False. As in, "pants on fire" false.

This article gives readers a grossly false impression by implying that consumers will lose the value of their unused gift cards or traveler's checks if not redeemed by the consumer at the business. Most egregious is this line: *The law seeks to use the unused balances to “be used for the benefit of all New Jerseyans to prevent tax increases and service cutbacks,” the state’s Treasury department states.* Here's the full quote from the Treasury document: *Is the State acting to protect consumers? Yes. Every penny the State holds from the transfer of unused gift cards to the Unclaimed Property Administration can be reclaimed by consumers – forever. And the value of the card is available to the customer – with interest – forever. There is no time limit for redemption from the State. And if the money is never claimed by a consumer it can be used for the benefit of all New Jerseyans to prevent tax increases and service cutbacks. In stark contrast, companies and banks that sell gift cards routinely keep some or all the value of the cards as windfall profits.* Is it any wonder why the press is held in such low esteem?

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newjerseynewsroom.com

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