While the information in yesterday’s post, “Don’t Let Gift Cards Become Free Money For Stores” was good, the title was erroneous. Actually, depending on the state, unused gift cards may be classified as unclaimed property. The value is then turned over to the state in a process called “escheatment.” It would appear, however, that in some states, the stores do get to keep the money. This PDF gives a breakdown of how the laws generally apply state by state.
By November 13, 2007