Cooperative Review - November 2018
Vol68-11 November 2018

You may have unclaimed funds waiting for you

SMECO has uncashed checks that were issued as capital credit refunds to members, as payments to vendors, or as donations to local organizations.

We would like to deliver the money to the rightful owners.

Go to smeco.coop/unclaimed-funds to search for your name or the name of your organization. (If there’s a chance that your name was misspelled on the check, search for just part of your name.) Also, please check for the names of people who may have been your neighbors or people you may have known in SMECO’s service area. Sometimes customers move out of the area and their checks are not forwarded to their new address.

If you find a match, click on it to bring up our Unclaimed Funds Request form.

If you have questions, please contact SMECO at 1-888-440-3311.

Your refund must be claimed by January 31, 2019.

According to our Bylaws, SMECO will hold the capital credit refunds listed on the website for 60 days after the notice is placed in the local newspapers. Capital credit claim forms must be submitted by January 31, 2019. Forms that are received after January 31, 2019, will no longer be eligible for refunds.

What are SMECO’s capital credits?

SMECO is a cooperative that belongs to the members it serves. If you are a SMECO customer, you are a member of the Co-op. As a member, you finance the cooperative’s operations. SMECO uses your electric bill payments to cover operating expenses and to repay long-term loans. Loans are used to pay for constructing substations and power lines, system improvements, and facility upgrades.

At the end of each year, SMECO’s margins (profits) are allocated to members’ capital credit accounts. The Board of Directors regularly evaluates the financial condition of the Co-op and determines when members will receive a refund.

Since 1937, SMECO has distributed more than $100 million in capital credit refunds. Please keep SMECO informed of your current address because you may receive a refund in the future, even after you move away from Southern Maryland. (Members do not receive lump-sum refund checks when discontinuing service with SMECO.)

When a SMECO member dies, a relative or other legal representative must notify the Co-op so we can either put the account in another person’s name or close the account. We will refund the deceased member’s capital credits to the estate in a reduced lump sum if the account was listed solely in the customer’s name and is closed. For an estate to receive a refund, a relative or representative must provide SMECO with a death certificate and a Letter of Administration that designates a legal representative of the estate.