US Bank is an A*hole
I received a "Simon Giftcard" a couple of years ago. Recently, cleaning out a box I found it. It had an original value of $100 dollars. The purchaser paid an additional $2 at the time just for the privilege of purchasing the card. Clearly printed on the card is the "U.S. Bank Fee Schedule". It states that beginning in the 13th month, there will be a $2.50 per month fee deducted from the value of the card. Moreover, the card expires about 2 years after issue. A card can be reinstated for a $15 fee. And if the card is lost there is a $5 fee
What a bunch of crap. In general I think California may be a bit heavy-handed with government regulation, but in this case I wish the other states would follow their lead on escheatment law. Ideally, consumers would reject such practices and simply not purchase gift cards from Simon Malls, Best Buy, Central Market, and others and there'd be not need for such regulation.
That being said, I don't wholly understand the gift card in the first place. Let's take something that has everlasting value and can be used all over the world and give it an expiration date and limit it's use to just one store. Let's not. I know the restrictions somehow make it seem more personalized, like thought was put into it, but I don't buy that either. Especially in the case of a Visa Debit card like the Simon. Being accepted anywhere Visa is accepted usage hasn't been materially restricted when compared to cash, all that's been done is to introduce the possibility of having your money stolen, $2.50 at a time, completely legally. Awesome... here's a gift, it comes with anxiety.
Needless to say (even though the math doesn't work out) the value of my card showed up as zero when I typed it into the Simon website. There's goes $102. So write your Senator or something. Or better yet, the next time you go to purchase a gift card ask if there are any fees that will ever be applied in any capacity. If you hear anything but "hell no", tell them their corporate policy makers are bastard coated bastards with bastard filling and you'll be taking your cash elsewhere... perhaps straight to the recipient.
What a bunch of crap. In general I think California may be a bit heavy-handed with government regulation, but in this case I wish the other states would follow their lead on escheatment law. Ideally, consumers would reject such practices and simply not purchase gift cards from Simon Malls, Best Buy, Central Market, and others and there'd be not need for such regulation.
That being said, I don't wholly understand the gift card in the first place. Let's take something that has everlasting value and can be used all over the world and give it an expiration date and limit it's use to just one store. Let's not. I know the restrictions somehow make it seem more personalized, like thought was put into it, but I don't buy that either. Especially in the case of a Visa Debit card like the Simon. Being accepted anywhere Visa is accepted usage hasn't been materially restricted when compared to cash, all that's been done is to introduce the possibility of having your money stolen, $2.50 at a time, completely legally. Awesome... here's a gift, it comes with anxiety.
Needless to say (even though the math doesn't work out) the value of my card showed up as zero when I typed it into the Simon website. There's goes $102. So write your Senator or something. Or better yet, the next time you go to purchase a gift card ask if there are any fees that will ever be applied in any capacity. If you hear anything but "hell no", tell them their corporate policy makers are bastard coated bastards with bastard filling and you'll be taking your cash elsewhere... perhaps straight to the recipient.
posted by C.T. at
8:16 PM
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