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Consumers spent spent $80
billion on gift cards and gift certificates last year, the majority of
which were purchased during the Christmas holiday season. Approximately
5-10% - worth between $4 and $8 billion - are never redeemed, including
$38 million at Best Buy and $37 million at Home Depot.
Despite the fact many
gift certificates, stored value and card gift cards are issued with
expiration dates, a growing number of states now prohibit the imposition
of service charges or a time limit on use. New federal regulations,
arising from passage of The Credit Card Accountability Responsibility
and Disclosure Act of 2009, restrict inactivity fees and prohibit gift
certificates, store gift cards and general-use prepaid cards from having
an expiration date of less than five years. Gift card issuers are not
allowed to charge a fee for replacing an unexpired card or certificate,
or for refunding the remaining balance if the funds are valid.
As a result of these new rules, hundreds of thousands of consumers who
failed to redeem gift certificates or fully use gift card credits may be
entitled to refunds, even though a certificate or card may have been
lost, destroyed or expired.
To search for unclaimed
funds arising from lost or unused gift cards and gift certificates order
our Special Report: Gift Card and Gift Certificate
Unclaimed Funds Search |
