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#1427770 - 08/11/10 09:30 PM Gift Card Exp date disclosure question
Cornfed Turtle Offline
Diamond Poster
Joined: Mar 2006
Posts: 1,322
"...Somewhere in Middle Americ...
205.20(e) states that no card can be sold with an expiration date unless:

1. Policies and Procedures for at least 5 years remaining;
2. Underlying funds expire later of 5 years after purchase or card exp date; and
3. Certain disclosures on the card.
• Expiration date of funds or that funds don’t expire;
• Toll-free number and www to get another card;
• Equal Prominence stmt next to card date that the funds don’t expire and can contact for a new card UNLESS the card exp date is more than 7 years from date of manufacture.


So...our cards are dated more than 7 years from manufacture. That gets us out of the "equal prominence" stmt near the exp date of the card. It doesn't relieve us of the first two bullet points, does it?

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eBanking / Technology
#1428539 - 08/12/10 10:22 PM Re: Gift Card Exp date disclosure question [Re: Cornfed Turtle]
Reads Regs Offline
Diamond Poster
Joined: Nov 2004
Posts: 2,275
The FRB announced an interim final rule on 8/11 to amend Reg. E to address the recent amendment to the Credit CARD Act.
http://www.federalreserve.gov/newsevents/press/bcreg/20100811a.htm
The interim rule has not yet been published in the Federal Register.

Here's a link to the law that amended the Credit CARD Act.

BOL has updated the Read A Reg section of Reg. E to incorporate this.
http://www.bankersonline.com/regs/205/205-20.html
_________________________
Opinions expressed are my own and not necessarily those of my employer. They are not legal advice.

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