The CARD Act’s August 22 regulatory deadline is fast approaching, forcing financial institutions who issue gift cards to evaluate their plastic inventory.
 
Because a significant amount of new cards are currently being manufactured and ordered to meet the new regulations, FIs are encouraged to act quickly, as delays are likely.
 
A few other things to keep in mind as we approach a post-August 22 climate:
 
• A pre-sale disclosure must be visibly displayed at the gift card point-of-sale.
• August 21 is the last day to sell existing card stock.
• Non-compliant card stock must be physically destroyed (don’t forget to also remove card account numbers from relevant software applications). 
• All marketing materials and collateral need to be updated to be in compliance.
 
If you have questions about compliance or regulatory issues with regard to prepaid or any other card product, let us know. We’re happy to help.