Gift Card Reprieve
Legislators in Florida are working toward a ban on expiration dates and dormancy fees for gift cards, according to a story in the Orlando Sentinel. Florida is the latest in a string of several states, including California, moving in this direction.
One study cited in this story says the value of unredeemed gift cards and certificates could be as high as $430 million in Florida.
This follows a settlement the Federal Trade Commission reached a with Darden Restaurants earlier this month to remove dormancy fees that had been charged to its cards. It even alleged that Darden “used deceptive practices in the marketing and selling of its cards.”
Darden’s spokesperson said they complied back in October and support the Florida gift-card legislation.
Other restaurants and retailers have also voluntarily dropped their restrictions—and Rick McAllister, president of the Florida Retail Federation, said many its members only had them in the first place for accounting reasons.