Account Manager – Maintenance Notice

Due to system maintenance, Account Manager will be unavailable on Thursday, May 30, from 7 to 11 p.m.

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Capital Credit Beneficiary FAQ

Final Capital Credit Refund Amount

Capital credits are accumulated based on the customer-member’s electric usage and the amount they paid for electricity during the time they had SMECO electric service in their name. Each member’s capital credit balance is unique and the final refund amount is determined by their capital credit balance. Some members accumulate more capital credits than others because they use more electricity or had service for a longer time.

How does a beneficiary file a claim?

When someone notifies SMECO that the member is deceased, SMECO will mail a letter to the beneficiary explaining how to claim the capital credit funds. The beneficiary will be required to provide a death certificate and a copy of the front and back of a government-issued photo ID. Fill out the Beneficiary Request Form to claim the funds.

How much will my beneficiary receive?

The actual amount to be distributed will be calculated at the time the beneficiary submits a claim for the capital credit funds. At the end of each year, SMECO allocates funds to members, so capital credits accumulate from year to year. When capital credits are disbursed in a lump sum payment, they are discounted based on the year the funds were allocated.

Can I name a beneficiary if I have a joint account?

Lump sum payments are not issued to the surviving member of a joint account. If two members (married or not married) have a joint account and one member passes away, the capital credit funds will remain in the surviving member's capital credit account. The surviving member will receive capital credits when general refunds are distributed. The surviving member can name a beneficiary when he/she is the sole account holder.