(The Center Square) – If you received a gift card as a present this holiday season, New York State Comptroller Thomas DiNapoli has two words of advice for you: Use it.
In New York, the money not spent from a gift card may eventually make its way to DiNapoli’s office, which oversees the state’s unclaimed funds database. The state received $48 million of such funds this past year, a one-year record.
Nearly half of the funds DiNapoli’s office received came from two businesses. Clothing retailer H&M returned about $18 million to the state as part of a settlement. Apple gave the state nearly $3 million in unspent balances as part of another settlement. The new law also does away with some fees on cards, but DiNapoli said the law still calls for his office to receive any unused amount from an expired card.
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