Today 10/10 I receive a bill from PNM which is a Gas/Electric company in our state. The bill for our usage was $118.92 and they also assessed us a deposit fee of $602.00 because the bill was 5 days late.
We currenty have two accounts with them. One that is due at the end of the month and one that is due at the beginning of the month. Well, because of the crisis that everyone is in and trying to save money every which way possible, we pay for the two accounts together and always have for the last 8 years. We have never had any problems until now.
I called their office and they notified me that they will be doing this with everyone that does not pay their bill by the due date. The problem I see with this situation, is we don't have another option for gas or electricty in order to avoid these type of penalties. They have a monopoly in this area, and if we don't pay the bill they cut off service.
So in situations like this, what are people suppose to do. I think anyone would agree to assess a late fee if you are thirty days late, but a fine of $602.00 is absolutely ridiculous! If they bill an individual that is making minimum wage, there is no way possible they could afford to pay that bill. We are a small business and have a hard time paying fees such a this.
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