Eligibility & Expiration
Gift card recipients must be 18 years or older with U.S. tax residency. Only eligible individuals may redeem cards. Trading rights expire 24 months after issuance, but per the CARD Act, funds remain available for at least 5 years.
To redeem, recipients must open and verify a brokerage account with Alpaca. They can purchase the gifted or alternate eligible stock and are responsible for trade fees. Unused cards after 24 months trigger a sender notification with options for stock redemption, refund, or leaving funds.
If unredeemed after 24 months, PiggyBank emails the sender offering a refund within 6 months. Refunds go back to the sender’s original payment method or to their linked bank account via ACH.
Unclaimed Property & Fees
If no refund is requested within 6 months after expiration, PiggyBank escheats unclaimed funds to the sender’s state per the Uniform Unclaimed Property Act (typically after 3–5 years dormancy). Notifications are sent at expiration, 30 months, and prior to escheatment.
PiggyBank charges a flat issuance fee ($2.99) to the sender, a standard trade commission on redemption, and no fee for timely refunds. No dormancy fees apply. All fees are disclosed at purchase, redemption, and in agreements.
Each gift card includes: “PiggyBank Gift Card – Redeemable for stock through Alpaca Securities LLC (Member FINRA/SIPC).” It documents the purchase date, redemption deadline, fund expiry date, issuance and trade fees, and features clear messaging for senders and recipients.
