Fed Issues Final Rules on Gift Cards
Gift cards sold on or after Aug. 22 must have at least five years until they expire and card issuers can't charge fees for replacing an expired certificate or card or for refunding the remaining balance, according to final rules issued by the Federal Reserve this week.
The rules, which implement provisions of the CARD Act passed by Congress last year, only allow issuers to levy fees for inactivity if there has been at least one year of non use. The issuer can only levy one charge a month and the issuer gives the consumer "clear and conspicuous," disclosures.
To read a full copy of the new rules, go to: http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20100323a1.pdf