7 Things to Consider About Refund, Rebates and Rainchecks

 

If you’ve ever bought a gift for someone that needed to be returned to the store, you know how important refund policies can be.

With this in mind, Victory State Bank, Staten Island’s only community-based business bank, is suggesting that consumers become familiar with the following tips about refunds, rebates and rainchecks from New York State’s Division of Consumer Protection:

REFUNDS

A store is legally required to post their refund policy. If the store does not post any return policy, the law requires the store to accept your return within 30 days of purchase. There is no requirement under NYS law for a store to offer a refund in the form of cash, credit, replacement merchandise or other means. Retailers must provide a written copy of the store’s refund policies available and disclose any fees associated with the return. 

REBATES

Any advertisement featuring a rebate must clearly (1) feature the actual selling price and advise that a mail-in rebate is required in order to achieve any advertised lower net rebate price; and (2) disclose to consumers how the rebate will be returned to the consumer, either by for example, check, gift card or credit towards future purchase; and, (3) whether the consumer will incur any additional fees redeeming such rebates. 

RAINCHECKS

NYS law does not currently regulate the provision of rainchecks. 

SUGGESTED STEPS TO TAKE & QUESTIONS TO ASK

1)       Ask for a copy of the refund policy.

2)       Ask if the store imposes a re-stocking fee for returned merchandise?

3)       Ask if the merchandise has to be in a certain condition for the return to be accepted?

4)       Save all receipts for purchases to allow for ease of returns.

5)       Ask for details about the advertised rebate.

6)       Does the store offer rainchecks? If yes, what are the terms and does it expire.

7)       How does the store notify the customer when the product is available?

Note: Consumers should check with local consumer affairs authorities for additional protections in their jurisdictions

 

 

 

About Victory State Bank

 

VSB Bancorp, Inc. (OTCQX: 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 at www.VictoryStateBank.com.

 

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