This holiday season many of us will be purchasing gift cards to give to friends and loved ones. The Federal Reserve Board this week announced new rules that apply to gift certificates, retail store gift cards, and branded prepaid cards, such as Mastercard and Visa, that can be used at any merchant that accepts the card brand.
The new rules are meant to implement the gift card provisions set forth in and include prohibiting dormancy, inactivity, and service fees on gift cards under certain restrictions.
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