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#HOLIDAY GIFT CARDS LICENSE#

This year has thrown shoppers curveball after curveball in the forms of extended shipping delays and "Out of Stock" notices. Blame supply chain disruptions, a phrase you hear everywhere from CNN to TikTok these days. Under State Comptroller DiNapoli’s open data initiative, search millions of state and local government financial records, track state contracts, and find commonly requested data.Spreading holiday cheer looks a little different in 2021. Track state and local government spending at Open Book New York. He urges New Yorkers to visit to see if they are owed money.

Replacement fees for lost or stolen gift cards.ĭiNapoli’s office is currently holding more than $17 billion in unclaimed funds.

Fees to call and check the balance remaining on the card and.

Dormancy fees if the gift card is not used within a certain time period.

Service fees when the card is purchased.

Gift cards may have other terms and conditions that can decrease the value. Rebate cards are not all covered by the same rules as regular gift cards, so this disclosure helps consumers to identify the different cards and how they can be used. New York requires companies offering rebates to disclose whether they will be issued in the form of a gift card and whether any fees will apply to those cards. Beginning in December 2022, with a few exceptions, state law will eliminate fees and expiration dates on gift cards. Gift cards cannot expire within the first five years after purchase.Ĭurrently, state law provides that gift cards cannot be assessed a monthly service fee against the balance prior to two years or the 25 th month of inactivity. Under the federal Credit Card Accountability Responsibility and Disclosure Act of 2009, many types of retail gift cards sold after Augare not permitted to charge inactivity fees unless the card has been inactive for at least 12 months.

“Don’t wait too long to spend your gift cards to avoid possible inactivity fees or having the money turned over to my office as lost funds.”Īfter five years of dormancy, money from unused gift cards issued by New York businesses is turned over to the Office of Unclaimed Funds as abandoned property.ĭiNapoli urges recipients to read the fine print for details about the fees and expiration dates on any cards they received and to register the card with the retailer. “Misplacing your gift cards after the holiday season is easy to do,” DiNapoli said. In the last seven years, the amount returned to DiNapoli’s office in unused gift cards has risen sharply from $5.8 million in 2014 to $16 million in 2021. If not, the money could eventually get turned over to the Office of Unclaimed Funds. DiNapoli is urging New Yorkers to spend the gift cards they received this holiday season in a timely fashion.

#HOLIDAY GIFT CARDS LICENSE#

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