Question:  We are looking at a gift card program.  Will we have to comply with Regulation E?

 

Answer:  No.  The Fed has finalized its rule on payroll cards (which are subject, in a modified way, to Reg E).  In that rule making, the Fed concluded that gift cards and travel cards are NOT subject to Reg E.  Effective 7/1/07, however, payroll cards must comply with special provisions in Reg E, including providing periodic statement information online, by telephone response, or 60 days written history in response to an oral or written request.