Unused gift cards provide boost to retailers

[mandy]

Most consumers wouldn't think of paying for an item and leaving a store without it, but that is essentially what is happening with about 10 percent of the gift cards sold each year to the public.

"We estimate the overall raw volume in gift cards this year to be (US)$80 billion," Brian Riley, senior analyst for bank cards with the Tower Group, told the E-Commerce Times. "Through dormancy fees and abandonment, unused funds will run about $8 billion."

What happens to that money will vary from state to state and by card type, he noted...

Cards are unused for any number of reasons, he noted. People treat them like savings accounts and believe they won't expire. They lose the cards. "Losing one of these is like losing a hundred dollar bill," he opined...

full article: http://ecommercetimes.com/story/OZree2bD...Boon.xhtml