At their regular September meeting, the GVEA Board of Directors made the decision to retire all capital credit allocations from 1995 (and earlier), which totals $5 million. All refunds will be distributed by the end of November 2020.
How will the capital credit refunds be rolled out?
Members with active accounts that have a refund under $100 will have a credit posted to their membership account, while refunds over $100 will have a check mailed. However, members with past due or delinquent balances with GVEA will have their entire capital credit refund applied to their membership account. Former members will be issued checks if balances exceed $25 or their balance of under $25 has been held for five years.
If a capital credit refund is posted to an account, the line description on the statement will indicate which year the refund ties to, along with an associated account / service location tracking number.
It’s very important GVEA has a current mailing address on file, so capital credit refunds can reach you.