What Are Capital Credits?
As a non-profit cooperative, Buggs Island Telephone Cooperative allocates our annual operating margins (profits) to members receiving service from the Cooperative during the year. These margins (profits) are allocated, using the dollar amount of telephone service that each member purchases in a year compared to local telephone service purchased by all members, and are called capital credits.
Before any capital credits are paid to our members, Buggs Island Telephone Cooperative uses the capital credit funds for the cooperative’s financial obligations as stated in its’ by-laws.
The Buggs Island Telephone Cooperative by-laws provide for the option of early retirement of the capital credits of a deceased former member to his or her estate. The completed Capital Credit Affidavit and a copy of the death certificate are needed to complete the capital credit transfer or estate retirement.
If you wish to have BIT personnel notarize the affidavit (free), please call ahead to ensure that a notary public will be available.
If you have any questions or concerns, please feel free to call our Customer Care Center at 434-636-2274.
Deceased Family Member
In the unfortunate event the account holder passes, the Estate of the deceased may be entitled to any unpaid Capital Credits upon release from BIT.
If you are the decedent's spouse, Power of Attorney or Head of the Family Estate, you may fill out the Capital Credit Entitlement form to claim any unpaid Capital Credits.
*Please note, this form MUST be signed in the presence of a Notary Public. BIT requires a copy of the Decedents Certificate of Death to place on file.