Victory State Bank: Regulations Govern Gift Cards

STATEN ISLAND, N.Y. -- With the holiday season quickly approaching, Victory State Bank is suggesting that consumers familiarize themselves about regulations connected to gift.

With this in mind, the bank is sharing the following information from the Federal Trade Commission:

RETAIL GIFT CARDS

These cards are sold by retailers and restaurants, and can be used only with those merchants.

BANK GIFT CARDS

These cards carry the logo of a payment card network, such as American Express, Discover, MasterCard or Visa, and can be used wherever the brand is accepted.

New rules for gift cards went into effect on August 22, 2010.

Here are the highlights:

• Money on a gift card cannot expire for at least five years from the date the card was purchased, or from the last date any additional money was loaded onto the card.

If the expiration date listed on the card is earlier than these dates, the money can be transferred to a replacement card at no cost.

• Inactivity fees can be charged only after a card hasn’t been used for at least one year, and you can be charged only once per month.

But you may be charged a fee to buy the card or to replace a lost or stolen card.

• The expiration date of a card must be clearly disclosed on the card, and fees must be clearly disclosed on the card or its packaging.

About Victory State Bank:

VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com .

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