FOX5 Vegas - KVVUState Treasurer offers holiday tips on gift cards/certificates

State Treasurer offers holiday tips on gift cards/certificates

State Treasurer Kate Marshall is informing gift-givers and receivers about helpful tips that will make the season brighter for those of who give or receive gift cards/certificates.

"This time of year, many consumers purchase gift cards for family and friends as a convenient and thoughtful way to share their Holiday joy; but sometimes those gift cards/certificates are not used immediately and receivers can find themselves paying fees to reactivate the card," Marshall said. "A few helpful tips can help you ensure you get the full value of any gift cards/certificates you receive."

• Be sure to check if the card you give/receive has an expiration date, or if there are any fees associated with reactivating the card after a period of inactivity.

• Save gift card receipts, which will make it easier to replace if lost or stolen.

• Even if a gift card has expired, attempt to work with the business to honor the card.

Marshall said new Nevada and federal laws concerning gift cards/certificates were enacted to protect consumers in 2007 and 2010, respectfully.

"If a gift card was issued on or after October 1, 2007, consumers have more rights in terms of being able to use the value of a card, even after expiration. In fact, per federal law, gift cards/certificates issued on or after August 22, 2010 do not expire until a five year period from issuance has passed."

The remaining value of a gift card/certificate which has an expiration date escheats to the Nevada State Treasurer's Office, Unclaimed Property Division, at the time of expiration.

There is no dormancy period for expired gift cards/certificates that were initially issued on or after October 1, 2007. Gift cards/certificates issued now which do not have an expiration date are NOT subject to escheatment, but must be honored by the business indefinitely.

Unredeemed gift card/certificate money escheated to the State is transferred to the Nevada Educational Fund, which is used to support Nevada K-12 education.

However, the owner of the gift card/certificate may file a claim with the Unclaimed Property Division at any time to recover the unredeemed value of that card/certificate, minus any administrative fees legally withheld by the reporting business.

"We encourage Nevada businesses to honor the spirit and intent of all gift cards/certificates that have been issues, which results in satisfied customers," Marshall added.

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