| Contact: Deborah Sturm Rausch 518.473.9472 |
For Immediate Release: April 29, 2008 |
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The NYS Consumer Protection Board Offers Suggestions Regarding Expected Tax Rebates
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The time to plan how to spend a rebate check, for those consumers who are eligible to receive one, is now. As such, the NYS Consumer Protection Board (CPB) is advising recipients to spend it wisely. Consumers should be careful of enticing gimmicks designed to get them to turn over well-deserved money. The CPB recommends that consumers consider using these economic stimulus rebate checks to buy necessary, long-term use items, especially those that will help reduce future costs.
“In these difficult economic times many consumers need their rebate check to help pay for necessities,” said Mindy A. Bockstein, Chairperson and Executive Director of the CPB. “We are urging consumers to think twice before spending what is really an unexpected windfall, as this money can help defray their costs of living over the long term.”
Some recommended uses of the rebate check are to:
- Pay down credit-card debt.
- Make a payment towards a hybrid or more-fuel efficient car to help reduce gasoline expenses.
- Purchase energy-efficient appliances and light bulbs that will reduce utility costs and result in long-term energy savings. Purchasing and installing home and pipe insulation will also accomplish this.
- Buy household items that have long shelf lives, like laundry detergent and toiletries, in bulk to reduce weekly shopping bills.
- Prepay membership and/or association fees if consumers belong to these groups, or make a payment to defray other monthly expenses. Some businesses, like gyms and delivery services, have discounts towards an annual fee compared to a monthly charge. By pre-paying the annual fee people can take advantage of the long-term saving.
- Make a payment toward the principle on a mortgage.
- Prepay school tuition.
- Prepay for heating for next year.
- Purchase government bonds and CD's to save money and earn interest on which they can count.
Should consumers elect to turn their entire check over to a retail establishment offering an incentive such as a gift card, the CPB notes that New York State law requires companies to disclose all gift card terms and conditions at the point-of-purchase. The law also requires that the expiration date, terms of any service or replacement fees be on the gift card itself, on any accompanying document or on the direct packaging, whether the card is bought in a store or received through the mail. The law prohibits the assessment of any service fees for non-use of the card until the 13th month after purchasing.
The CPB recommends that consumers:
- Ask questions about the card in advance;
- Assure they are buying from a reliable source;
- Find out if there are any charges associated with the card regarding purchase, monthly service, dormancy, non-use, renewal or checking the balance;
- Be sure to find out the expiration date on the card;
- Check to see if the company has a replacement policy;
- Question about any other limitations; and,
- Determine what happens if the store goes into bankruptcy.
Additional information, helpful tips, guidelines and tools are available on the CPB's website at
http://www.nysconsumer.gov.
The NYS CPB, established in 1970 by the New York State Legislature, is the State's top consumer watchdog and think tank.
The CPB's core mission is to protect New Yorkers by publicizing unscrupulous and questionable business practices and product
recalls; conducting investigations and hearings; enforcing the “Do Not Call” law; researching issues; developing
legislation; creating consumer education programs and materials; responding to individual marketplace complaints by securing
voluntary agreements; and, representing the interests of consumers before the Public Service Commission and other State and
federal agencies.
To file a consumer
complaint with the NYS Consumer Protection Board (CPB), call our toll-free
hotline at 800-697-1220 or visit CPB’s website at
www.nysconsumer.gov. In
addition to the online complaint form, the website is home to important
consumer safety information. To join the CPB’s Do Not Call Reminder list,
send an e-mail to
CPB's Do Not Call Reminder list
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