Turn to Tara: How to maximize your gift cards
The good news is - in many states - the laws governing expiration dates and fees are changing, and offering better consumer protections.
News 12 Staff
•
Jan 12, 2023, 11:33 AM
•
Updated 459 days ago
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256ds agoDid you get
a lot of gift cards for the holidays this year? If so, make sure you don't wait
too long to spend them!
After five
years, in most parts of the country, money from unused gift cards is handed
over to your state office of unclaimed funds, which in New York is overseen by
Comptroller Tom DiNapoli.
MORE: Turn to Tara
Just last
year, DiNapoli recovered a record $48 million in gifts.
Gift cards
tend to decrease in value over time due to fine print restrictions
you've probably missed along with hidden fees for things like checking your
cards' balance, not using it within a certain time frame, or replacing a lost
card.
The good
news is - in many states - the laws governing expiration dates and fees are
changing, and offering better consumer protections.
In New York
for example, a new law went into effect just last month, prohibiting most fees
and requiring new gift cards to stay valid for at least nine years, in
most cases, which is four years longer than the previous rule.
Got a problem? You should Turn to Tara. HERE'S HOW.
