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Banking & Fulfillment

As many rebate sponsors have recently discovered, it seems as though the lines of responsibility between rebate check issuance (fulfillment) and rebate check clearing (disbursement or banking) have become somewhat blurred. The organizations spending heavily in this category are learning that now is the time for those lines to become more clear.

What event might have triggered such a revelation?

Perhaps a call from one of the State Treasurers inquiring about the status of the uncashed rebate checks (escheatment), or perhaps of even more concern, a call from the firm representing the 42 states seeking to reclaim those funds from the fulfillment and marketing communities.

It’s safe to say it’s time for the manufacturers and other sponsors to get back in control of the complete check clearing process to avoid any additional surprises.The earlier practice of allowing a fulfillment provider to control how the checks are cleared, with whom and which reports are provided, and staying in compliance with state escheat laws is gone -- long gone.

There is only one sure way to protect your company’s assets: you must have complete control of the relationship between you and your bank. This is not a function to be sub-contracted.

In short, you choose your bank – do not let any other party do so- it’s not their money.

This is the only way to be certain to get the specific tracking and reporting tools required to be in compliance with any state which may want to inquire about your escheatment process.

It’s the sponsor's money and reputation- everything possible should be done to protect them.

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