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July 17, 2007
Con Ed deposit, "letter of credit"?
We just bought and moved into a 3-family in Bed-Stuy and received a notice from Con Ed saying that we need to pay a $330 deposit for our electric service within 10 days. There is also the option of sending "bank letters of credit or surety bonds, which provide a level of security equivalent to cash." We are really stretched financially at the moment for obvious reasons, and would rather not shell out the $330 (which they'll hold on to for 3 years, they say). But I don't understand what the other options entail -- what does anyone know what these are and if they'll spare us from having to spend $330 for the privilege of having electricity? We've always paid our bills basically on time in our previous house....
A secondary, less important question is: are we being asked for this deposit because it's a three-family with higher usage than our previous home? I don't recall paying such a deposit when we owned a two-family.
Thanks for any help!
Comments
they usually do something like this if your credit is in question or if the previous (I know I know) owner failed to pay their bill. You don't have to use Con Ed...call someone else.
Posted by: me at July 17, 2007 12:55 PM
Yes it is because it is 3 family. Who else should they call?
Posted by: Anonymous at July 17, 2007 1:24 PM
in my 5 family in red hook we had to pay $700 deposit. you'll get it back. just think of some bill in the future you'll be saving for.
it's standard practice i believe.
i wasn't invested in fighting over a deposit, rather than a fee.
Posted by: kitten at July 17, 2007 4:29 PM
the deposit is for "a commercial account" common areas in a condo or a multi unit building are considered commercial accounts. the meter for your common area will be listed as "commercial" Yes, its foolish but its coned
unfortunately i cannot answer the rest of your question as i merely put up the deposit
Posted by: dave at July 17, 2007 4:32 PM
You can avoid the security deposit by setting up an auto-pay with your checking account. Call them up and start bitching.
I did it with two business/commercial accounts.
Posted by: dmc at July 17, 2007 9:58 PM
the previous owner/tenants are in bad standing.
Tell con ed your credit is excellent and you refuse to leave a large deposit.
Posted by: Anonymous at July 18, 2007 10:44 AM
try key span or go on line to find a list of energy providers...you do have options.
Posted by: Anonymous at July 18, 2007 1:50 PM
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