Took a while, but I got my kindle in June (I completed the requirements in April). I immediately put it on eBay, and sold for $156 after stupid eBay and paypal fees. I really hate eBay.
As a data point, on June 15th I received an email from a "DBC Sales Representative" Fulton employee I had been in touch with (sending him required documents such as my signature card and what not), and he let me know that they ran their June report and that I qualified. He said the kindle should ship in the next couple weeks, but I received yesterday!!
How long did you guys wait until you closed your account?
I sold my fire on Amazon seller for 225 prior to the new kindle fires being announced. A week later (after the new fires were released) the buyer requested a refund for a Defective unit, Hmmm.. .Denied!
Since this thread is alive again for the kindle fire hd, I was scanning the thread to see what people were using for the direct deposit. The only non-work DD I could find that worked was fidelity. Did anyone else use a different bank and still get the kindle?
I learned by E-mail inquiry that they (The Columbia Bank)required a signature to close an account which would require either coming in to a branch or writing a signed letter.
Since my account is a senior citizen one with no minimum or fees, I may keep it with the current zero balance rather than go through the slight hassle of closing it. they are closing the closest branch where my account was, and possibly there will be some future promotion (although most likely it would be come by what is now your local branch, and see and, and enjoy free coffee and pastries).
I called the Customer Service number last week and was confirmed as being on the December 17th list, which she said included individuals who had met the conditions of the offer by November 30th. As a follow up to my call to Customer Service, I received a call later in the day from the local branch manager (though I have never been to a branch since I completed the account opening online) who again confirmed that I was on the December 17th list that was sent to fulfillment but that I should not expect to receive the Kindle until 6 to 8 weeks from when the list was sent to fulfillment (December 17th, which would make the Kindle delivery between January 28th and February 11th).
There seems to be conflicting information between the terms of the offer ("Gift will be sent 6-8 weeks after the conditions have been met.") and the timing the Fulton bank employees are communicating (6-8 weeks after the list that contains the individuals who have met the conditions has been generated). I had met all of the conditions for the offer on November 16th, making 8 weeks from the time that the conditions were met last Friday.
I saw on another forum that some individuals who were on the December 17th list received their Kindles last week. Another individual who qualified in the same timeframe called today and was told that the Kindles were now on backorder and would be shipped around January 21st.
GreedyEbayerApprentice said: Received 1099 for $199
A financial institution is not required to issue a 1099-INT to any account holders if the combined interest earned on all accounts is less than $10 per year.
For 1099 purposes, products generally included at "retail" price as "cash equivalent", although if someone wanted to challenge the "value" with IRS, may be possible, but very probably not worth it at these amounts.
"Points" and "miles" seem to be excluded from 1099 reporting and taxation under current regulations and practice. As mentioned previously, a potentially interesting tax consideration related to various promotional offers.
Of course, the disclaimer: this is not financial or legal advice and you should consult your own professional advisers as needed.
horizon6 said: A financial institution is not required to issue a 1099-INT to any account holders if the combined interest earned on all accounts is less than $10 per year.
For 1099 purposes, products generally included at "retail" price as "cash equivalent", although if you wanted to challenge the "value" with IRS, may be possible, but very probably not worth it at these amounts.
"Points" and "miles" seem to be excluded from 1099 reporting and taxation under current regulations and practice. As mentioned previously, a potentially interesting tax consideration related to various promotional offers.
Of course, the disclaimer: this is not financial or legal advice and you should consult your own professional advisers as needed.I'm curious as to what point you are trying to make. When I got the kindle in April 2012, its retail value was certainly in the $199 range. I would be hard to argue that a 1099 wasn't appropriate.
dcwilbur said: horizon6 said: A financial institution is not required to issue a 1099-INT to any account holders if the combined interest earned on all accounts is less than $10 per year.
For 1099 purposes, products generally included at "retail" price as "cash equivalent", although if someone wanted to challenge the "value" with IRS, may be possible, but very probably not worth it at these amounts.
"Points" and "miles" seem to be excluded from 1099 reporting and taxation under current regulations and practice. As mentioned previously, a potentially interesting tax consideration related to various promotional offers.
Of course, the disclaimer: this is not financial or legal advice and you should consult your own professional advisers as needed.I'm curious as to what point you are trying to make. When I got the kindle in April 2012, its retail value was certainly in the $199 range. I would be hard to argue that a 1099 wasn't appropriate.
Sorry if any misunderstanding. We have no disagreement - ".. although if someone wanted to challenge the "value" with IRS, may be possible, but very probably not worth it at these amounts."
In some cases the valuation of a product could be widely wrong, for example if the list price were $1,000 and that was reported although the common selling price was $199. But in practice, cases of a product value as reported on 1099 being significantly "wrong" to create a significant tax difference is probably very rare.
When someone gets a "product" as a promotion from a financial institution and that product is worth more than $10 they should expect a 1099 with the products's value reported as income (likely "interest") just as you got one.
Of course, the disclaimer: this is not financial or legal advice and you should consult your own professional advisers as needed.
h6, I think DCw was just commenting that 1099s for these are coming, and for people to be prepared.
I got mine yesterday also.
It was just surprising (although we all prepare for it) that a bank will actually 1099 a gift for account opening. Most of us in FWF have done many account opening over the years, and few banks actually follow through with the threatened 1099.
And most of us (in FWF) KNOW that we can try to challenge the value purported on a 1099, and instead try to claim fair market value. but (I believe) in this case, its best just to accept the 1099.... as the price of the Kindle we received didn't drop until after most of us received them.
By the way, I use my fire more than I use my reading Kindle (keyboard style). Several times a day in fact, so this promo was worth it for me. Plus the bank is pretty good to me...
dcwilbur said: I don't ever remember getting a 1099 for that toaster or electric blanket that I got back in the 1970's, but there I go dating myself...
Was the 1099 limit 10 bucks back then? And how much was a toaster worth?
*Man, now I remember getting all the little rubber "jar opener" things, with the bank info printed on them. Or the calendar. or the box of matches (HA!)
Can anybody give me the ID number of Fulton bank on the 1099-INT form so that I can complete my tax? I have been out of town for a while so I don't really know. Also the amount is $199.00 right? Thanks a lot.
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