Membership Has Its Privileges at First Electric
Posted on November 23rd, 2021
American Express (AMEX) is known for its ad campaigns, many of which are perfect for co-ops! In 2007, they ran a campaign asking the question, ‘Are You a Cardmember?’ We could change it to ‘Are You a Co-op Member?’ because just like American Express – membership has its privileges at First Electric.
The ad slogan is meant to persuade consumers that there are meaningful advantages to carrying the AMEX card even if it means paying additional fees!
You’ve got a much better deal at First Electric! We don’t have any fancy marketing gimmicks to excite you about our service, but what we do have is membership in the co-op that allows you to participate in capital credit retirement.
Annually, your Board of Directors reviews the cooperative’s financial position to determine the amount of capital credits to refund. This is based upon the revenue collected, but not needed, to cover the cost of providing service. Ultimately, that is assigned back to you – our members – based on the amount of electricity used during the year. Everyone’s refund amount varies because we calculate it using the amount of electricity you used during the year or years that are being refunded.
If you’re a new member, hold on, yours is coming! Eligibility begins the day you sign up for service, and while you might not see it immediately, your account will continue to grow as you consume electricity.
If you’re a previous co-op member, chances are you still take part in the retirement process. I’ve had former co-op members approach me and ask why they still receive a check from First Electric. Well, it’s because of your membership in the co-op! If you received service during the years of retirement and we have your current address on file, you will receive a check.
You’ve got some extra jingle coming this holiday season because membership has its privileges! Refunds will be distributed in December. It will be issued as a credit on your account if it’s less than $30, and a check if it’s more than $30.
From our co-op family to yours – please accept the Board’s warmest of Christmas wishes this season. Merry Christmas and Happy New Year!
Rick Love, Chairman