WASHINGTON — The Office of the Comptroller of the Currency hasformally warned consumers to pay close attention the fine print onthe gift cards they might buy this year. The announcement remindedconsumers that “gift cards can have expiration dates, fees andother terms that can reduce their value. Other terms may limitwhere cards can be used or explain handling complaints and lost orstolen cards.”
|The agency also reported that consumers lost $8 billion in 2006on gift cards they had received or purchased and repeated theNational Retail Federation's estimate that 88% of consumers willbuy two or more gift cards this year.
|The agency also reminded consumers that it requires nationalbanks that issue gift cards to clearly disclose the cards terms andfees.
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