Every deposit accrues 6% interest (annually) during the time it is held by the Town of Apex. Deposits are held until a good credit history has been established.
Good credit for a residential customer is defined as 12 months with no more than 2 late payments.
Good credit for a commercial customer is defined as 24 months with no more than 2 late payments per year.
Deposits are eligible for refunding after a customer has established good credit with the Town. Refunds are not automatic, the customer must request a refund. Refunds (deposit plus interest) are applied to the utility account and any remaining credit may stay on the account to cover future charges or it may be refunded by check. If a deposit is held on an account at the time services are terminated, the deposit and interest will be applied to the unpaid balance and a refund check issued for the remainder.