Billions in Gift Cards Go Unspent Each Year, Despite Federal and State Laws

Retailers Must Work with State Unclaimed Property Programs to Return Money from Unused Gift Cards to Consumers

Americans are projected to spend nearly $30 billion on gift cards this holiday season, with restaurant gift cards being the most popular.
Approximately 70% of gift cards are used within six months, according to Paytronix, a company that tracks restaurant gift card sales.
A July survey by Bankrate found that 47% of U.S. adults had at least one unspent gift card or voucher, with an average value of $187, totaling $23 billion in unspent gift cards.
Under a federal law that went into effect in 2010, gift cards can't expire for five years from the time they were purchased or from the last time someone added money to it. Some state laws require an even longer period.
In at least 19 states, retailers must work with state unclaimed property programs to return money from unspent gift cards to consumers. Money that isn't recovered by individual consumers is spent on public service initiatives.