Release Date: April 19, 2010
For immediate release
A new online publication to help consumers better understand how to protect themselves against harmful gift card practices was unveiled Monday by the Federal Reserve Board.
What You Need to Know: New Rules for Gift Cards is the third publication in a series designed to explain Board regulations to consumers in an easy-to-understand format. This publication describes the types of cards that are covered under gift card rules released last month and highlights key protections, including new limits on expiration dates, requirements for clear fee disclosures, and fee restrictions.
Gift cards have become a common and convenient gift alternative. The Board's new rules help ensure that consumers who give or receive gift cards are not surprised by expired cards and are protected from certain fees that reduce their value.
More information on the Board's gift card rules, which go into effect August 22, 2010, can be found at: www.federalreserve.gov/newsevents/press/bcreg/20100323a.htm.