How Do Capital Credits Work?
A credit is applied to your bill when cooperative’s directors – your elected representatives – vote to retire Capital Credits. That is usually done annually when the financial condition of the cooperative permits.
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.
The amount of such distributions will be calculated using a discount rate that equals the cooperative’s weighted average cost of capital, taking into account the date that the distribution would have occurred. Discounting provides a fair way to recognize special circumstances while continuing to treat members equitably.
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.
We May 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 five years, the cooperative has handed over nearly $800,000 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.