Victory State Bank: Unhappy With A Purchase You Made At Home? You May Have Only 3 Days To Return The Item
STATEN ISLA ND, N.Y. – If you’ve ever experienced buyer’s remorse and decided to return a purchased item, Victory Staten Bank suggests you read the following information from the Federal Trade Commission (FTC):
If you buy something at a store and later change your mind, you may not be able to return the merchandise. But if you buy an item in your home or at a location that is not the seller’s permanent place of business, you may have the option. The FTC’s Cooling-Off Rule gives you three days to cancel purchases of $25 or more.
Under the Cooling-Off Rule, your right to cancel for a full refund extends until midnight of the third business day after the sale.
The Cooling-Off Rule applies to sales at the buyer’s home, workplace or dormitory, or at facilities rented by the seller on a temporary or short-term basis, such as hotel or motel rooms, convention centers, fairgrounds and restaurants.
The Cooling-Off Rule applies even when you invite the salesperson to make a presentation in your home.
Under the Cooling-Off Rule, the salesperson must tell you about your cancellation rights at the time of sale. The salesperson also must give you two copies of a cancellation form (one to keep and one to send) and a copy of your contract or receipt. The contract or receipt should be dated, show the name and address of the seller, and explain your right to cancel.
The contract or receipt must be in the same language that’s used in the sales presentation.
About Victory State Bank:
VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com .