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This holiday season in the South Bronx, residents are being guided by important advice from the New York State Department of State’s Division of Consumer Protection. A comprehensive consumer alert has been issued, focusing on the use of gift cards, a popular holiday gift choice.
The alert informs that gift cards purchased after Dec. 10, 2022, will be valid for nine years, ensuring they retain value over a more extended period. This move provides substantial relief to consumers who choose gift cards as presents. Additionally, it is now possible for consumers to redeem gift cards for cash if their balance falls below $5, offering more flexibility and value.
Simultaneously, the New York State Comptroller’s Office is highlighting its unclaimed funds service, revealing that South Bronx residents have access to approximately $118,493,000 in unclaimed funds. This service is especially pertinent during the holidays, potentially providing additional financial support to many in the community.
While gift cards are a popular holiday gift choice, it’s estimated that a significant amount of their value often goes unredeemed.
The New York State Comptroller’s Office has not only worked to safeguard these funds but has also explored the gift card market in the state.
While precise statistics vary, it’s believed that a substantial amount of gift card value never gets used, contributing to the pool of unclaimed funds. To search for unclaimed funds, visit the New York State Comptroller’s Office at https://www.osc.ny.gov/unclaimed-funds
The new consumer alert emphasizes the importance of knowing one’s rights regarding gift cards and certificates. Some of these unclaimed funds include gift cards that were never redeemed and have found their way into the state’s pool of unclaimed assets.
The law also explicitly prohibits any fees that might cause a card’s value to decline over time, such as inactivity or service fees. Furthermore, an issuer of a multi-merchant gift card may charge a one-time activation fee, not exceeding $9.
The Department of State advises consumers to stay alert to different types of scams involving gift cards. Tips include researching vendors, inspecting packaging and barcodes for tampering, and using caution when purchasing from third parties or online auctions. The alert also warns against scammers demanding payment via gift cards, a common tactic in fraud schemes.
For issues with redeeming gift cards, consumers can file a complaint with the Division of Consumer Protection, which offers voluntary mediation between consumers and businesses.
Informed by these guidelines, South Bronx residents are empowered to make smart financial decisions this holiday season, ensuring they maximize the benefits of gift cards and tap into the significant pool of unclaimed funds available.
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