Home Depot reaches gift card agreement with New York AG

ALBANY, NEW YORK - The Home Depot Incorporated agreed to deactivate and replace customers&#39; lost or stolen gift cards under a deal announced Wednesday by New York Attorney General Eliot Spitzer. <br> <br> The home improvement retailer changed its national policy after Spitzer&#39;s office received two complaints, according to Spitzer spokeswoman Christine Pritchard. <br> <br> The agreement makes Home Depot among the nation&#39;s first retailers to change its corporate policy on the plastic cards -- long considered the same as cash. <br> <br> ``Although these gift cards resemble credit cards, they do not have the same legal protections against loss or fraud,&#39;&#39; Spitzer said. ``This agreement will reform practices at Home Depot and set an example for other retailers.&#39;&#39; <br> <br> The Atlanta-based company agreed last week to pay $45,000 to cover the cost of Spitzer&#39;s investigation. Home Depot spokesman John Smiley said the new policy took effect last month. <br> <br> Smiley said, ``We think it&#39;s a pretty good agreement. ``If the card was lost, it was like losing a 100-dollar bill. This provides an avenue for someone to get the replacement value, without causing a risk of fraud.&#39;&#39; <br> <br> Customers can get another gift card -- for the amount remaining on the one being replaced -- if they can provide an original sales receipt, valid identification and proof of payment, such as a canceled check or credit card statement.