Security Deposits

Couple paying their bill using their laptop

Contact

Main Office
526 Country Squire Rd.
P.O. Box 640
Waterloo, ON
N2J 4A3

Phone: 519-886-5090
Fax: 519-746-0133


Customer Support

Email Customer Support
Phone: 519-885-6840


Billing

Email Billing
Phone: 519-886-5090


Security Deposits for Business Accounts

We collect a security deposit from most new customers to help protect us from non-payment and encourage customers to pay accounts on time. Here are answers to common questions about security deposits:

What is the purpose of a security deposit?

We collect a security deposit from most new customers and sometimes from existing customers. There are two reasons for security deposits:

To help protect us from non-payment

To encourage customers to pay accounts on time

For details on our Security Deposit Policy, please see our Conditions of Service document.

back to top

When are deposits not required?

Deposits are not required when non-residential customers in a <50 kw demand rate class:

  • Have at least five (5) years of good payment history with Waterloo North Hydro in the same name
  • Have at least five (5) years of good payment history with another electricity or gas distributor in Canada in the same name as the new account
  • Provide a credit check satisfactory to Waterloo North Hydro in the same name as the new account holder. (Please note that you will have to pay for the cost of the credit check. Download the Credit Check Authorization Form.

Deposits are not required when non-residential customers in any other rate class:

  • Have at least seven (7) years of good payment history with Waterloo North Hydro in the same name
  • Have at least seven (7) years of good payment history with another electricity or gas distributor in Canada in the same name as the new account
  • Provide a credit check satisfactory to Waterloo North Hydro in the same name as the new account. (Please note that you will have to pay for the cost of the credit check. Download the Credit Check Authorization Form. A customer in a >5,000 kW demand rate class cannot use a credit check.

A good payment history means that within the last 5 or 7 years (dependant on the rate class):

  • You have not received more than one disconnection notice
  • You have not had more than one cheque returned for insufficient funds
  • You have not had more than one pre-authorized payment returned for insufficient funds
  • We have not made a disconnect or collection trip for your account

back to top

When will my deposit be returned?

Waterloo North Hydro will refund 50% of the deposit for non-residential customers over 5,000 kW who maintain a good payment history for 7 years. If you would like a higher refund, please contact a Dominion Bond Rating Service, Standard and Poor's or Moody's to obtain a credit report. The credit report will determine how much of your deposit we can refund. For example:

  • A credit rating of AAA- or above will receive 100%
  • A credit rating of AA-, AA, AA+ will receive 95%
  • A credit rating of A-, A, A+ will receive 85%
  • A credit rating of BBB-, BBB, BBB+ will receive 75%
  • A credit rating of below BBB- will receive 0%

We also return your deposit if you close your account with us. When an account is closed, we apply the deposit to your final bill.

back to top