Need advice on Gift Card Rip Off

[SanDiegoTim]

Last year some time, a friend game me a $50.00 “Visa” gift card. It was issued by “TCF National Bank.” Knowing that some of card issuers frequently loaded up these cards with conditions that systematically reduce their value, I called to check its value.

I find out the card is now good for only $5.00! Not having been used within 6 months, they started deducting $5.00 a month for a $5.00 “Maintenance Fee.” What a rip!

Anyway, as it’s my belief the government has subsequently prohibited these issuers from attaching these types of conditions, is there any chance the issuer will relent if I call and complain? Anyone ever attempted to do this? If so, were you calm/business-like or did you sound outraged (which I am, BTW)?

[Duckster]

NEW YORK (CNNMoney.com) – The Federal Reserve announced final rules for gift cards Tuesday that the central bank says will help protect consumers from unexpected costs. The rules, which go into effect in August, limit the fees that issuers are allowed to charge on gift cards, including inactivity, dormancy and other service fees. Issuers will also be required to clearly state the terms and conditions associated with gift cards.

http://money.cnn.com/2010/03/23/news/economy/gift_card_regulations/index.htm

Law went into effect in August 2010. If the card was issued prior to that you are probably SOL.

Call the card issuer and ask. You will then have your answer.