FatWallet
From Wikipedia, the free encyclopedia
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| Type | Bargain Hunting Website |
|---|---|
| Founded | December 5, 1999 |
| Founder(s) | Tim Storm |
| Headquarters | Rockton, IL, USA |
| Website | www.fatwallet.com |
FatWallet is a bargain hunting website, centering around a set of forums that allow users to publish deals and rebate offers on a comprehensive range of products and services, though computer-related products dominate the listings.
The site focuses on listings primarily for North American consumers; the website does not offer its service to a generic international and multi-currency audience. In addition to the Hot Deals, dozens of "Free Stuff" giveaways are discussed on the forums every day, as well as travel deals, finance deals, product reviews and reviews of retailers.
FatWallet features a Cash Back rebate shopping section, where users can receive a percentage of purchases back from purchases made through referral links to hundreds of online retailers. Originally known as FatCash, this feature is where FatWallet got its start.
FatWallet users frequently post the sale prices of major retailers before they were even released in the retailers' advertisements, which embroiled the site in a major legal dispute in 2002 involving Black Friday advertisements. Several retailers, including Wal-Mart, Target, Best Buy and Staples, have served FatWallet with "take-down" notices pursuant to the Digital Millennium Copyright Act, claiming that their sale prices were copyrighted and must be removed from its site. In addition, Wal-Mart served FatWallet with a subpoena to reveal the identity of the users that had posted Wal-Mart's prices, but the demand was quickly dropped. It is not known if Wal-Mart ever made good on its threats to sue.[1][2]
Though FatWallet initially complied with the take-down notices due to the fear of liability, within two weeks it took the offensive, reposting the prices and arguing that the prices were uncopyrightable facts rather than expression. FatWallet filed a lawsuit in the U.S. District Court for the Northern District of Illinois against three of the retailers, seeking damages for their knowing assertion of invalid copyright claims and a declaratory judgment that the take-down provisions of the DMCA were unconstitutional. The case, FatWallet, Inc. v. Best Buy Enterprise Services, Inc., was dismissed. The court ruled that FatWallet lacked standing to sue for any harm done to its users for having their postings temporarily removed, and FatWallet did not assert any injury to itself that the court found cognizable. Apparently, FatWallet executives welcome another opportunity to settle the U.S. laws surrounding dissemination of advertising information, and are confident that threats by retailers are bluff and bluster.[2]
Fatwallet has now become not just a site for bargain hunters, but now a site for people to actually discuss anything that is finance related. Fatwallet now has people getting answers to questions about investments, banks, credit cards, and was also mentioned in an article discussing the take down of a 400 million dollar ponzi scheme (http://www.reuters.com/article/newsOne/idUSTRE50Q0EQ20090127). Perhaps the most useful Fatwallet resource in the finance forum is the tax sticky. There are several tax professionals who go on to FatWallet to answer people's questions regarding taxes. Some of the answers are as simple as telling someone an IRS publication that discusses that exact situation, while other answers give people tax advice on retirement accounts, mortgage refinances, tax shelters, and much, much more. You can spend hours on end reading the forums at FatWallet, and go on the next day, and have a whole new set of topics to delve into.
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[edit] Notes
- ^ Walker, Rob (2005-09-18). "Collective Bargain Hunting: FatWallet.com". New York Times. http://www.nytimes.com/2005/09/18/magazine/18consumed.html. Retrieved on 2007-11-16.
- ^ a b Stross, Randall (2007-11-18). "Digital Domain: What to Do When Goliaths Roar?". New York Times. http://www.nytimes.com/2007/11/18/technology/18digi.html?ref=technology. Retrieved on 2007-11-18.
[edit] References
- Information about the lawsuit from the opinion of the court reported at FatWallet, Inc. v. Best Buy Enterprise Services, Inc., No. 03-C-50508, 2004 U.S. Dist. LEXIS 6153 (N.D. Ill. Apr. 12, 2004) (dismissing suit).
[edit] External links
[edit] Press Coverage
- Get the lowest price on anything, CNN Money, December 7, 2007
- Can Online Rebate Sites Save You Money?, KWCH12 , November 5, 2007
- Big Retailers Squeeze FatWallet, Brian McWilliams. Wired News, November, 20, 2002.
- FatWallet.com 10-Year Anniversary February Event, I-Newswire.com , February 18, 2009.
