Capital credits are just one big benefit of being a member of our co-op, one that LITERALLY pays you for being a member. Since you're part owner of your REMC, you share in its success!
This spring, Steuben County REMC is retiring over $232,500 to our members from 2006-2008.
What is a capital credit? A capital credit is your portion of patronage in our company. Since we are a not-for-profit entity, any profits we make (referred to as margins) are returned to you, the member, in a portion of what you paid for the year.
What is a member? YOU! Those who receive electric service from us are called 'members.' You're more than just a customer to us; you receive special benefits for being a part owner of our cooperative. That's why you pay a one-time refundable membership fee when you first register for service.
What is a cooperative? A co-op is a business that is owned by the people it serves. We have no big-wig stakeholders; just regular people like you that share their voice by voting for their representatives on our Board of Directors.
How do I get my money? Capital credits are not retired all at once (this would be an estate retirement). Our board reviews our financial situation and allocates a certain amount of money to be 'retired' each year, and sometimes twice annually. Current members with active accounts will see their capital credits applied as a bill credit; inactive members will receive a check in the mail to the last known address we have on file. Any checks that are not cashed or claimed within three years will be published in our escheat listing in an attempt to find the person; if not claimed within 60 days of that publication, the checks are then rolled back into the general fund for redistribution to other members.
Why are there two different retirement years? In essence, there are two different pools of money; one from the cooperative itself, and one from Wabash Valley Power, our G&T, who is also a cooperative. We, the REMC, are the members of Wabash Valley. When their board decides to retire capital credits to us, we turn around and distribute them to you.
What do I do if checks are written to a deceased person? The rightful heir or executor of the estate should contact the office to claim the funds. They will need to fill out some paperwork in order to do so.