Ohhh, they're so consumer-ific! What are the odds of this right in the middle of everyone questioning their competence and ability to provide any value to consumers as opposed to the banks who clearly own them? It's obviously necessary but it's a cheap stunt to divert attention from their failures to protect consumers from trillions lost on Wall Street. Show us some real initiative that protects people from the gamblers on Wall Street and then let's talk.
Gift cards have grown in popularity — with more than 95 percent of Americans having received or purchased them, the Fed said.
And as usage has gone up, so too have complaints from people taken by surprise by fees that eat into the value of the cards as well restrictions on how long they'll be good for.
Under the rules, consumers must have at least five years to use the gift cards before they expire. The Fed also says service or inactivity fees can be imposed only under certain conditions.
Such fees can be charged if the consumer hasn't used the card for at least a year, if the consumer is given clear disclosures about them and no more than one fee is charged a month.
