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Consumer Advisory 2006-1
November 28, 2006
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Before you purchase a gift card for someone this holiday season—or if you receive a gift card—there are some things you should find out. Different gift cards have different terms and conditions. Here are some of the most important terms and conditions that you should be sure to check, and that should be disclosed to you:
One Final Note to Purchasers of Gift Cards: If information about fees, expiration dates, or other matters appears on a document separate from the gift card itself, make sure you pass that important information on to the recipient to protect the value of your gift!
The OCC charters, regulates, and supervises national banks, some of which issue gift cards. The OCC has, for a number of years, provided guidance to national banks about "stored value cards," such as gift cards, and the information national banks should be disclosing to consumers. One way to tell if a national bank may be obligated to you for the value on your card is if only the name of a national bank appears on the front of the gift card. If you have a complaint or problem involving a gift card issued by a national bank, and you cannot resolve the problem with the bank, contact the OCC's Customer Assistance Group by calling 1 (800) 613-6743 or by sending an email to: firstname.lastname@example.org.