{"id":462785,"date":"2010-03-23T13:11:38","date_gmt":"2010-03-23T17:11:38","guid":{"rendered":"http:\/\/blogs.wsj.com\/economics\/2010\/03\/23\/fed-issues-gift-card-rules\/"},"modified":"2010-03-23T13:11:38","modified_gmt":"2010-03-23T17:11:38","slug":"fed-issues-gift-card-rules","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/462785","title":{"rendered":"Fed Issues Gift-Card Rules"},"content":{"rendered":"

The U.S. Federal Reserve<\/strong> announced final rules Tuesday pertaining to how and when fees can be assessed to inactive gift cards.<\/p>\n

The rules also require that gift-card issuers provide consumers with the exact terms and conditions, particularly regarding card-expiration dates.<\/p>\n

“Concerns have been raised regarding the amount of fees associated with gift cards, the expiration dates of gift cards, and the adequacy of disclosures,” the Fed said<\/a>. “Consumers who do not use the value of the card within a short period of time may be surprised to find that the card has expired or that dormancy or service fees have reduced the value of the card.”<\/p>\n

Under the final rules, three conditions must be met if gift-card issuers want to charge inactivity or service fees. Fees can be applied only if the consumer hasn’t used the card within a one-year period, if there’s no more than one fee charged a month, and if consumers are made aware of such fees.<\/p>\n

The Fed’s rules would cover retail gift cards and network-branded gift cards, which are redeemable at any merchant that accepts the card brand.<\/p>\n

According to the Fed, the final rules will be effective Aug. 22.<\/p>\n

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The U.S. Federal Reserve announced final rules Tuesday pertaining to how and when fees can be assessed to inactive gift cards. The rules also require that gift-card issuers provide consumers with the exact terms and conditions, particularly regarding card-expiration dates. “Concerns have been raised regarding the amount of fees associated with gift cards, the expiration […]<\/p>\n","protected":false},"author":850,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-462785","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/462785","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/850"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=462785"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/462785\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=462785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=462785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=462785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}