TITLE

Fed Would Limit Gift Card Fees

AUTHOR(S)
Hopkins, Cheyenne
PUB. DATE
November 2009
SOURCE
American Banker;11/17/2009, Vol. 174 Issue 207, p16
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article reports that the U.S. Federal Reserve Board is proposing restrictions on gift card fees. Service fees on such cards would be prohibited unless the card was not used for a year and the fee would be limited to one per month with clear disclosures to the consumer. It was also proposed that gift cards would expire after five years from the issuance of the card or when funds were added to the card.
ACCESSION #
45255573

 

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