INTEREST

Interest is charged at a rate of approx. 2% above the prime rate of First National Bank (calculated daily) on arrears amounts. An amount is considered to be in arrears if it remains unpaid after the 7th day of the month immediately following the month during which the amount became due for payment (usually the 25th day).

Such interest is specified on the invoice, and a notice to the effect that arrears amounts will bear interest is printed on the monthly invoice. This notice is also contained in the standard terms and conditions that apply to the agreement for the supply of electricity /water by Impact Meter Services.

As deposits are continually being applied in respect of electricity / water consumption until payments are received from consumers, no interest is paid on consumer deposits held by Impact Meter Services.