Three gift card companies will no longer do business in New Jersey thanks to a law allowing the state to claim the value of cards if they are not redeemed within two years. American Express removed its cards last week, and yesterday Blackhawk Network and InComm—both of which provide gift cards to malls and other stores—said they will follow suit unless the law is reversed.
The companies aren't taking a stand, they just think it's too difficult to comply with the changes to the state's unclaimed property law, which requires gift card sellers to get ZIP codes from buyers in order to ensure the state can claim the value. The collection of ZIP codes had been suspended by a federal judge, but the injunction was lifted last month and the case is still pending, the AP reports.[/QUOTE]
This looks like overreach to me. What if I had a bank account with $10k that I don't touch - for a grandchild's college? Is that subject to seizure for non use? BS.
That said, some gift cards do have an expiration date on them.