This week the Federal Reserve Board announced rules that are designed to protect consumers of gift cards. You know gift cards. They’re the credit card sized pieces of plastic sold by stores to limit where the recipient of your gift can use the money you didn’t want to give them because money is so impolite.
Stores love them because they win whether a recipient uses them or not … especially if not.
These rules by the Federal Reserve Board clarify how dormancy and service fees may be applied to a gift card. And expiration dates for gift cards must be at least fives years from their issue or after funds were last loaded.
Good for consumers. Learn more from the Federal Reserve Board press release.
