Unclaimed Gift Cards - Don’t Let Your Cards Go to Waste
Unclaimed gift cards are unused credits within different stores. Typically, it is a voucher or token with stored-value money that can be used through a specific store that issued the card or certificate.
However, there are some instances where individuals are not able to use their gift cards or certificates and they become unclaimed.
Unclaimed certificates are considered unclaimed money or properties. As we all know, unclaimed money is a financial asset that was not received by its rightful owner.
Thus, gift cards and certificates also went under legal and systematic processes before being unclaimed.
Similar to other unclaimed properties, unclaimed certificates also went with the process of dormancy and escheatment. However, some US local states have a law regarding unclaimed properties and it amends the process of unclaimed properties.
According to a survey of the Bankrate, 51% of Americans have unused or unclaimed gift cards and certificates. These financial assets total an amount of $15 billion.
The average unused credit for each individual is $116. Furthermore, 73% of these individuals just left their gift cards and certificates untouched for more than a year or more.
Within the data, we can see the huge value of money that can be wasted through gift cards and certificates. On the other hand, once it becomes unclaimed, rightful owners can claim their respective gift cards and certificates. However, this may take a claiming process.
Role of Gift Cards
Gift cards or certificates act as a payment method for stores, businesses, or enterprises. Companies produce gift cards or certificates to have easy and accessible sales within their business. On the other hand, millions of individuals like to have gift cards or certificates.
Usually, gift cards or certificates are well-known during the holiday season, especially during Christmas. According to a study, Americans want to receive gift cards or certificates as a gift rather than anything.
This shows the value of gift cards and certificates. It became one of the best things that can be used for shopping.
As gift cards or certificates provide a convenient way for consumers, it is also one of the greatest assets of a company. It is a great utility within cash upfront for the companies. Also, it attracts individuals to patronize the company and the sales will grow.
Find Unclaimed Certificates
There are several ways how to find and track whether you have unclaimed gift cards or certificates. One of the best options is to visit your Local State Government Office and check your information and details regarding unclaimed money or property. With this, you can directly check whether you have unused gift cards or certificates.
Another way to check your unclaimed gifts or certificates is through an online system. The National Association for Unclaimed Property Administrators is one of the known online systems for finding your unclaimed assets including gift cards and certificates.
Visit unclaimed.org to start the process of finding your unclaimed gift cards or certificates. Also, the said website provides information about the rules and regulations of local states regarding unclaimed gifts and certificates.
Reclaim Unclaimed Gift Cards
The processes of reclamation for unclaimed gift cards and certificates will depend on how you’ve found your asset. When an individual finds his/her unclaimed gift cards or certificates, it will be followed by the steps on how to reclaim them.
However, individuals can also visit their respective Local State Government Office to seek assistance upon reclaiming their gift cards or certificates.
Upon the process of reclamation, individuals must prove that they own the gift card or certificate. Enough valid information will serve as a great basis for the process.
Moreover, to avoid providing false information about documents, this may lead to an unsuccessful process of reclamation for gift cards and certificates.
Dormancy Period of Gift Cards
The dormancy period for gift cards or certificates varies depending on the local state. Each local government set its dormancy period for the said property. The dormancy period will serve as the main basis for reclaiming the unclaimed gift cards or certificates.
Refer to the table below for the list of dormancy periods for unclaimed gift cards or certificates within the local states of the United States.
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