North Carolina Union Power utility deposit bonds.
From $100.
Union Power Cooperative can accept a surety bond from a commercial member in lieu of a cash security deposit, under its Service Rules and Regulations § 102. The standard commercial deposit is two times the estimated monthly bill, and the bond is written in that same amount. Premiums cost 2% of the bond amount, $100 minimum.
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How much does a North Carolina Union Power utility deposit bond cost?
2% of the bond amount, from $100. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
A utility deposit bond is one of the simplest bonds to issue. Enter the amount Union Power quoted, submit the application, and send the cooperative the bond. Here is the whole thing:
Apply online
Your business details, the service address, the deposit amount Union Power quoted, and the effective date — that is the application.
Issued
No credit check up to $15,000. Pricing is 2% of the bond amount, $100 minimum.
File with Union Power
Your executed bond arrives by email, ready to submit to Union Power in place of a cash security deposit. Wet-ink originals mailed on request.
What it is and who needs it.
What the utility deposit bond actually guarantees
Union Electric Membership Corporation, d/b/a Union Power Cooperative, is a member-owned electric distribution cooperative headquartered in Monroe, N.C., serving more than 80,000 member accounts across Union, Stanly, Cabarrus, Mecklenburg, and Rowan counties. Under the Cooperative's Service Rules and Regulations § 102 (Security Deposit), a new or existing member may be required to post a deposit sized to the risk of the account — for a commercial account, the standard figure is two times the estimated monthly bill for the service location.
Rather than tie up that amount in cash, § 102's waiver provision lets a commercial member instead provide the Cooperative with an irrevocable letter of credit or a surety bond from a qualified institution, in an amount equal to the security deposit required. This bond is that instrument: it is a three-party arrangement between you (the principal), the surety carrier, and Union Power (the obligee). If the account falls delinquent and the Cooperative is left with an unpaid balance, Union Power can claim against the bond up to its face amount — and if the surety pays, you repay the surety. It is a payment guarantee for the co-op's membership, not insurance for you.
A residential-account deposit is generally waived for a Member in Good Standing, a member with a satisfactory credit-reporting-agency score, or one with a guarantee of payment from another Member in Good Standing — those members typically do not need this bond. Commercial deposits, by contrast, are retained for the life of the account rather than automatically refunded after twelve months. Confirm the exact deposit figure Union Power quoted before applying; we price the bond from a $100 minimum, and no credit check up to $15,000.
You need this bond if you are
Claims, renewal, filing, and what sets the price.
If a claim is made
A claim comes from the party the bond protects, the obligee named on the form, when the duty the bond guarantees is not met.
The surety investigates and pays a valid claim, up to the bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The premium covers a one-year term from the effective date you choose.
Renew before the expiry date to keep the bond in force: the license, permit or contract it backs expects continuous coverage.
How to file it
File with Union Power. Your executed bond arrives by email, ready to submit to Union Power in place of a cash security deposit. Wet-ink originals mailed on request.
What sets the price
The premium is 2% of the bond amount, $100 minimum: the amount the obligee sets moves the price, not your business profile.
No credit check up to $15,000. Above that, the carrier may run a soft pull, which never affects your score.
Where a check runs, it decides approval; the rate is the same for everyone approved.
One application, no credit check up to $15,000.
Submit the application with the deposit amount Union Power quoted. No credit check up to $15,000.
Start the application →Common questions.
Other North Carolina bonds.
Price and requirements checked on the carrier’s application, . Page updated .
Skip the cash deposit, keep your service on.
Premiums from $100. Enter the amount Union Power quoted and send them the bond the same day.