NEWS
April 16, 2011 | By Clarke Canfield, Associated Press
AUGUSTA, Maine — The former head of the Maine Turnpike Authority purchased nearly $200,000 in gift cards at upscale hotels and restaurants to give to charitable and civic groups for fund-raisers, according to state officials who said yesterday that they could document only $15,000 of those cards going to the groups. On the advice of his lawyer, Paul Violette declined to answer questions while being grilled about the gift cards by members of the Legislature’s Government Oversight Committee.
BUSINESS
December 21, 2007 | Associated Press
PORTLAND, Maine - Remember those $50 gift cards from Target and J.C. Penney that Aunt Irene and Uncle Harry gave you two Christmases ago? The ones you slipped into your sock drawer and forgot? If the cards were purchased in Maine, the state is claiming $60 of their $100 combined value under the state's unclaimed property law. Other states have used similar laws to tap the value of unused gift cards issued by in-state companies, but state Treasurer David Lemoine believes Maine is the first to seriously pursue national retailers.
BUSINESS
March 4, 2008 | Associated Press
NEW YORK - You know that Sharper Image gift card you got for Christmas? Right now, it's worthless. And other gift cards in your wallet could lose their value, too. As more retailers file for bankruptcy or go out of business, more than $75 million in gift cards are at risk of becoming worthless this year. "If I knew this was going to happen, I would have used them right away," said Jon Tapper, a public relations executive from Boston who received two Sharper Image cards as business gifts just a few weeks ago. Their total face value is $50. "I love gift cards, but now this makes me...
BUSINESS
November 26, 2008 | Associated Press
ATLANTA - Mall operator Jones Lang LaSalle pledged yesterday to back retailer gift cards in order to reassure shoppers concerned about chain store bankruptcies. The company, which operates 120 malls and shopping centers, said it will guarantee gift cards between Friday and Jan. 21 sold by national retailers that are its tenants, if they declare Chapter 7 bankruptcy. Cards that no longer hold value will be replaced with a mall gift card of equal value by Feb. 1, the company said.
LIFESTYLE
December 9, 2010 | Beth J. Harpaz, Associated Press
NEW YORK — Conventional wisdom holds that gift cards are the perfect present for picky teens. But not all teens agree. Reasons include logistical hassles in using the cards, lack of interest in the store or brand, a preference for cash, or even a wish for something personal. Often the cards pile up unused, but some teens sell them for a portion of their face value or even create a black market and trade them for lunch money. Allie Sakowicz, 16, of Park Ridge, Ill., says she has “a whole envelope of gift cards sitting on my desk.’’ Her reasons for not using...
BUSINESS
November 17, 2009 | Associated Press
WASHINGTON - The Federal Reserve yesterday proposed rules to protect consumers from unexpected costs or restrictions on gift cards. More than 95 percent of Americans have received or purchased gift cards, the Fed said. Under the proposed rule, consumers would have at least five years to use gift cards before they expire. The Fed also said service or inactivity fees could be imposed only under certain conditions. Such fees could be charged if the consumer does not use the card for at least a year, if the fees are clearly disclosed, and if no more than one fee...