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Consumers spent consumers
spent $55 billion on gift cards and certificates last year, the majority
of which were purchased during the Christmas holiday season. This amount
is expected to grow to $85 billion business by 2007. Approximately 3-5%
- $1.6 to 2.75 billion worth or more - are never redeemed.
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.
Because these funds now
come under the purview of unclaimed property statutes, 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
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