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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Citigroup on Facebook!!!

April 3, 2009

No seriously! I received an email from Citibank…or Citigroup…or is it just Citi now?…When did they become the P-Diddy of banks? Anyway, I received an email a couple of weeks ago letting me know that “P-Citi” is on Facebook and I should “Become a Fan”. Inititally I just deleted the email with a scoff and a headshake, but for some reason, perhaps the fact that I’m petty and vindictive, I find myself aggravated that these turds would have the gall to ‘friend’ me when they still haven’t psoted my credit yet.

Out of curiosity, I found the Citi Cards page on Facebook and see that it’s some promotion where they are donating $50 to a charity of your choice if ou sign up for a card through their new app and I felt better about the whole ordeal. Not because of the charitable donations but becasue I saw they have 6,413 Fans and I realized that despite being a moron, there are at least 6,413 people that are dumber than me in the world.

T. Rowe Priceless

March 31, 2009

As a T. Rowe Price account holder, I am truly lucky to be able to receive their quarterly magazine T. Rowe Price InvestorInsightful Strategies for the Informed Investors which offered up the following gems in their most recent issue:

“With the markets down and an uncertain economy, it may be tempting to cut back on investing, pay only the minimum toward outstandng debt, and turn to credit for new purchases. Doing so, however, can be financially detrimental, eroding your overall net worth.”

Oh really?!? Who are these people? Maybe people who have lost their jobs or are making less money as a result of the economy and have few other options, but who would find it “tempting” to consciously just put themselves in this undesirable position. And iIf one’s earnings have remained unchanged then what happened to the rest of the money? There’s no mention in he article about the virtues of increased cash reserves, just senseless statements like above encouraging you to eliminate debt so you have more money to invest in their funds.

Later in the article, Stuart Ritter, a certified financial planner with T. Rowe Price, suggests:

“When reviewing your mortgage options, consider that a fixed-rate mortgage usually provides the most predictability because your principal and interest will not change over the life of the loan.”

Wow, so let me get ths straight Stuart, the FIXED-rate mortgage with an unchanging, or fixed, principal and interest payment is “usually” more predictable than a mortgage with…say…an adjustable rate where no one can predict where the rate will be in the future? I’l have to ponder that one a while to realy be able to grasp its insightfulness, but in the meantime, please jack up the fees on my mutual funds so that you can afford to add additional pages to this invaluable financial resource. I mean 26 pages is hardly enough to convey such wisdom. On second thought, why not just print it on a softer, two-ply, easily torn paper so that this bathroom reader might truly be of some use to me.