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A utility deposit is a refundable amount that a utility company may require from new customers to cover potential non-payment, serving as a security for the company. In contrast, a service initiation fee is a one-time charge for setting up or activating utility services at a new location, covering administrative costs and installation. While the deposit is meant to protect the utility provider, the initiation fee is for the service setup process itself.
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What is the difference between a utility deposit in the service initiation fee?
A utility deposit is a sum of money that customers pay upfront to secure utility services, acting as a safeguard for the utility company against potential non-payment. This deposit is typically refundable after a certain period of consistent payment history. In contrast, a service initiation fee is a one-time charge for setting up utility services, covering administrative costs, and is usually non-refundable. Essentially, the deposit is a security measure, while the initiation fee is a cost associated with starting the service.
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