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Expired Gift Cards Still Worth Money In Colorado

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Oct 14, 2009 9:08 pm US/Mountain

Expired Gift Cards Still Worth Money In Colorado

Reporting
Michelle Griego

DENVER (CBS4) ―

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Click to enlarge 2 of 2: Coloradans are taking a stand and finding solutions in their effort to Beat the Recession. Visit our Beating the Recession section.

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Colorado hopes to help thousands of people beat the recession by giving away $13 million worth of unused gift card money.

In 24 states, including Colorado, the unused gift cards are considered unclaimed property. After 5 years, the companies are required to turn over the value of the card, minus any maintenance fees to the state treasury office.

The law only applies to gift cards which have a remaining balance of more than $25.

The Denver Post reported that each year about $8 billion in gift cards goes unused across the nation. Last year gift card purchases amounted to more than $65 billion.

Some of the unused card money goes back to the businesses. For example, last year at The Home Depot, $37 million came back to the company as short-term interest free loans.

In order to claim the cash the card must be produced, or the owner must know its number.

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