FatWallet
Encyclopedia
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 and electronics are most prominent in the listings. It is headquartered in Beloit, Wisconsin
.
shopping section, where users can find thousands of money-saving coupons and discounts from hundreds of popular online retailers and members can receive a percentage of purchases back from purchases made through referral links
to partnered retailers (originally known as FatCash). FatWallet has paid out over $28 million to its members since 2005 (membership is free with an email address).
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 copyright
ed 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.
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.
Since its launch, FatWallet has expanded its forums to include discussion on other financial topics such as investments, banking and credit cards. The Finance forum is often mentioned in the Wall Street Journal and the New York Times referencing personal finance topics ranging from credit card topics to 401K investment tips.
that provide about 30% of the companies revenue. An Illinois law passed in March 2011, the Main Street Fairness Act, required online retailers with Illinois affiliates to collect and remit sales taxes to the state.
Beloit, Wisconsin
Beloit is a city in Rock County, Wisconsin, United States. As of the 2010 census, Beloit had a population of 36,966. The greater Beloit area is home to more than 91,000 residents.-Claim to fame:...
.
Coupons and Cash Back
FatWallet features a Coupons and Cash Back rebateRebate (marketing)
A rebate is an amount paid by way of reduction, return, or refund on what has already been paid or contributed. It is a type of sales promotion marketers use primarily as incentives or supplements to product sales. The mail-in rebate is the most common...
shopping section, where users can find thousands of money-saving coupons and discounts from hundreds of popular online retailers and members can receive a percentage of purchases back from purchases made through referral links
Referral marketing
Referral marketing is a method of promoting products or services to new customers through referrals, usually word of mouth. Such referrals often happen spontaneously but businesses can influence this through appropriate strategies.-Overview:...
to partnered retailers (originally known as FatCash). FatWallet has paid out over $28 million to its members since 2005 (membership is free with an email address).
Forums
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 FridayBlack Friday (shopping)
Black Friday is the day following Thanksgiving Day in the United States, traditionally the beginning of the Christmas shopping season. On this day, most major retailers open extremely early, often at 4 a.m., or earlier, and offer promotional sales to kick off the shopping season, similar to Boxing...
advertisements. Several retailers, including Wal-Mart
Wal-Mart
Wal-Mart Stores, Inc. , branded as Walmart since 2008 and Wal-Mart before then, is an American public multinational corporation that runs chains of large discount department stores and warehouse stores. The company is the world's 18th largest public corporation, according to the Forbes Global 2000...
, Target, Best Buy
Best Buy
Best Buy Co., Inc. is an American specialty retailer of consumer electronics in the United States, accounting for 19% of the market. It also operates in Mexico, Canada & China. The company's subsidiaries include Geek Squad, CinemaNow, Magnolia Audio Video, Pacific Sales, and, in Canada operates...
and Staples
Staples, Inc.
Staples Inc. is a large office supply chain store, with over 2,000 stores worldwide in 26 countries. Based in Framingham, Massachusetts, United States, the company has retail stores, serving customers under its original name in Austria, Brazil, China, France, Germany, India, Italy, Norway,...
, have served FatWallet with "take-down" notices pursuant to the Digital Millennium Copyright Act
Digital Millennium Copyright Act
The Digital Millennium Copyright Act is a United States copyright law that implements two 1996 treaties of the World Intellectual Property Organization . It criminalizes production and dissemination of technology, devices, or services intended to circumvent measures that control access to...
, claiming that their sale prices were copyright
Copyright
Copyright is a legal concept, enacted by most governments, giving the creator of an original work exclusive rights to it, usually for a limited time...
ed and must be removed from its site. In addition, Wal-Mart served FatWallet with a subpoena
Subpoena
A subpoena is a writ by a government agency, most often a court, that has authority to compel testimony by a witness or production of evidence under a penalty for failure. There are two common types of 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.
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
Declaratory judgment
A declaratory judgment is a judgment of a court in a civil case which declares the rights, duties, or obligations of one or more parties in a dispute. A declaratory judgment is legally binding, but it does not order any action by a party. In this way, the declaratory judgment is like an action to...
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
Standing (law)
In law, standing or locus standi is the term for the ability of a party to demonstrate to the court sufficient connection to and harm from the law or action challenged to support that party's participation in the case...
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.
Since its launch, FatWallet has expanded its forums to include discussion on other financial topics such as investments, banking and credit cards. The Finance forum is often mentioned in the Wall Street Journal and the New York Times referencing personal finance topics ranging from credit card topics to 401K investment tips.
Best Deals
FatWallet launched Best Deals in 2009 (initially called Today's Top Deals) which features dozens of researched deals found all over the internet by deal hunting staff and members. Best Deals also features an Expert Picks section where deal hunting experts research bigger ticket retail products like laptops, computers and HDTVs for the best value for the price and post their endorsements each week.Compare Prices
Compare Prices was launched in June 2010 as a price comparison that includes cash back, shipping costs and taxes.Relocation
Between March and April 2011, Fatwallet moved to Wisconsin from its home in northern Illinois in order to avoid termination of affiliate contracts with online retailers such as Amazon.comAmazon.com
Amazon.com, Inc. is a multinational electronic commerce company headquartered in Seattle, Washington, United States. It is the world's largest online retailer. Amazon has separate websites for the following countries: United States, Canada, United Kingdom, Germany, France, Italy, Spain, Japan, and...
that provide about 30% of the companies revenue. An Illinois law passed in March 2011, the Main Street Fairness Act, required online retailers with Illinois affiliates to collect and remit sales taxes to the state.
Awards
Other notable company achievements include FatWallet being named one of 2010's 50 Best Places To Work in America by the Best Places To Work Institute and Entrepreneur Magazine. FatWallet ranks #20 on the list for best small businesses. Founder Tim Storm was also named as one of four finalists for Entrepreneur of 2010 by Entrepreneur.com. The winner of this prestigious national award will be announced in January 2011.External links
Press Coverage
- Great Places to Work, Entrepreneur.com, September 8, 2010
- FatWallet - An Online Emporium For Coupons That Stood Up To The Web's Giants, Huffington Post, August 20, 2010
- Finalists Announced for Entrepreneur Magazine's Entrepreneur of 2010 Contest Presented by The UPS Store, Entrepreneur Magazine, July 27, 2010
- FatWallet Launches New Price Comparison Featuring Cash Back, PRWeb, June 22, 2010
- FatWallet.com 10-Year Anniversary February Event, I-Newswire.com, February 18, 2009
- 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 NewsWired (magazine)Wired is a full-color monthly American magazine and on-line periodical, published since January 1993, that reports on how new and developing technology affects culture, the economy, and politics...
, November 20, 2002.