NY
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 card balances may eventually be turned over to your Office of Unclaimed Funds (OUF), which received a record $48 million from them in 2022.
“Unused gift cards have set a new record as they make up a growing number of accounts held by our Unclaimed Funds Office. My office is working to get these funds back into the hands of their rightful owners,” DiNapoli said. “This holiday season, I encourage all New Yorkers to spend their gift cards in a timely manner to avoid potential inactivity fees or money being delivered to my office.”
DiNapoli’s office currently has more than $17.5 billion in unclaimed funds. He urges New Yorkers to visit his unclaimed funds search portal to see if they are owed money.
The record number of unused gift cards delivered to OUF in 2022 was attributed in part to a settlement that required H&M to return approximately $18 million in unused gift card balances to OUF. In a similar deal, Apple gave away nearly $3 million in unused gift card balances.
State law governing gift card expiration dates and fees was changed this year. On December 10, 2022, a new law went into effect that allowed the expiration date of gift cards to be increased from five to nine years after the card was issued or the date the funds were last loaded. It also barred many charges. Despite the change in law, New York State Abandoned Property Law remains unchanged: Gift cards and certificates owed to New York residents, or to 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 expiration date.
DiNapoli urges recipients to read the fine print for details about 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 his unclaimed funds search portal to see if they are owed money.
Posted on January 09, 2023
