(WICHITA, Kan.)—
Gift cards can be a perfect solution for that “hard to buy for” family member or friend.But more and more viewers are calling FactFinder 12 wondering what happens when a business goes out of business.
“It wasn't six months and I was listening to the business news and they said Blockbuster is going under,” says David Dunlap who holds more than $40 worth of Blockbuster gift cards he received from his adult children.
The Blockbuster store where they bought the cards went out of business.
“When that happens you’re kind of out of luck,” says Robbie Namee with the Better Business Bureau of Kansas.
Namee says gift cards can still be a great option, but ask yourself if the business could close in the near future and don't be afraid to ask.
“Ask them flat out. Ask them if they’re not in business what happens to the card.”"
Consumers now have more protections when it comes to gift cards.
The cards must hold their values for five years and after that you can ask that your money be transferred to a new card.
Also, there are no more hidden fees.
But Namee says there are no protections if your business goes out of business.
“It's just bad luck, but there are those businesses that make a good faith effort.”
