New Proposed Rules for Gift Cards
Planning to buy gift cards for friends or family members this holiday season? The Federal Reserve Board has recently proposed rule changes to the Federal Reserve System's Electronic Funds Transfer regulation (12 CFR Part 205) that would limit the service and inactivity fees that can be placed on gift cards unless cards have been inactive for more than a year, there is no more than one fee per month, or if fees are fully disclosed to the consumer. The rules would also require expiration dates of cards be no less than five years from the date issued or date funds were last added.
Want to comment on these proposed rules? Submit your views and read other people's comments through the Federal Reserve's Rulemaking Proposals page. Comments can also be submitted online through Regulations.Gov. You must submit your comments by December 21, 2009.