Wednesday, January 6, 2016

Gifts for Whom?

Use those gift cards or the unused portion can revert to the government and provide more funds to steal our freedoms. In 2003 there was nearly $5 billion in unclaimed gift card value
(http://online.wsj.com/public/resources/documents/SB107219160756934900.htm). “…gift cards are deemed abandoned in New Jersey if there is no activity on that card for two years. At that time it was estimated that claims on gift cards could bring $80 million to the state’s coffers in its first twelve months of existence.”  (http://blog.foundmoney.com/index.php/2013/06/08/prepaid-cards-are-subject-to-unclaimed-p )

But since some states can seize unclaimed property after only two years - such as the example of New Jersey cited above - and most gift cards last five years, the Consumer Financial Protection Bureau (the creation of the truly evil Elizabeth Warren) has entered the fray. They have ruled that in some cases, even if the state government has already seized the balance on your gift card under the two year rule, the merchant has to honor your balance for the full five years.

So what was started as a loving, kind and convenient gesture has now become a means to finance state governments’ profligate ways and steal the assets of private businesses as well. Sign of the times I guess. Can’t help but remind me of that old warning to beware of creeping socialism.  

Copyright 2016, Mark L. Bennett

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