I'm considering sending gift cards as presents to my friends and family. There are so many to choose from. Are all gift cards alike? If not, what are the major differences?

Gift cards include prepaid or stored value cards that are designed to be purchased by one consumer (purchaser) and presented as a gift to a second consumer (recipient). The terms and conditions of gift cards can vary. Two […]

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What should I consider before purchasing a gift card?

Before purchasing a gift card, you should read the product disclosures (which may be included on the packaging or on the card) to understand the terms and conditions of the account. Issues to consider include the […]

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Does the Consumer Financial Protection Bureau’s (CFPB) 2010 gift card regulation apply to all prepaid cards?

No. In general, the 2010 rule applies only to gift cards and to cards that are marketed as gift cards. There are exceptions to the rule. The CFPB's gift card rule does not apply to cards, codes, or other devices that […]

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When can the bank impose service and other fees on gift cards?

A bank can only charge fees on gift cards in certain circumstances. A bank generally cannot charge a dormancy, inactivity, or service fee with respect to a gift certificate, store gift card, or general-use prepaid card, […]

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Are all fees that can be imposed on a gift card considered to be service fees?

No. A service fee generally refers to a periodic fee for holding or use of a gift certificate, store gift card, or general-use prepaid card. A "periodic fee" includes any fee that may be imposed on a gift certificate, store […]

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How can I determine what fees may be imposed on gift cards?

Federal law requires that certain fees, such as service fees, be disclosed on the card itself. The issuer may also disclose fees through other means, such as card packaging, related pages on the bank's website, or […]

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Before buying a gift card, I checked the account terms and found the terms acceptable. Is there anything else I should do?

If you are giving the card as a gift to someone else, please pass along the disclosures, terms, and information you received with the gift card to the recipient.

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I'm having a problem with the company that issued a gift card. Can you help me?

It depends on who issued the gift card. If a national bank or federal savings association issued the card, you can file a written complaint with the Office of the Comptroller of the Currency's (OCC) Customer Assistance […]

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The bank captured (took) my automated teller machine (ATM)/debit card and stated that it would be destroyed. Can the bank do this?

In some circumstances the bank can destroy your ATM card for security reasons. Contact your bank to get a replacement card.

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My ATM/debit card has been lost/stolen. What should I do?

You should notify the bank immediately after learning of the loss or theft of your access device (ATM/debit card). If you do so within two business days, your liability will be the lesser of the following: $50 The amount […]

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