NJ judge puts hold on unused gift card collection

[julidiarob]

TRENTON - A federal judge has put a temporary stop to New Jersey's plan to generate up to $80 million from unused gift cards, calling cards, and money orders.
As part of the state budget, lawmakers passed a bill allowing the state to claim proceeds of gift cards if customers don't use them within two years. The state would claim inactive travelers' checks and money orders after three years.

The judge's restraining order keeps the law from being enforced until a hearing can be held.

The law was set to go into effect this week, but its constitutionality was challenged by several companies, including the American Express Travel Related Services Co., the New Jersey Retail Merchants Association, the New Jersey Food Council, and American Express Prepaid Card Management Corp.

Gov. Christie will have to come up with $80 million elsewhere if the law is struck down.

The administration is reviewing the ruling, Treasury spokesman Bill Quinn said. He said no estimate was available on how much money the state would miss out on while the court has the law on hold.

 

[Mr. H.]

This reminds me of a new website I came across called money4cards. Jeepers, it sure is swell.

 

[xotoxi]

This reminds me of a new website I came across called money4cards. Jeepers, it sure is swell.

That IS swell!

But how do I use it?

 

[California Girl]

Why do politician always want to steal other people's money?

 

[goldcatt]

Unclaimed money usually escheats back to the state after a period of years. It can be everything from the contents of unpaid safe deposit boxes to abandoned bank accounts to unclaimed paychecks to estates where no legal heirs can be found. Before that happens there is notice via a registry in every state for unclaimed property, available online. You can go see if you have any money or property out there waiting to be claimed.

I don't see why gift cards (if they don't expire before that happens anyway), money orders or any other unclaimed or abandoned funds should be exempt from escheating after a certain time. The companies involved need to be able to clear their books, but they were already paid for the services. They shouldn't be able to double dip and keep both the payment and the property, which is what they want to do.

 

[Mr. H.]

This reminds me of a new website I came across called money4cards. Jeepers, it sure is swell.

That IS swell!

But how do I use it?

Maybe julididrob can shed some light on that.

Take it away, juli...

 

[Kat]

Unclaimed money usually escheats back to the state after a period of years. It can be everything from the contents of unpaid safe deposit boxes to abandoned bank accounts to unclaimed paychecks to estates where no legal heirs can be found. Before that happens there is notice via a registry in every state for unclaimed property, available online. You can go see if you have any money or property out there waiting to be claimed.

I don't see why gift cards (if they don't expire before that happens anyway), money orders or any other unclaimed or abandoned funds should be exempt from escheating after a certain time. The companies involved need to be able to clear their books, but they were already paid for the services. They shouldn't be able to double dip and keep both the payment and the property, which is what they want to do.

There goes that smart catt again.

 

[julidiarob]

This reminds me of a new website I came across called money4cards. Jeepers, it sure is swell.

That IS swell!

But how do I use it?

Maybe julididrob can shed some light on that.

Take it away, juli...

It's simple, if you have any unused gift cards or coupons you can list for sale on www money4cards com. You need to be a registered member to list it. If you are a buyer, you can get offers from other user who have listed their unused gift cards and coupons. Intrestingly it is local hence no need to mail the card or coupon. Everything gets executed locally in short span of time. In concise it is a better craigslist for unused gift cards and coupons.

Take for an instance, you wanted to guy something from Lowes for home rennovation or buy a appliance for your house worth $1000 bucks. What if somebody has listed their 10% off unused coupon on www money4cards com for megre $7. You still save (100 - 7 = $93). Isn't it amazing. More you think deeper you will find nice ways of saving bucks once our website become popular. And we are small and ready to learn, so any suggestions and criticism are GREATLY APPRECIATED

Julidia

 

[Mr. H.]

Sometimes criticism and witticism go hand-in-hand.