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I am not an accountant, but I believe that such unused balance can not be treated by the company as an asset, and instead as liability. And I believe there are
by hippich 3y ago
I am not an accountant, but I believe that such unused balance can not be treated by the company as an asset, and instead as liability. And I believe there are laws in every state where such money eventually should be returned to you or to the state's "unclaimed property", if they can't contact you. Search for "unclaimed property <state>" and see if you can locate anything there.
On the other hand, I have no idea how that is enforced. So it is quite possible that liability stays on books indefinitely. Or worse - not recorded as liability in the first place..
- IshKebab 3y agoNah these pretend money things have an expiry date exactly for that reason. Check any kind of gift card, voucher, reward scheme etc. Companies don't want never-expiring liabilities and they also want to make money from people not spending account balances.
- teddyh 3y ago“Like regular money but more fun!”: <https://www.jwz.org/blog/2016/08/like-regular-money-but-more-fun/ https://www.jwz.org/blog/2016/08/like-regular-money-but-more...>
- tomjakubowski 3y agoGift card balances cannot legally expire in California. Further, if the balance is <$10 it must be redeemable for cash. https://ktla.com/news/local-news/taco-bell-fined-for-violating-california-gift-card-laws/ https://ktla.com/news/local-news/taco-bell-fined-for-violati...