A Look at Consumer Protections for Gift Card Users
In a new paper titled "The Laws, Regulations, Guidelines, and Industry Practices That Protect Consumers Who Use Gift Cards" 
, Industry Specialist Philip Keitel of the Payments Cards Center at the Federal Reserve Bank of Philadelphia discusses the consumer protections available to gift card users.
Specifically, he examines the ways in which value loaded at the time of purchase is protected for future card use or returned to consumers when the card is not used or has expired. The consumer protection information included in this paper is derived from a number of sources, including several types of state statutes, Federal Trade Commission decisions, financial industry regulatory agency guidelines, and previous interviews with payments industry experts regarding practices concerning network-branded gift cards. This paper expands research begun by the Payment Cards Center in 2004 into prepaid cards generally and the protections available to consumers who use gift cards specifically.
Awesome!! I've been looking for something like this for a long time. I work for a company that manages and tracks gift cards, and I'm constantly trying to explain the follies of prepaid gift cards, and gift card issues in general. Thanks!
Posted by: Austin Chu | July 15, 2008 at 11:07 PM