JPS increasing deposits charged on some accounts, introducing refund system
Published:Friday | April 9, 2021 | 11:33 AM
The Jamaica Public Service Company (JPS) says it will be increasing the deposit charged to accounts and certain categories of delinquent and disconnected customers.
JPS says it will be bringing customer deposits in line with the average monthly bill of $6,000 for residential customers.
The deposit for Rate 20, which are small commercial customers, will be set at a minimum of $10,000.
JPS says this will only apply to new accounts being opened as of April 15; delinquent accounts; and accounts which are disconnected two times or more in the last 12 months.
It says persons are therefore encouraged to avoid disconnection, and the associated deposit upgrade, which the company says is designed to help cover outstanding debts they may accrue.
Meanwhile, JPS says it will introduce a deposit refund system, giving good paying residential customers the option to apply for the refund of their deposit.
A good paying residential customer is someone who has been paid his or her bills on time and in full for the last 24 months.
The company is also reminding customers that prepaid service, for which no deposit is required, is available to all residential and small commercial customers, and represents an excellent energy management tool.
In the meantime, the power company indicated that it has paid the annual interest on customer deposits in the just concluded first quarter of 2021.
It says this was reflected as a deduction on January bills.
It added that the payout was at the Bank of Jamaica Treasury Bill rate, which at the time of disbursement was 1.909%.
All customers who open a JPS account pay an initial deposit for the service.
While it is likely that many customers may have forgotten that they paid a deposit upon taking out the service, the company has always abided by the practice of paying interest, as far back as the late 1960s, JPS explained.
The company says that interest is paid either in the first quarter or last quarter of the year.
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