The laws, regulations, guidelines, and industry practices that protect consumers who use gift cards
AbstractThis paper discusses consumer protections available to gift-card users. Specifically, it 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.
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Bibliographic InfoPaper provided by Federal Reserve Bank of Philadelphia in its series Payment Cards Center Discussion Paper with number 08-07.
Date of creation: 2008
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-03-22 (All new papers)
- NEP-LAW-2009-03-22 (Law & Economics)
- NEP-REG-2009-03-22 (Regulation)
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