NEW YORK – The Christmas season has just passed and many people may have received gift cards as gifts. However, many tend not to use the balance on their gift cards and in New York these can eventually be turned in to the Office of Unclaimed Funds (OUF).
In 2022, OUF received a record $48 million of those balances.
For this reason, New York State Comptroller Thomas P. DiNapoli urges New Yorkers to make sure they spend the gift cards they received this holiday season.
“Unused gift cards have set a new record as they make up a growing number of accounts held by our unclaimed funds department. My office is working to return these funds to their rightful owners,” Comptroller DiNapoli said. “During the holiday season, I encourage all New Yorkers to spend their gift cards in a timely manner to avoid potential downtime fees or delivery. of money to my office”.
The money risk within gift cards is held nationally and locally
The record number of unused gift cards delivered to OUF in 2022 was partly attributed to an agreement requiring it H&M return approximately $18 million in unused gift card balances to OUF. In a similar arrangement, Apple gave away nearly $3 million dollars in unused gift card balances.
State law governing gift card expiration dates and fees changed this year. On December 10, 2022, a new law came into force which made it possible to increase the expiry date of registration cards.five to nine years after the card was issued or the date of the last loading of funds. He also ruled out many allegations.
Despite the law change, New York State’s abandoned property law remains unchanged: Gift certificates and certificates owed to New York residents or unknown owners but issued by an entity incorporated in New York are considered abandoned and must be reported to OUF after five years of inactivity, regardless of the expiration date.
Comptroller DiNapoli urges recipients to read the fine print for details on fees and expiration dates on the cards they receive, and to register the card with the retailer.
DiNapoli’s office currently has more than $17.5 billion in unclaimed funds. He urges New Yorkers to visit their website search for unclaimed funds to see if any money is owed.
