This is what happens to unused gift cards

TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Tuesday, December 26th.

Full Video Transcript Below:

J.D. DURKIN: I’m J.D. Durkin - reporting from the New York Stock Exchange.

Stocks were in the green to close out today's session. The Dow closed X, the Nasdaq closed X, and the S&P closed X. Stocks are looking to build on the year-end rally as hopes of a soft economic landing fuel investor optimism. As it stands, all three major averages are up double digits so far this year, with the Nasdaq leading the way, up 40 percent.

Turning to retail - Americans were slated to spend roughly $30 billion on gift cards this holiday season, according to the National Retail Federation. But what happens if you lose a gift card or simply forget you have it?

First off, in 2010, the U.S. government enacted a law that states a gift card can’t expire for at least five years from the time of purchase or the time money was added. But some cards from Mastercard or Visa could accrue inactivity fees if they go unused for a year.

But if you do forget about a card, the money won’t necessarily be lost - depending on where you live. Nineteen states have laws that require retailers to work with the state to return unspent money from gift cards to consumers. And money that isn’t claimed is spent on public service initiatives, rather than going back to the company.

And if you have trouble remembering you have a gift card, National Use Your Gift Card Day is a five-year-old holiday that reminds you to, well, do exactly that. The next one is on January 20, 2024.

That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.