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Capital Credits

What are Capital Credits?

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Each year, former cooperative members leave money behind when they don’t give us their forwarding addresses. To see if you or someone you know has unclaimed funds, type a name in the search box below. To update your address and claim any unclaimed Capital Credits, fill out this form. 

Unclaimed Capital Credits Search


How Do Capital Credits Work?

When you pay your bill each month, you are contributing to the equity, or your share of ownership, of the cooperative.

Capital credits are unique to the cooperative business model. Unlike other types of companies, CCEC and other cooperatives do not have shareholders who expect to make money from the company’s profits. We are not-for-profit businesses that exist solely to provide electric service to our members.

The funds allocated to each member’s account are used to fund capital needs for items such as power line construction, transformers, trucks, inventory and other equipment. Capital credits also help keep rates at an affordable level by reducing the amount of funds the co-op borrows to maintain and grow its electric distribution system.

If you have an active account, you will see a credit on your bill when a capital credit retirement takes place. Checks are mailed to those who are no longer served by the cooperative. Capital Credits are also paid to the estates of deceased members in the form of a present valued lump sum payout.

If you move from our service area, the Capital Credits accumulated in your account will remain in your name. It is important that you keep the cooperative informed of your current address so that we can send you a refund when a Capital Credit retirement is made.

If you have questions about Capital Credits, call Junior Accountant Veronica Johnson at (252) 727-2245.

Do We Have Money for You?

Each year, former cooperative members leave money behind when they don’t give us their forwarding addresses. That money is their share of Capital Credits allocated to their account when they were co-op members.

If you move from our service area, the capital credits accumulated in your account remain in your name. That's why it's important to give us a current address anytime you move so we can send you a refund when Capital Credits are retired.

After three years, any unclaimed funds go to the state. Over the past six years, the cooperative has handed over more than $860,000 in unclaimed Capital Credits to the Department of the State Treasurer.

To see if you or someone you know has unclaimed funds, type a name in the search box at the top right of the screen.

► To update your address and claim any unclaimed Capital Credits, fill out this form. ◄

We will contact you to verify the information or if we need more information to process your request.

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Carteret-Craven Electric Co-op

1300 Highway 24, Newport, NC 28570

450 McCotter Boulevard, Havelock, NC 28532

(252) 247-3107 or (800) 682-2217

FAX: (252) 247-0235

©2022 Carteret-Craven Electric Co-op. All Rights Reserved.

  • Home
  • My Account
    • Pay Online
    • Bill Pay & Delivery Options
    • PrePay
    • My Bill
    • Rates & Service Rules
    • Time of Use
    • Deposits & Fees
    • Service Forms
  • My Home
    • Saving Energy
    • Rebates
    • Safeguard Lighting & Surge Suppression
    • Landscaping, Digging & Line Clearances
    • Renewable Resources
    • Electric Vehicles
    • Automated Metering Infrastructure
    • Backup Generation
    • ElecTel's Energy Efficient Loan Program
  • My Community
    • Operation RoundUP
    • Bright Ideas Education Grants
    • Scholarships
    • Sports Camps
    • Co-op Leadership Camp
    • Member Photo Contest
    • Co-Op Connections Card
    • Imagination Library
    • Meeting Space
  • My Coop
    • About Us
    • Mission And Bylaws
    • Directors & Staff
    • Capital Credits
    • Member Advisory Group
    • Employment Opportunities
    • Annual Meeting Of The Membership
    • Member News & Carolina Country
  • Employment
  • News & Events
  • Outage Center
    • Outage Texting
  • HI Water System
  • PKS Water