The Retail Buzz

NEW YORK - Malls and stores were jammed for pre-dawn discounts on everything from TVs to toys on the official start of Christmas shopping as consumers shrugged off worries about rising gas prices and falling home values.

Electronic gadgets, particularly the hard-to-find Nintendo Wii, topped shoppers' wish lists, though frustrations were high among consumers who couldn't get their hands on the limited bargains.

With the economy relying heavily on the consumer, however, it's crucial that the Black Friday euphoria lasts throughout the season, expected to be the weakest in five years.

"I'm really looking for the bargains this year because I'm losing my job; they're moving our plant to Mexico after the first of the year, so I have to be careful," said Tina Dillow of New Richmond, Ohio, who camped out at a Best Buy store near Cincinnati at 3 a.m. because of a great deal on a laptop.

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By ANNE D'INNOCENZIO
Phillyburbs.com

"NSF," "Account Closed," "Counterfeit" -- each time retailers see these words on a returned check, they know they have lost money. According to the National Check Fraud Center, check fraud and counterfeiting are among the fastest growing problems affecting the U.S. financial system.

• When accepting a check, make sure a name, address and phone number are printed on the check and the written and numeral amounts correspond.


• Pay attention to the "feel" of the check; most check paper has the same weight and texture.


• Watch the check-writer sign the check and have the customer print the name below, if the signature is illegible.


• Compare the signatures, photo and physical description of the ID with that of the check writer.


• Check the driver's license, which should be smooth all over with no ridges that indicate an alteration or modification. Verify that the ID is still valid.


• Ninety percent of returned checks have low check numbers (100 to 500). While low check numbers indicate a recently opened account and a potentially more risky check, particularly for business or dba ("doing business as") checks, that is not always the case.
  More useful information on the check is the account's opening date (month and year), usually indicated by four numbers to the side of the account holder's name and address.


• Don't accept second-party or third-party checks.


• The four-digits following the magnetic ink character recognition (MICR) number at the bottom of the check should match the four-digit number at the top right hand of the check.


• All checks, except government checks, should have a perforation along one side of the check.


• You can try calling the financial institution to confirm if funds are available, but there is no guarantee that the check will clear.


• Use a check guarantee or verification service.

Can you imagine going into a store and carefully selecting your purchases, then walking up to the checkout counter only to have the sales clerk tell you to start over again? You wouldn’t stand for it.

Credit card receipts that include full account numbers and expiration dates are a gold mine for identity thieves. In some states, printing of the full account number is already prohibited. For the future, FACTA sets a national standard requiring truncation of credit card information.

Consumers will spend an average of $203 on gift cards during the 2007 holiday season, up from $186 in 2006, according to Comdata Stored Value Solutions.

Card recipients will most likely redeem their cards over two visits, so there will probably be more store traffic and sales potential.

“Consumers are finding more things to like about gift cards, including the increasing availability of gift card malls, special packaging and expanded uses, such as budgeting tools and discount opportunities," said Bob Skiba, executive vice president of Comdata, in a statement.

Most gift cards are still purchased in specific retailer locations. The Comdata study, like others, confirms that the second most popular purchase location for gift cards is online.
More than one-fifth of gift card buyers in 2006 made their purchase at gift card malls. More than one-quarter are expected to do so this year

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