Don't hoard your unused gifts cards anymore. Even though is says you "would still be able to redeem a card after two years", I have my doubts. I bet many will stop selling gift cards in NJ, but we'll have to wait and see.

 

 

 

April 2, 2012 (WPVI) -- Remember that gift card you got from Aunt Francine but never spent? New Jersey would be more than happy to take it off your hands.

 

The state will soon begin requiring gift card sellers to obtain ZIP codes from buyers so it can claim the value of cards not redeemed after two years. At least one major seller, American Express, has pulled its cards from shelves rather than attempt to comply.

 

Shoppers would still be able to redeem a card after two years, if it hasn't expired. But if the state has already laid claim to the money, businesses might have to jump through administrative hoops to get reimbursement - and therefore stop selling gift cards altogether to avoid the hassle. "No other state in the country requires this of retailers," said John Holub, president of the New Jersey Retail Merchants Association, which represents 3,500 retailers and is one of three groups to sue over the law. "The loser is going to be the consumer, because gift cards from some of their favorite retailers may no longer be available."

 

http://abclocal.go.com/wpvi/story?section=news/local&id=8605334

F*** New Jersey. Buy them out of state.

 

Actually, move from this state while you're at it.

American Express refuses to sell Gift Cards in NJ now.

IANAL (I am not a lawyer), but doesn't this a violate interstate commerce in some way?

What right does ANY state have to do this? What's next? If I leave money in a bank account and don't add or subtract from it for two years the state gets it? Instead of finding new ways to tax and screw us why don't do REPRESENT US, which is what they were elected to do.......................... We need to purge all levels of government and try to start afresh.

Ridiculous. Will be purchasing all future gift cards out of state. FNJ.

Good Lord, I hope the State doesn't make people get permits in order to use gift cards that were bought out of state. I can see it now, fingerprints, photographs, background checks, six month wait and a $100 tax deposit to the NJ Treasury in order to use out of state gift cards. Cousin Joe in Ohio sending Aunt Martha in NJ a gift card for her birthday would make Aunt Martha a criminal if she didn't have the permit...or fall under one of the 'exceptions'

I believe the stores currently keep the unused funds on gift cards after a certain amount of time, now NJ wants in on it too.

NJ is broke. They'll use any method to collect revenue. Legalized theft.

What right does ANY state have to do this? What's next? If I leave money in a bank account and don't add or subtract from it for two years the state gets it? Instead of finding new ways to tax and screw us why don't do REPRESENT US, which is what they were elected to do.......................... We need to purge all levels of government and try to start afresh.

 

It's three years actually. I had the fun of dealing with that. I had some significant planned and unplanned expenses for a period of three years and thought I was doing pretty good by just not dipping into my savings. The state assumed they would be helping themselves to my savings because I ahdn't made a deposit or withdrawal for three years. Nice, isn't it?

This is another reason to leave NJ. The state wonders why the population of NJ has gone down.

At what point does enough become enough, and at that moment what will we as citizens be ready to do about it?

According to this bank web site, the escheatment period for bank accounts is five years in NJ.

 

https://customerservice.sovereignbank.com/app/answers/detail/a_id/3048/~/what-is-escheatment%3F

 

But we're not talking about bank accounts. We are talking about gift cards. It is a private transaction. Why does the state think they have a right to private property? If my aunt gives me an ugly lamp for Christmas, and it sits in the basement for 10 years, that is my right. It is private property. Does the state of NJ think they are entitled to the unused gift lamp?

 

Is there going to be some office building in Trenton that contains a new Gift Card Enforcement Division? How much will that cost? Suppose they do collect some Macy's gift cards. What will the state do with them? Buy new shirts for the Governor?

Christie just wants the gift cards to all the food stores.

What these lawmakers are not considering is that operating a giftcard program is not free. There are overhead costs involved. So, if there is zero net gain in the giftcard transaction, how do the overhead costs get covered? That’s right... residuals from unused cards. Also, as noted in the article, collecting zipcode information is not free. Those cards are supported by a large network of point-of-sale computer systems. It costs huge $$ to modify those systems to collect information and store it with the transaction data just to support one state.

 

How will these overhead and upgrade costs be covered? Merchants will need to choose: (a) absorb the costs and endure lower margins, (b) raise prices and be less competitive, or © discontinue giftcards.

 

This is just ANOTHER example of the Statist mentality of the government in NJ. Here in NJ, you may operate a business at the pleasure of the State. If the State thinks you might be making too much money, they will take it from you.

Christie just wants the gift cards to all the food stores.

 

That isn't nice.

 

 

What these lawmakers are not considering is that operating a giftcard program is not free. There are overhead costs involved. So, if there is zero net gain in the giftcard transaction, how do the overhead costs get covered? That’s right... residuals from unused cards. Also, as noted in the article, collecting zipcode information is not free. Those cards are supported by a large network of point-of-sale computer systems. It costs huge $$ to modify those systems to collect information and store it with the transaction data just to support one state.

 

How will these overhead and upgrade costs be covered? Merchants will need to choose: (a) absorb the costs and endure lower margins, (b) raise prices and be less competitive, or © discontinue giftcards.

 

This is just ANOTHER example of the Statist mentality of the government in NJ. Here in NJ, you may operate a business at the pleasure of the State. If the State thinks you might be making too much money, they will take it from you.

 

I do run my own business in this state and plan on leaving here and relocating it elsewhere as soon as my kids are through college, IF I can wait that long. Me leaving NJ has nothing to do with CCW, it has ALL to do with their taxes, both on my business and personal items, they are completely out of hand. Having less stringent gun laws will be just an added bonus!

How ridiculous! This screwed up state is just looking for more exploitable easy money.

 

Fortunately I don't like gift cards and do not give them and always ask not to receive them. If people must, I always tell them Amazon. You can register it right on your account, and it just shows up as a positive balance. No more "gift card" status.

 

There is also plasticjungle.com https://www.plasticjungle.com/main where you can exchange old cards for cash, albeit less than their face value...

Why does the state think they have a right to private property? If my aunt gives me an ugly lamp for Christmas, and it sits in the basement for 10 years, that is my right. It is private property. Does the state of NJ think they are entitled to the unused gift lamp?

 

Is there going to be some office building in Trenton that contains a new Gift Card Enforcement Division? How much will that cost? Suppose they do collect some Macy's gift cards. What will the state do with them? Buy new shirts for the Governor?

 

That gives me an idea. We should welcome this whole thing about taking unused gift lamps, but extend it to all the junk we have. Let's all get rid of our junk for free!

No one is talking about physically taking gift cards. They are talking about State appropriation of the reserves.

Merchants are required to hold a certain percentage, say 50%, of the money in reserve until the card expires, and then they can recognize the residuals as income. NJ is saying that they have to give it to the State.

The problem is, the merchants usually do not administer the gift cards. They outsource that to financial services companies like AmEx. They have to pay AmEx and companies like them for the service.

NJ is broke. They'll use any method to collect revenue. Legalized theft.

 

I fail to understand how NJ is broke. All that tax money from so many people, in such a SMALL area. It just doesn't add up.

I fail to understand how NJ is broke. All that tax money from so many people, in such a SMALL area. It just doesn't add up.

 

Graft, corruption, embezzlement, waste etc.

I fail to understand how NJ is broke. All that tax money from so many people, in such a SMALL area. It just doesn't add up.

 

Corruption within state and wasteful spending, social programs, retirement payouts, the list goes on and on. We live in a state where "if it's for free, it's for me."

That gives me an idea. We should welcome this whole thing about taking unused gift lamps, but extend it to all the junk we have. Let's all get rid of our junk for free!

 

Don't give them any ideas............ I have guns I haven't shot in 5 years, I'm certainly not giving them up to the state.

And now NJ destroys the last thing that was stopping me from just giving them cash with a note that says "Use it <here>" with <here> being whichever store they want.

How is NJ broke?

 

Let's imagine a simple family budgeting scenario. But in this case consider taxes = guaranteed pensions, mortgage = bond payments. (using easy numbers for mental math)

Say a family brings in $100,000 per year in income and pays $30,000 for taxes, $30,000 for mortgage, $15,000 on non-discretionary expenses, and runs their household modestly on the remaining $25,000 per year. What happens if their income falls by $10,000 to $90,000 per year. Well... they still have to pay their taxes, mortgage, and non-discretionary expenses. So, their household budget is cut by 40% from $25,000 down to $15,000. They go from living modestly to being broke.

 

That is how NJ is broke.

 

In fact, given NJ's guaranteed increases in pensions and the addiction to borrowing, the State is not able to break even unless taxes go UP 3-to-4% every year.

I had a money market account that i put money i had saved, recieved a letter that said i had to withdraw or make a deposit in 30 days or the money would be given to the state.. WHAT?

Went directly to the bank to make a withdrawal and they did not have the money to give me so i wrote a check and moved it..

It was going on 2 years that month..

How is NJ broke?

 

Let's imagine a simple family budgeting scenario. But in this case consider taxes = guaranteed pensions, mortgage = bond payments. (using easy numbers for mental math)

Say a family brings in $100,000 per year in income and pays $30,000 for taxes, $30,000 for mortgage, $15,000 on non-discretionary expenses, and runs their household modestly on the remaining $25,000 per year. What happens if their income falls by $10,000 to $90,000 per year. Well... they still have to pay their taxes, mortgage, and non-discretionary expenses. So, their household budget is cut by 40% from $25,000 down to $15,000. They go from living modestly to being broke.

 

That is how NJ is broke.

 

In fact, given NJ's guaranteed increases in pensions and the addiction to borrowing, the State is not able to break even unless taxes go UP 3-to-4% every year.

 

 

I have no intentions of doing the research, but I wonder how much revenue NJ has lost due to new businesses not coming to the state and existing businesses moving out? It's gotta be a boatload of coin.

Guess In need to rotate that emergency $20 bill in my wallet so NJ doesn't think it is forfeited.

Jimmy, send the $20 to me, I will add it to my ammo funds.....

I never liked gift cards and never will. Even if I am a huge fan of whatever...Cabela's, just give me 100 cash instead of $100 gift card. Not being greedy but why should I, or the person you are giving card to, be locked up with only spending that money in one place or one store.