Can US Bank zero the balance of a prepaid Visa gift card after 1 year?
Full Question:
Answer:
Gift cards can have varying terms and expiration dates. In some cases, a service fee or dormancy fee is deducted from the card each stated period. If you don’t use up the entire value of the gift card, some companies charge a “closure fee” of up to $15 to cash out the remaining balance. If the card is lost or stolen, you may be able to get a new card reissued. However, many stores charge a “reissue fee” of more than five dollars. Such practices are designed to encourage customers to use it in a short amount of time and not put in a drawer and forget about it.
Some states have enacted laws extending the protection for consumers against gift cards expiring or losing their face value. These consumer protection laws require retailers to fully
disclose gift card fees, limitations and conditions so that consumers are able to make the most
informed decision regarding the value of their gift. State gift card laws may not apply to certain breeds of cards, such as bank gift cards, prepaid telephone calling cards, and others that can be used at multiple, unaffiliated businesses. If gift cards are issued in Wisconsin, they are allowed to expire under Wisconsin state law.
