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Board of Governors of the Federal Reserve System
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Press Release
March 23, 2010

Federal Reserve announces final rules to restrict
fees and expiration dates on gift cards
For immediate release
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The Federal Reserve Board on Tuesday announced final rules to restrict
the fees and expiration dates that may apply to gift cards. The rules
protect consumers from certain unexpected costs and require that gift
card terms and conditions be clearly stated.
The final rules prohibit dormancy, inactivity, and service fees on gift
cards unless: (1) the consumer has not used the certificate or card for at
least one year; (2) no more than one such fee is charged per month; and
(3) the consumer is given clear and conspicuous disclosures about the
fees. Expiration dates for funds underlying gift cards must be at least
five years after the date of issuance, or five years after the date when
funds were last loaded.
The Board's rules generally cover retail gift cards, which can be used to
buy goods or services at a single merchant or affiliated group of
merchants, and network-branded gift cards, which are redeemable at
any merchant that accepts the card brand.
The final rules are issued under Regulation E to implement the gift card
provisions in the Credit Card Accountability Responsibility and
Disclosure Act of 2009.
The notice that will be published in the Federal Register is attached. The
final rules are effective August 22, 2010.

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Federal Register notice: HTML | 270 KB PDF
Highlights of Final Gift Card Rule

Last Update: March 23, 2010

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BOARD OF GOVERNORS of the FEDERAL RESERVE SYSTEM
20th Street and Constitution Avenue N.W., Washington, DC 20551