After Costco screwed up on issuing my reward cheque for the third time, I decided that since there really isn't much need for a Costco card (prices aren't as competitive as years past) I cancelled my membership. Before canceling my Executive Membership, I consulted with the Customer Service Rep and the store manager who was nearby about being able to collect my reward CHEQUE.
They said there wouldn't be any issues. The rep event noted in the computer a special tag to ensure a seamless transaction. 6 months after the cheque was to arrive, I finally received an envelope from Costco, only to find a Gift Certificate for the amount of my reward. And to top it off, only current members can redeem this voucher.
This is Costco customer service at its finest.
White Rock, British Columbia