“Government to seize unopened Christmas presents.”
This is no different than escheatment laws that have been on the books in practically all states.
Financial companies can’t keep money that gets abandoned. They have a duty to either inform the customer that they still have funds or turn the funds over to the state.
If the card hasn’t been used in 2 years, the odds are more likely that the consumer has forgotten about the funds or card instead of is just sitting on it.
If I buy a gift card from a national retail chain, is that not interstate commerce? And if so, what does the State of New Jersey have to say about it?
So companies have to report unused gift card amounts to the state as well as banks having to report unused travelers checks? What if people just want to hang on to them? What business is it of NJ?
They’d steal a hot stove and come back for the smoke. BTW, if you have 97 cents on your gift card, you can apply it towards a purchase.
I had a $5.00 ACE Rewards Card and wanted to buy something that cost $4.99 (with tax $5.32). The cash register would not process the order. I told the girl, “I have a $0.02 cent 6-32 nut here”, holding up an imaginary nut, “please add it to the order”, making my order $5.34, with tax. Once it went through, I “handed” the cashier back my imaginary 6-32 nut, explaining that I found that I did not actually need it and got a $0.02 cent refund (it’s the principle). She had a wry smile throughout the transaction.