Feds propose new gift card rules

HOLYOKE, Ma. (WWLP) - The Federal Reserve wants more protection for consumers when it comes to gift cards.

A new proposal by the feds would give consumers at least five years to use gift cards before they expire.

Also, fees would be permitted under certain conditions and would only be charged if the consumer hasn't used the card for one year.

Retailers must also display the fees prominently so consumers can see them.

The new changes would take effect August 22nd.