Iowa’s Treasurer, Michael Fitzgerald, is reminding residents to get the most out of any gift cards they receive, ensuring they don’t end up becoming unclaimed property. “Gift cards are easy and convenient gifts to give and receive throughout the year; so odds are you or someone you know has received one,” he says. “If you received a gift card, resist saving it for a later day. Some retailers won’t honor it after a certain period of time and consumers who spend less than the face value on an initial visit may find they are unable to use the balance later.” He offers some tips. Gift card buyers and recipients are encouraged to keep receipts. The card should always be treated just like cash. A lost or stolen gift card should be reported immediately and the buyer and user should read and understand the terms and conditions. Fitzgerald says as many as three percent of gift cards are never redeemed, which leaves a considerable amount of money in the hands of the retailer or financial institution. Consumers with questions or concerns regarding expired gift cards can contact the State Treasurer’s Office by using the information included below. A copy of the gift card and a brief explanation of the circumstances will be required.
Direct questions to the State Treasurer’s Office:
Mail to: Michael L. Fitzgerald
Treasurer of the State of Iowa
Iowa State Capitol Building
Unclaimed Property Reporting Desk
Des Moines, Iowa 50319