Saturday, January 28, 2006

Good news if you use gift cards

A state judge in Albany, New York recently ruled that according to state law, any proceeds that retailers get from unused gift cards must be turned over to the state as abandoned property after a period of five years from the purchase of the card. According to the article at the link below from BizJournals (the Albany edition), many of those retailers that still have expiration dates on their gift cards may eliminate expiration dates since they will no longer pocket the money from the unused cards. This only applies to New York, but the ramifications will be felt outside of the state in the retail world. I have never been a big fan of expiration dates, and especially do not like those cards that basically charge you a fee for each month that the card is active but not used.

Here is the story:
http://www.bizjournals.com/industries/retailing_restaurants/retailing/2006/01/23/Albany_story7.html?f=et182&hbx=e_vert

0 Comments:

Post a Comment

<< Home