Gift cards have become so popular, given to or by 95 percent of Americans, angering so many of them with unexpected fees and timing-out deadlines, that the Federal Reserve has stepped in with some new rules.
Here's what the Fed says will happen as of August 22:
> Consumers must have at least five years to use gift cards before they expire.
> However, service or inactivity fees can still be applied, under certain conditions --
> 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
Some better. But it's still buyer beware you may be giving a gift that won't be fully used, and recipient remember to use your gift cards! Right away!