First there was the Credit Card Act signed into law in May, then the Fed decided to crack down on overdraft fees charged by banks and now regulators offer rules to limit inactivity fees and expiration dates on gift certificates and cards.
Under the Fed's new rules fees and expiration dates applied to gift certificates, store gift cards, and general use prepaid cards would be restricted.
Unless users were inactive for at least a year the new rules would prevent issuers from charging dormancy fees on cards. After the year point issuers are then limited to on fine per month. The new rules also prohibit issuers for monthly maintenance, balance inquiry, transactions, reloading, and point of sale.
Do fees on gift cards prevent you from buying them as gifts? Do you receive gift cards for gifts and then never use them?
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