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January 9, 2012
PA Treasurer McCord: Get the Most Out of Gift Cards, Keep Them From Becoming Unclaimed Property
Gift cards with expiration dates or service fees can end up unclaimed if not redeemed
Harrisburg – Whether gift cards burn a hole in your pocket or get tucked away in a desk drawer, Pennsylvania State Treasurer Rob McCord today offered recipients some tips on how to get the most out of gift cards and keep them from becoming unclaimed property.
“The National Retail Federation estimates $27.8 billion worth of gift cards were purchased this holiday season,” Treasurer McCord said. “Gift cards are an easy gift to give and to receive, but recipients should use them wisely. Some cards can lose value or become unclaimed property if not spent in a timely manner.”
Consumers are getting more value from their gift cards, but a great deal of money still slips through the cracks. The research firm TowerGroup estimates that $2 billion in gift card value was lost in 2011, in large part because of fees and expiration dates – down from $8 billion in 2007. Treasurer Rob McCord offered three tips for consumers to take full advantage of their gift cards:
- Read the fine print: Understanding the terms and conditions of your gift card can help you make the most of it. Though hidden fees and expiration dates for gift cards have decreased substantially since the federal Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, service charges or other fees can still reduce a card’s purchasing power.
- Register online when possible: Some retailers encourage gift card recipients to register their card through the company’s website, which enables consumers to check their balance online and receive a new card if they lose or misplace the original.
- Use your card in a timely manner: About 85 percent of gift cards are used within 60 days, according to TowerGroup. If you wait longer, make sure you know if and when it expires. Under Pennsylvania law, businesses must report to Treasury the value remaining on gift cards two years after the expiration date of the card's redemption period or five years from the date of the card’s issuance if the card does not contain an expiration date but the issuer charges post-sale service fees (gift cards without expiration dates and post-sale service fees are not reportable under PA law).
Consumers holding gift cards with expiration dates or service fees can visit Treasury’s website, www.patreasury.gov, to search the Unclaimed Property database or call toll-free (800) 222-2046. Treasury is seeking the owners of nearly $8.6 million in unclaimed gift card proceeds.
“We want to help consumers claim their unused gift card proceeds, so I encourage them to search our free database at www.patreasury.gov,” Treasurer McCord said. “We estimate that one in ten Pennsylvanians has unclaimed property, so you never know what else you might find!”
Each year, Treasury receives millions of dollars in unclaimed property – things such as abandoned bank accounts, forgotten stocks, uncashed checks, and contents of safe deposit boxes. Treasurer McCord’s Return Team is working hard to locate the rightful owners of about $1.8 billion in unclaimed property. Since January 2009, the department has returned more than $308 million to rightful owners and generated about $300 million for the state’s General Fund through the Unclaimed Property Program.
To learn more about Pennsylvania’s Unclaimed Property Program or to search for property, visit www.patreasury.gov or call 1-800-222-2046.
Media contact: Elizabeth Foose, 717-787-2991 or news@patreasury.gov
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