re: Spin-off Thread: Annual Christmas Present Idea List For People Impossible To Buy For

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My wife just tried to use a gift card that she had forgotten about and recently found. It got declined at the restaurant we were at. She gave it to me and asked me if I could research and see how much was left on it though she was certain she had never used it. It was a $100 card that I found out was now worth 0. If you don't use it in the first 4 months they start deducting $2 per month. Find the card 4 years later and it I see worth zero.

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Gift Card Rules for Expiration and Fees Part of the Credit CARD Act of 2009 required the Federal Reserve to come up with rules for gift cards to keep consumers from losing their gift card funds.

After receiving feedback from consumers, consumer groups, card issuers, industry commenters, and even a state attorney general, the Federal Reserve proposed these rules:

Gift cards can only expire five years after the date the card was purchased or the date money was last loaded onto the card. If the card and the underlying money expire at different times, the card issuer should make it known which date applies. You should not be charged a fee to replace your card if it expires before the underlying funds expire (less than five years).

Issuers can only charge an inactivity fee on a gift card if the card hasn’t been used in one year. Only one service charge* or inactivity fee can be charged per calendar month.

Finally, consumers must be made aware of all gift card fees. The expiration and fee information needs to be displayed on the card and the cashier selling the card should explain the disclosures before selling the card.

*Service fees may include fees for certain transactions like a balance inquiry, balance reload fee, or ATM withdrawal fee.

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