Major Rebate Processor Files For Bankruptcy: Deal Rebates May Be Affected - Page 18

woodsley · 11-14-2008, 06:42 PM

So the website www.status-now.com belongs to this company? My two checks from Nero ($100) was mailed out last week but I haven't got them yet. This is a mess.

Quote from goat6500

:

My BS detector has been going off ever since the first post

First off, the article author's description of "How the rebate process works...." is absurd. There's NO WAY a manuf/retailer is going to calculate an estimated accrued rebate liability(which they do, that's basic accounting 101) but then immediately send all of these funds to the Rebate TPA. WHY WOULD ANY COMPANY SEND $3M 8 WEEKS BEFORE IT's EVEN DUE?!?!? For 'Escrow'? I don't think the author is even sure what 'Escrow' means.

I could eat my words but I have a feeling this is just a batch of checks that got screwed up and printed with the wrong account. I got a similar letter once from a large corporate check issuance where they missprinted the account number on all of our checks. but didn't realize till it went out.

**SugarNuts** · 11-14-2008, 06:44 PM

wow, this really good information to know for the upcoming holiday season.

rc9238 · 11-14-2008, 07:03 PM

Quote from woodsley

:

So the website www.status-now.com belongs to this company? My two checks from Nero ($100) was mailed out last week but I haven't got them yet. This is a mess.

I believe that www.status-now.com is a different company.

**zoglog** · 11-14-2008, 07:03 PM

Got this notice from PriceGrabber.

Quote :

PriceGrabber.com wants to thank you for being a loyal customer, and also say thank you for participating in our review rebate program.

We wanted to give you an update on a recent change in our rebate process that has occurred over the past few days. We have been informed that the vendor who supplies the rebates to PriceGrabber customers who have filled out a review on our site is unfortunately no longer able to process rebate requests from our customers. Although PriceGrabber has prepaid this vendor a substantial amount to more than adequately fund our review rebate program, they have informed us that they do not intend to honor checks they have previously issued to our customers.

If you are currently in possession of a rebate check issued on behalf of PriceGrabber.com, or if you receive a check of this kind within the next week, PLEASE DO NOT CASH IT. The vendor is placing stop-payments on these checks to prevent you from being penalized, but we still hope to prevent you this additional inconvenience. PriceGrabber is in the process of reissuing your rebate check directly from our own accounts. A new check to be mailed to you directly from PriceGrabber headquarters in Los Angeles, CA. No additional action will be required from you to initiate this process.

We apologize for any inconvenience this may cause you, and we appreciate you taking the time out of your busy schedule to participate in both of our programs. Your feedback is very valuable to us, and we want to ensure you receive your rebate as promised. Rest assured that PriceGrabber is also taking all appropriate actions to ensure this type of problem does not occur again.

If you have any questions or concerns, please feel free to email us at rebates@pricegrabber.com.

Again, thank you for your time and understanding.

Best regards,

Darren Davis
VP, Product Marketing
PriceGrabber.com

So I Guess they'll be honoring all outstanding rebates =). So the same with TrendNet & Antec don't cash them in!

rc9238 · 11-14-2008, 07:04 PM

Quote from chocoed

:

I don't see OCZ Technology. Hopefully, they're not because I have $55 in rebates being processed.

OCZ rebates are handled through Helgeson Enterprises, not Rebatestatus.

woodsley · 11-14-2008, 07:20 PM

Oh man I just deposited 3 pricegrabber checks yesterday.

Quote from zoglog

:

Got this notice from PriceGrabber.

So I Guess they'll be honoring all outstanding rebates =). So the same with TrendNet & Antec don't cash them in!

**BobCoxner** · 11-14-2008, 07:25 PM

Quote from goat6500

:

My BS detector has been going off ever since the first post

First off, the article author's description of "How the rebate process works...." is absurd. There's NO WAY a manuf/retailer is going to calculate an estimated accrued rebate liability(which they do, that's basic accounting 101) but then immediately send all of these funds to the Rebate TPA. WHY WOULD ANY COMPANY SEND $3M 8 WEEKS BEFORE IT's EVEN DUE?!?!? For 'Escrow'? I don't think the author is even sure what 'Escrow' means.

I could eat my words but I have a feeling this is just a batch of checks that got screwed up and printed with the wrong account. I got a similar letter once from a large corporate check issuance where they missprinted the account number on all of our checks. but didn't realize till it went out.

So how do you explain CPG declaring bankruptcy? A bad batch of checks? :-)

**gazr** · 11-14-2008, 07:31 PM

I've been thinking that the timing of all this is rather convenient...just two weeks before BF. What happens to all the ads that have already been printed advertising rebates?! Talk about lots of cases for bait and switch unless the stores offer the after rebate price- wouldn't they have to do that?!

I myself cashed 6 checks on monday...hopefully, they have cleared and I can rest easy. I still have $100 from logitech that should be mailed out this week... I will be contacting logitech direct to see what they have to say.

As for the rest of the industry, it only leaves one or two major rebate processors. Maybe firms like Logitech will switch to instant discount, but they have been offering rebates for a LONG time, with many different processors- rebatestatus lasted from November 2003 to today.

Not a good day.

**Engineer** · 11-14-2008, 07:31 PM

Quote from zoglog

:

Got this notice from PriceGrabber.

So I Guess they'll be honoring all outstanding rebates =). So the same with TrendNet & Antec don't cash them in!

Thanks. Did you send them an e-mail first or did they automatically send it?

Edit: Nevermind, I found it in my junk folder. Just received!

no_exit · 11-14-2008, 07:39 PM

Quote from Engineer

:

Thanks. Did you send them an e-mail first or did they automatically send it?

I just got the same email. It was sent automatically.

jjmai · 11-14-2008, 07:40 PM

Quote from zoglog

:

Got this notice from PriceGrabber.

So I Guess they'll be honoring all outstanding rebates =). So the same with TrendNet & Antec don't cash them in!

They talk about re-issuing checks for the ones that rebatestatus.com have already sent out, but they do not say whether they will honor rebates that have not been submitted yet....

**TheNaturist** · 11-14-2008, 07:43 PM

From an online article [bankrate.com]:

All the banks we talked with said they charge the DIR to pay for handling costs.

Fox disputes that.

"These fees run about 10 times what it costs to handle it -- of course they're punitive."

In 1998, the last time Consumer Federation of America examined bounced check fees, the banking industry collected $5.6 billion from consumers in NSF charges and another $1.1 billion in DIR fees.

The average DIR fee was $6.28 at banks, and $7.65 at savings associations, according to data released by the Federal Reserve in 2000.

Fox says those numbers have only gone up.

Make no mistake; consumer activists don't think banks should be left holding the bag on either side of the scenario. But a fee that charges a possibly innocent person leaves a bad taste.

Representative Anthony Weiner of New York introduced legislation in 1999 to ban DIR fees. The "Fairness to Check Cashers Act" never made it out of committee.

Nevertheless, Weiner continues to believe that imposing a fee on the individual who cashes a bad check is akin to punishing the victim, according to Weiner spokesman Anson Kaye. Kaye says Weiner plans to reintroduce the measure.

If you deposit a bad check and get zapped with a fee, call the bank and ask if the fee can be waived. Every financial institution we talked with said they would work with a customer with whom they have a "good relationship."

In other words, they may give you a break if you don't bounce checks and if you haven't deposited a bad check before, or at least not in a long time.

**metoday** · 11-14-2008, 07:43 PM

Quote from zoglog

:

Got this notice from PriceGrabber.

So I Guess they'll be honoring all outstanding rebates =). So the same with TrendNet & Antec don't cash them in!

Thanks for posting this! I am soooo glad I was unable to make it to the bank today!! I have 9 rebate checks that I was about to deposit today.

**tuckerz** · 11-14-2008, 07:47 PM

Pricegrabber Now Emailing Not To Cash Checks !!!!!!!!!!!

woodsley · 11-14-2008, 07:55 PM

I wish I shouldn't have deposited three pricegrabber checks yesterday.

Quote from metoday

:

Thanks for posting this! I am soooo glad I was unable to make it to the bank today!! I have 9 rebate checks that I was about to deposit today.

11-14-2008, 07:31 PM	#263
gazr L5: Journeyman Date Joined:Feb 2006 Posts:785 Reputation: 444	I've been thinking that the timing of all this is rather convenient...just two weeks before BF. What happens to all the ads that have already been printed advertising rebates?! Talk about lots of cases for bait and switch unless the stores offer the after rebate price- wouldn't they have to do that?! I myself cashed 6 checks on monday...hopefully, they have cleared and I can rest easy. I still have $100 from logitech that should be mailed out this week... I will be contacting logitech direct to see what they have to say. As for the rest of the industry, it only leaves one or two major rebate processors. Maybe firms like Logitech will switch to instant discount, but they have been offering rebates for a LONG time, with many different processors- rebatestatus lasted from November 2003 to today. Not a good day.
	Reply

11-14-2008, 07:43 PM	#267
TheNaturist Frei Körper Kultur Date Joined:Feb 2006 Location:CA, OR, AZ, NM Posts:1,838 Reputation: 446	From an online article [bankrate.com]: All the banks we talked with said they charge the DIR to pay for handling costs. Fox disputes that. "These fees run about 10 times what it costs to handle it -- of course they're punitive." In 1998, the last time Consumer Federation of America examined bounced check fees, the banking industry collected $5.6 billion from consumers in NSF charges and another $1.1 billion in DIR fees. The average DIR fee was $6.28 at banks, and $7.65 at savings associations, according to data released by the Federal Reserve in 2000. Fox says those numbers have only gone up. Make no mistake; consumer activists don't think banks should be left holding the bag on either side of the scenario. But a fee that charges a possibly innocent person leaves a bad taste. Representative Anthony Weiner of New York introduced legislation in 1999 to ban DIR fees. The "Fairness to Check Cashers Act" never made it out of committee. Nevertheless, Weiner continues to believe that imposing a fee on the individual who cashes a bad check is akin to punishing the victim, according to Weiner spokesman Anson Kaye. Kaye says Weiner plans to reintroduce the measure. If you deposit a bad check and get zapped with a fee, call the bank and ask if the fee can be waived. Every financial institution we talked with said they would work with a customer with whom they have a "good relationship." In other words, they may give you a break if you don't bounce checks and if you haven't deposited a bad check before, or at least not in a long time. __________________ Vegetarian is an old Indian word meaning Bad Hunter. If you choose the road less traveled, you can go naked. The top ten reasons I procrastinate: 1.
	Reply

11-14-2008, 07:47 PM	#269
tuckerz tuckered out Date Joined:Sep 2005 Posts:1,031 Reputation: 313	Pricegrabber Now Emailing Not To Cash Checks !!!!!!!!!!!
	Reply

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