You may be required to provide a deposit
Under what circumstances must you provide a deposit?
There are two cases in which you may be required to provide a deposit.
If you are already responsible for an electricity service contract, Hydro-Québec can request a deposit if:
- you have received a late payment notice for one of your contracts within the past 24 months;
- you have availed yourself of the provisions of the Bankruptcy and Insolvency Act (R.S.C., 1985, c. B-3) within the past 24 months.
How can you pay the deposit?
There are three ways to pay your deposit:
- by cheque
- through your financial institution
- through our Online Payment services
You can also provide us with an irrevocable letter of guarantee. Contact your financial institution to learn more about the charges and conditions associated with such a letter.
How much must you pay?
The amount of the deposit is based on your highest estimated consumption for two consecutive months.
How long do we keep your deposit?
The deposit is retained for an initial period of up to 24 months. At the end of this period, we may retain your deposit for another period of up to 24 months, if you have failed to pay a bill on time.
What is the fixed interest rate on the cash deposit?
The deposit bears interest at the rate set on one-year guaranteed deposit certificates by the National Bank of Canada on April 1 of every year. The interest will be applied to your bill by June 1 of every year, for as long as Hydro-Québec retains your deposit.
From April 1, 2017, to March 31, 2018, the rate is 0.90%.