Elimination of Security Depoit
On February 5, 2020, Quakertown Borough Council decided to eliminate the requirement of posting a security deposit for new utility customers. Newer processes used by the Borough permit the elimination of the security deposit program administrated by the Borough. The availability of credit card purchases, electronic bill pay services, the ability to lean properties for delinquent accounts, and the ability to perform remote utility disconnects have reduced the need for advanced security deposits.
What is a Security Deposit?
The Borough of Quakertown requires a security deposit for tenants who wish to start utility service with the Borough of Quakertown. The security deposit is collected at time of application of service for water/sewer and electric utilities. The security deposit is collected and deposited into an escrow account where interest is earned. When the final bill is produced, the security deposit is applied to the tenant’s account along with the respective interest accrued.
What Will Change with Security Deposits in 2020?
Starting June 1st, 2020, the security deposit will no longer be collected from tenants who wish to set up utility service in the Borough of Quakertown. Tenants will be responsible for the full termination balance due 30 days after the termination date. Tenants will go into collection status if they fail to pay the final termination balance.
What Does This Mean for Landlords?
Landlords will need to ensure they are taking precaution to ensure that a tenant is paying their utility bills on time and paying their final balance. Landlords have the option to sign up for duplicate billing for an annual charge of $15 per account. This service provides a duplicate copy of a tenant’s monthly statement to the landlord. In addition, a landlord can contact the Utility Billing department at 267-347-5009 between the hours of 8:00am – 6:30 pm Monday to Thursday and 8:00am – 4:30pm Friday to request a tenant’s account status.
What Happens with the Security Deposits Currently on File?
In the coming months, security deposits on account will be refunded to the customer on a future utility bill, along with the respective interest.
If you have any questions or need additional information, please contact the Utility Billing Department at 267-347-5009 or firstname.lastname@example.org. We ask for your patience during this process due to the number of accounts that must be managed. As always, it’s a pleasure to serve our utility customers!