Do We Owe You Money?
Unclaimed MTA Capital Credits
We have unclaimed capital credits for MTA members of record during the period 2010 through 2018. To see if we owe you capital credits, look for your name or your business name on our Unclaimed Capital Credits PDF: Click Here
If your name appears on the unclaimed capital credits list please fill out an unclaimed capital credit form below, email CapitalCredits@mta-telco.com or visit one of our MTA retail stores. We’ll use the information you provide to match you with a membership on record. Please note the following deadline:
In order to claim your capital credits, your Unclaimed Capital Credit Form must be received no later than December 31, 2019.
MTA membership begins when you receive telecommunication or information services. Since we are a member-owned cooperative, we allocate our profits (the money left over after all expenses are paid) to our member-owners, based on how much each member paid for their MTA services during the year.
These allocations or capital credits are your share of the margins (profits) that we have assigned to a holding account in your name. These amounts are not paid at this time, and do not represent cash, but rather your patronage capital or equity in the cooperative and evidence of your ownership in MTA.
The funds belong to individual member-owners, but are retained by the cooperative as working capital. The availability of this working capital reduces the amount of money MTA must borrow, which assists in providing members with state-of-the-art services at the lowest possible cost.
How are capital credits paid?
The bylaws of the cooperative call for MTA to use capital credits as operating funds. On an annual basis, MTA’s Board of Directors reviews the financial condition of the cooperative and elects to either approve or disapprove a return of capital credits to its members.
Throughout the last decade, when the Board approved the return of capital credits, it was based on a 25 year rotation cycle plus a portion of the capital credits allocated in the previous year. For example, the 2016 return contained capital credits from 1991 and 2012.
At some later date, the Board may determine that the financial condition of the cooperative permits us to retire capital credits again. At that time we will mail out checks or credit customers’ bills. We do not retire capital credits on an individual basis. Only when financial conditions permit us to retire capital credits to all members during a specific time period, will we make a cash retirement.
What if I move away and don’t have MTA service anymore?
Please stay in touch. It is important that MTA be advised of any address or member name changes, even if you no longer have active service. Should the Board decide that the financial condition of the cooperative permits a payment of capital credits for a year in which you were an active member, we will mail you a check.
What happens to the capital credits of a deceased MTA member?
MTA Bylaws allow for the early retirement of capital credits upon the death of a member. Capital credits are not worth their full value until approximately 25 years from allocation. Early retirement of capital credits will result in a reduced value based on 6% per annum. If capital credits are not retired, the distribution of capital credits will remain on the normal schedule and in the current names on the account until retired in full.
Estate documents consist of a Capital Credit Affidavit (form), copy of the death certificate, and legal documentation appointing a representative for the estate. If the estate goes to the joint member, then legal documentation is omitted.
Frequently Asked Questions
Why isn’t the Estate check for the full amount?
Early retirement of capital credits to an estate is discounted by 6% per annum. The discount reduces the balance to a present value of your capital credits. Enclosed with the check is a detailed statement of the calculation.
Why did I receive a 1099?
According to Internal Revenue Service guidelines, MTA is required to issue a 1099 to members that receive a capital credit check for $600 or more.
Are capital credits taxable?
For residential accounts, capital credits are generally not taxable. We suggest seeking the advice of a tax professional for specific questions.
What is a capital credits allocation?
It is a distribution of MTA’s profits to their members.
Why is the address incorrect on my check?
You may have moved and the address was not updated in our system.
Why is my ex-spouse’s name still on the capital credit check?
If the original membership was set up as a joint account, both names will be on the capital credit check. Checks will continue to be issued in the joint account names until the account reaches a zero balance. MTA form “Certification of Ownership of Capital Credits After Divorce or Name Change” can be completed as required to transfer the capital credits to one individual. Certification of Ownership of Capital Credits After Divorce or Name Change
I found an old check that the bank won’t cash. Can I get a replacement check?
Generally, yes. We will want to verify your current address and make sure the account is in good standing.
Why didn’t I get a check?
If your disbursement was less than $40, the capital credit payment was credited to your service account.
Or: You might not have had active service for the years covered by the disbursement.
What happens to my capital credit allocations if I’m no longer an MTA member?
What can I do if I no longer wish to receive capital credit checks?
You can assign future capital credits to the MTA Foundation, Inc., which will be added to the MTA Foundation Scholarship fund. Assignments of capital credits to MTA foundation