One of the benefits of being served by an electric cooperative like Choptank Electric is something called "capital credits." When Choptank Electric makes more money than it needs for operating costs, capital improvements and cash reserves, we return that money to you, our member-owners, in the form of capital credits.
Capital credits are allocated to each individual member based on how much the member paid the cooperative for electricity during a particular period. Every customer who has an account with Choptank Electric is a member of the cooperative.
After an annual review, if there is money over and above normal operating expenses, and Choptank Electric is financially able to do so, the money is returned to members in the form of a capital credit refund. The amount of a member's capital credits refund depends on the length of time they have been served by Choptank Electric and the amount of energy the member has purchased from the cooperative.
In December 2010, Choptank Electric returned $1.5 million in capital credits to its members.
Because the formula for distribution is based on prior years of operation, often customers who are entitled to capital credits have moved. If the Postal Service returns a mailed check to the cooperative, we make every effort to locate that person. After a period of time, if we cannot locate the individual, the money goes into what is called the "escheat" fund at the Maryland State Treasurer's office.
To see if you have a capital credit check that was returned to Choptank Electric, click here.
What are capital credits?
Choptank Electric is an electric cooperative, owned by the members we serve. As a not-for-profit entity, any revenues remaining over and above the cost of doing business are considered as margins or "capital credits." When Choptank's board of directors deems it appropriate, capital credits are then returned to you, our member/owners.
How do I participate in capital credit refunds?
Your membership with Choptank Electric activates your capital credit account and no additional action on your part is required. Capital credits are calculated for every member who purchased electricity during a year in which the cooperative earned margins.
Will I receive a yearly notification of capital credits earned?
Yes. Information concerning that notification will be printed in an issue of the "Live Wire," Choptank's monthly member newsletter. If you are an active member, it will advise you which month you will find a message printed on your billing statement showing your previous year's capital credit allocation. If you are an inactive member, you will be mailed a separate notice.
How are capital credit refunds calculated?
The amount of capital credits you earn in a given year is based upon the amount of electricity purchased. Each member receives a credit based on a percentage for each dollar of electricity purchased.
Will I receive a capital credit refund each year?
Not necessarily. The Choptank Electric Cooperative Board of Directors will analyze the financial health of the cooperative and will not authorize a refund if it is not in the best interest of the membership.
How and when will I receive my refund?
When a capital credit retirement is approved, depending on the amount of your individual refund, you will either receive a credit on your billing statement in the month selected for the refund, or you will be mailed a check.
What happens to my capital credit refund if I am no longer a Choptank Electric member?
Your capital credits remain in your name until they are retired and it is important that you ensure Choptank Electric has your current address so that a check can be mailed to you.
What happens to the capital credits when the member is deceased?
Upon the death of a member, capital credits are refunded to that member's estate.
Do we owe you (or someone you know) money?
If you or someone you know are on this list, please call 1-877-892-0001 ext. 8573 (toll free) or email firstname.lastname@example.org with the following information: the name in the listing and a current name if the name if the listing has changed. If it is your name, include your past and current mailing address and the last four digits of your Social Security number. If it is the name of someone you know include any contact information you might have for that individual along with your name and contact information. Thank you. Click here ( 1.70 MB) for the listing of unclaimed capital credits.
Choptank Electric Cooperative, Inc., P.O. Box 430, Denton MD 21629 Toll Free: 877-892-0001