Meanwhile, the Mickey D's that I go to says NJ law *requires* them to ask for zip code info when selling or reloading the gift cards.
And, shockingly enough, it turns out to be true!
New Jersey A.B. 3002, effective July 1, 2010 as to all cards outstanding on that date, amends the state's unclaimed property act to explicitly include "stored value cards," broadly defined to include paper gift certificates, rebate cards and gift cards, among other forms of "stored value." The new law establishes a presumption of abandonment of card balances after two years of inactivity, rather than tying abandonment to the date of purchase or activation. The law requires that issuers obtain the name and address of the purchaser or owner of each card, including at least the person's zip code. If this information is not available, the address of the person who owns the card will be presumed to be where the card was sold. The law also prohibits the imposition of dormancy fees on stored value cards. The law exempts stored value cards issued pursuant to a promotional or loyalty program and stored value cards issued by any issuer that in the past year sold stored value cards with an aggregate face value of $250,000 or less. Finally, the law vests in the New Jersey State Treasurer the power to exempt a business or class of businesses from its obligations.
Intersting - it would appear McD's is doing the bare minimum necessary to comply.
I'm long winded. Getting my thoughts down to a punchier, more digestible form is an ongoing goal, and one I practice with varying degrees of success in comments to other people's blogs. But this is my house, and here I can stretch out on the couch.
Meanwhile, the Mickey D's that I go to says NJ law *requires* them to ask for zip code info when selling or reloading the gift cards.
ReplyDeleteAnd, shockingly enough, it turns out to be true!
New Jersey A.B. 3002, effective July 1, 2010 as to all cards outstanding on that date, amends the state's unclaimed property act to explicitly include "stored value cards," broadly defined to include paper gift certificates, rebate cards and gift cards, among other forms of "stored value." The new law establishes a presumption of abandonment of card balances after two years of inactivity, rather than tying abandonment to the date of purchase or activation. The law requires that issuers obtain the name and address of the purchaser or owner of each card, including at least the person's zip code. If this information is not available, the address of the person who owns the card will be presumed to be where the card was sold. The law also prohibits the imposition of dormancy fees on stored value cards. The law exempts stored value cards issued pursuant to a promotional or loyalty program and stored value cards issued by any issuer that in the past year sold stored value cards with an aggregate face value of $250,000 or less. Finally, the law vests in the New Jersey State Treasurer the power to exempt a business or class of businesses from its obligations.
Intersting - it would appear McD's is doing the bare minimum necessary to comply.
Also, read the comments - request for zip code has a (weak) anti-fraud component.
ReplyDelete