class mail, or to his legal representative or until it escheats to the State, with accrued interest.
Not all states are that generous. For example, the equivalent rates in Kansas is 0.82% and in Colorado it’s only 0.34%. Also, this does not seem to apply to overpayments / credit balances, but only to deposits required by the utility when signing up for service (usually for people with low or no credit).
Still… eight percent is worth a mention at least. Have any of you ever looked into anything along these lines?
Imma pumped 200k into my utilities account and get that 8% #winning