WASHINGTON — Consumers should be more careful about the gift cards they buy this year, according to the federal regulator that is charged with supervising national banks.
The Office of the Comptroller of the Currency has formally warned consumers to pay close attention to the fine print on the gift cards they might buy this year. The announcement reminded consumers that "gift cards can have expiration dates, fees and other terms that can reduce their value. Other terms may limit where cards can be used or explain handling complaints and lost or stolen cards."
The agency also reported that consumers lost $8 billion in 2006 on gift cards they had received or purchased and repeated the National Retail Federation's estimate that 88% of consumers will buy two or more gift cards this year.
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The agency also reminded consumers that it requires national banks that issue gift cards to clearly disclose the cards terms and fees.
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