Gift Card Fees Get Fed Attention With New Rules
Sometimes the best gift on the market, gifts cards are receiving new federal rules and regulations. Consumers have sent over 200 letters to congress demanding something be done about the erroneous fees, charges and expiration dates.
Gift cards are nothing new to the retail industry, but their purchasing power has increased over the last decade because of online internet shopping. The cards, which are practically free money for a specific store, are best for giving to people that seem to have everything or are just hard to shop for.
The crack down is now coming from the feds because companies have starting actually charging the cards for fees and penalties. If the card isn’t used for a year, the card will be charged a non-usage fee. If the card isn’t used for a couple of years, it will expire.
