Circuit City Haunts Me From the Grave

July 20, 2009

I recently logged on to Upromise to check on the balance and see if I once again reached the $50 threshold in order to request a check to deposit into my daughter’s 529 account. Much to my chagrin, I saw -$21.60 charge to my account from 6/30/09 labeled as an “Offset of incorrect contribution on 08-SEP-08 by CircuitCity.com”

So in the 9 months after purchasing a replacement televsion on Circuitcity.com and receiving the 3% cash rebate credited into our account, Circuit City filed for bankruptcy, wiped out their investrs, liquidated their inventory at infalted prices to pay off their creditors, and then re-opened circuitcity.com and resumed business as usual after “legally” freeing themselves from past obligations…including my $21.60 college savings rebate for my daughter.

I found this explanation on the Upromise Community forum:

Rebecca from Upromise here.  I think I can explain what happened.

The way the online shopping college savings program works is that after you shop with a partner, they send us the amount spent and college savings you are eligible for, and the purchase shows up as pending in your account.

This college savings remains listed as pending until the partner actually gives us the money to put into your account, then the money is funded.  Since Circuit City filed for bankruptcy, they did not give us the money to put in your account.  So, we removed the pending amount as it would never be funded by the partner and therefore you would not be able to access it.

I hope this explanation helps and apologize for any confusion.

Rebecca

Thanks Circuit City! The only reason I purchased anything from you in the first place was that additioanl 3% savings. But knowing you were heading towards bankruptcy you have no intentions of ever sending that money to Upromise, and in turn, my daughter. As a consumer I have no recourse other than to jsut take it, unsubscribe from your emails soliciting my future business, and make sure you never get another penny of my money. Good Ridance Circuit City!

This whole episode, regardless of how miniscule my loss is (especially in comparison to the shareholders), infuriates me the way the companies use the bankruptcy laws to just hit reset, start over from ground zero, and continue to make millions of dollars in the future while those that are hurt by their failures get nothing. The whole system is a joke.

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