Gift Cards - Desperate States Call for Desperate Measures

Have unused gift cards? If you’re not careful, these cards can fall under your states unclaimed property law. http://www.giftcardbin.com offers a buyback process that can help turn unwanted gift cards into cash.

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Bay Area Company offers Cash for Gift Cards

I personally outreach each and every new member to ensure we are constantly being proactive in our efforts to provide the best service

Dublin, CA (PRWEB) July 8, 2010

With gift cards being the number one gift exchange in America, billions of dollars go unclaimed in the form of unused gift cards. GiftCardBin, an online retailer of gift cards at discounted prices based out of Dublin California, has launched a buy back program that empowers individuals with the ability to get cash for most unwanted or unused gift cards.

According to AICPA’s Mary Bernard, All states have unclaimed property laws requiring businesses to remit to the state any abandoned or unclaimed property after a stated dormancy period. All businesses, including not-for-profit entities, are subject to this requirement. The most common items impacted are payroll checks, gift cards, vendor credits and deposits.

In California Gift Cards apply to the Unclaimed Property Acts (Uniform Acts), Section 1520 which applies to any gift certificate that has an expiration date and that is given in exchange for money or any other thing of value.

Each year Americans spend about $65 billion in gift cards but $6.8 billion go unredeemed, according to research by TowerGroup, a financial-consulting firm.

“We want to become a name synonymous with Trust,” states COO, John Topete. “There is a lot of skepticism in the gift card market and our number one goal is Trust . With the heightened awareness of unredeemed cards in America, we want to reach out to individuals to let them know they can sell their unused gift cards for a good cash payout. I personally outreach each and every new member to ensure we are constantly being proactive in our efforts to provide the best service.”

GiftCardBin continues to streamline its buy back process to cater to its users. GiftCardBin has taken many recommendations from its community and is in the process of updating their current site to better serve its community.
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States are supposed to track down the card owners and get them their money back, but often that's impossible. Many gift cards are purchased with cash and are totally untraceable. If that's the situation, the state generally collects the money.


John Topete

Chief Operating Officer