Unclaimed Money - Unused Gift Certificate Search

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The National Retail Federation estimates consumers spent $55 billion on gift cards and certificates last year, the majority of which were purchased during the Christmas holiday season. This amount is expected to grow to $85 billion business by 2007. Approximately 3-5% - $1.6 to 2.75 billion worth or more - are never redeemed.

In the past, many retailers have imposed activation charges, monthly service fees and expiration dates that can render a gift card or certificate worthless after a period of time, but increasingly state regulators are scrutinizing the practice.

About two-thirds of states have either enacted or proposed laws that specifically address gift cards, from banning "unconscionable" gift card service fees to banning inactivity fees and expiration dates altogether. California, as an example, banned expiration dates in 1997 and non-usage fees in 2004.

It may be possible, therefore, for owners or purchasers to reclaim unused balances. For assistance recovering unused gift certificates gift card balances, go to: Gift Card/Certificate Refund Search

Special Note: A number of retailers have begun to issue stored value cards in lieu of gift certificates, which may be exempt from unclaimed property reporting. The escheatment of unused balances on pre-paid service cards - i.e. phone cards - is currently under debate.

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	Unredeemed Gift Cards and Gift Certificates Refunds