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New Jersey Wants to Seize Your Unused Gift Cards

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posted on Jan, 3 2011 @ 10:55 AM
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New Jersey isn't giving up its effort to seize unused money on gift cards and traveler's checks.
Lawmakers voted last year to allow the seizure of cards after two to three years as a way to raise about $80 million and help balance the state's budget.

But in November, a federal judge temporarily struck down the law.

The Record of Bergen County reports the state isn't giving up though. State treasurer Andrew Sidamon-Eristoff has told a judge that the state will appeal the earlier ruling.


Source

How exactly would these morons know who had unused gift cards?

Talk about governments needing to be shown a giant middle finger, NJ is very deserving.




posted on Jan, 3 2011 @ 11:02 AM
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reply to post by BigTimeCheater
 


They would know because the companies keep track. A few years ago, most gift card issuers would charge a fee (typically one or two dollars a month) if the card was not used within a year, the fees would accrue until the balance was exhausted or you used the card, whichever came first.

In my state, as of five years ago, these fees were deemed illegal because the gift giver had paid in full of the gift and the card was deemed a product, as in there should be no difference between my giving a $20 old navy sweater, or giving a $20 old navy gift card either way I purchased a $20 good and that is what I am entitled to.

Now, as I understand it this fee, went back to company in my example old navy. Perhaps, the great state of NJ is planning on taxing the companies for this revenue, but I don't understand how they believe that could get the entire sum.



posted on Jan, 3 2011 @ 11:08 AM
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Originally posted by BigTimeCheater


How exactly would these morons know who had unused gift cards?





It does not matter "who". They are trying to stake claim to account with an unused balance that is 3+ years old.

The CC company has the records of where the transaction originated, the amount and the balance.

Since everything is in a database, NJ is lobbying for the right to run their own query against it and then sequester those accounts which meet their criteria.

Since Money replaced God and Christmas is nothing more than buying the love of family and friends, it makes sense that the demonstration is via a gift card.

There are ~9 million people in NJ. If 10% bought a card three years ago and there is a dollar on each card still that would be $900,000. Not sure where they got their $80 million projection. There is no way that 9 million people cards that still have $9 on them.

Of course how many corporations buy Starbucks card for employee morale that in a drawer somewhere?
edit on 3-1-2011 by zroth because: Silly me. Forgot about corporate vampires.



posted on Jan, 3 2011 @ 11:09 AM
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NJ isn't the first state to think about this. About a third of gift cards go unused. That is massive amounts of money just sitting...nowhere.

The moral of the story is, don't give giftcards unless you really think that person is going to use them.Or give the credit cards that can be used anywhere.



posted on Jan, 3 2011 @ 11:09 AM
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this is ludicrous, first of all how is that even legal, it's stealing plain and simple; secondly how does money given to retailers and business translate into money for the state, its already on the retailers books, the money is already spent, they are just waiting for you to use it

....good luck getting them to give up the money, why would they hand it over the the government

...not sure I believe this is even possible



posted on Jan, 3 2011 @ 11:14 AM
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reply to post by nixie_nox
 


Right, give cash, I guarantee it won't sit for three years, or even five minutes,

edit on 3-1-2011 by searching4truth because: (no reason given)



posted on Jan, 3 2011 @ 11:17 AM
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Originally posted by BigTimeCheater

How exactly would these morons know who had unused gift cards?

Talk about governments needing to be shown a giant middle finger, NJ is very deserving.



The issuer or the cards knows and the state just tells them to turn over all deposits held back for the cards to the unclaimed property division of the state government. Every state does it. Take a look at www.unclaimed.org...



posted on Jan, 3 2011 @ 11:18 AM
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Oh, I believe it's possible. Hope the federal judges keep it from happening. The state will already steal your bank accounts, stock certificates, savings account and CDs if there's no activity for a while. It's called "escheatment" which I think is an appropriate name since the state is cheating you out of your money. Used to be 7 years in California, then 3 years, not sure how long the account has to be dormant now. CA seized a share of stock I had in a DRIP. In order to get it back I would have had to have a notarized statement and a bunch of proof. Since it would cost more to get it back than the stock was worth, I let it go.

You can go online in most states and do a search on "unclaimed property" to see if any forgotten accounts were taken. My favorite news article back in the early 90s was about the CA state treasurer. They had stolen some little old ladies bank account to the tune of several thousand dollars. The treasurer at the time made a big deal and got on the news handing this little old lady her check. When asked if she was thankful, the wonderful little old lady said "Why? It was my money they stole!".



posted on Jan, 3 2011 @ 11:19 AM
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Originally posted by nixie_nox
NJ isn't the first state to think about this. About a third of gift cards go unused. That is massive amounts of money just sitting...nowhere.

The moral of the story is, don't give giftcards unless you really think that person is going to use them.Or give the credit cards that can be used anywhere.



No: the moral of the story is:
" Taxation is theft at the point of a Federal gun.."
Govt has no recognizable claim on that money.People without giftcards will say "its not going to affect me;so who cares?"



posted on Jan, 3 2011 @ 01:11 PM
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The trick about these gift cards is that you usually just use it to purchase something, then the balance sits there.

I have a kwik trip card and a menard's gift card that now have small amounts on them.

That is MY MONEY. If I do not use it, I want the company to have it.

The government can keep their BLOODY hands off of it.



posted on Jan, 3 2011 @ 01:39 PM
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Originally posted by all answers exist
this is ludicrous, first of all how is that even legal, it's stealing plain and simple; secondly how does money given to retailers and business translate into money for the state, its already on the retailers books, the money is already spent, they are just waiting for you to use it

....good luck getting them to give up the money, why would they hand it over the the government

...not sure I believe this is even possible

I completely agree.

When you buy a gift card you are pre-paying the company in advance for the purchase of any goods UP TO the value of the voucher. Ergo, if you fail to use the voucher, then you gave the company the money for nothing. If you use only the partial value of the card, the company just increased its profits slightly.

If this law is even legal (and I can't see how) then it is robbing the businesses of legitimate income that they have factored into their budgets, and likely spent on things such as advertising or renovating the store.
edit on 3-1-2011 by mirageofdeceit because: (no reason given)

edit on 3-1-2011 by mirageofdeceit because: (no reason given)



posted on Jan, 3 2011 @ 01:45 PM
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reply to post by nixie_nox
 


The moral of the story is these thieves want to steal anything lying around to feed thier greed and continue their status quo. Next it will be if you don't drive your cars for more then six months or leave your house more then a month uninhabited they will steal those too...

They are just getting more blatant about showing thier true colors as the thieves and robbers they are!



posted on Jan, 3 2011 @ 04:01 PM
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Middle finger implemented! But then again, its New Jersey....they're a bunch a freaks anyways! Couldn't find their way, even if you gave them a map.



posted on Jan, 3 2011 @ 04:13 PM
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Them gift cards are a rip off..

How about New jersey cut teacher salary

and get rid of the big pension plans thats what is bankrupting them..

Leave the poor peoples gift cards alone

YOU NWO SCUM!!

*Must be a jersey thaaaaaang*

New jersey people are equivalent to dumb northern rednecks.
edit on 3-1-2011 by thecinic because: (no reason given)



posted on Jan, 3 2011 @ 04:15 PM
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reply to post by hawkiye
 

right on target!

when my grandma died somebody told me to call S.S. they're supposed to give you assistance to help pay funeral expenses. so I did :

'social security how can i help you'
'ahh/sniff yeah I'm calling to let you know my grandma passed away, and I...' [it was a couple hrs previous]
[interrupts] i'm sorry may i have her SS#?'
oh its xxx-xx-xxxx... i wanted to ask...
[interrupts] thank you, we've closed her account. have a nice...
' woah- ho wait! i was told your supposed to give me assistance to help pay funeral expenses.
'No, sorry, we don't do that anymore' [hangs up]

about a year later i read somewhere that they were pilfering that money this was during the last year of bush's admin

the twisted ones are more shameless with each passing moment.



"the monsters must be fought" The Doctor


edit on 3-1-2011 by DerepentLEstranger because: spellcheck

edit on 3-1-2011 by DerepentLEstranger because: again, spellcheck

edit on 3-1-2011 by DerepentLEstranger because: once again, spellcheck



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