Customers to get millions in refunds, interest payments from JPS
Nadisha Hunter, Staff Reporter
The Jamaica Public Service Company says it is currently distributing more than $84 million in annual interest payments and deposit refunds to customers whose accounts are up to date.
In a release yesterday, the JPS indicated that customers would receive payments on the security deposits on their electricity accounts between November and December.
"Although security deposits are required by all utility providers, JPS is the only company that currently pays interest on these deposits. The interest, which is linked to Treasury bill rates, is reflected as a separate line item on customers' bills," the JPS said.
amount depends on deposit paid
The release stated that the amount received by each customer would depend on the deposit on his or her account.
"As a matter of policy, JPS also refunds deposits to customers who have consistently paid their bills in full and on time over 24 months. The company is now in the process of paying these refunds, which will also be reflected as a line item on bills," the release read.
JPS Corporate Relations Manager Winsome Callum told The Gleaner that residential customers were required to pay a deposit of $1,500 on signing a contract while business customers were asked to pay $6,000.
"The deposit, based on our policy, should reflect an average of two months' usage. However, we do not insist on this security deposit except when you are disconnected for non-payment. At this time, JPS may ask you to upgrade your deposit so that it is in keeping with the policy requirement," she said.
Callum was unable to give the number of persons who qualify for the payment or the average sum each customer would receive.
"As long as you qualify, meaning you have a deposit on the system, you will get interest on that deposit and for the refunds once you have met the requirements of paying consistently in full and on time for 24 consecutive months. It will definitely be reflected as a line item on the bill," she assured customers.