Dec 19, 2008 5:50 pm US/Central
Experts: Consumers Be Aware Of Return Policies
PITTSBURGH, Pa. (CBS) ―
With the holiday gift-giving season comes the inevitable returns: the gifts that didn't fit, were the wrong color or just weren't what someone wanted.
But if you want many "happy" returns, you need to know the rules.
Those "rules" are the individual store or website's return policies, which can vary widely from one merchant to the next.
Consumer Reports says it pays to know the policy before you buy, but even if you've already made the purchase it's not too late.
The National Retail Federation says 40 percent of Americans take back at least one gift after the Christmas holidays. Consumer Reports says the good news is that this time of year most retailers relax the time you have to return an item.
"If a company has a 14 day return policy when it comes to the holidays you might have until the end of January to return it," says Tod Marks of Consumer Reports.
But stores are also becoming more strict about restocking fees for opened boxes and missing packaging, CBS station KDKA-TV reported. This is becoming more common, and not just for electronics.
Consumers can also expect tougher policies on receipts.
"Matter of fact, many merchants use tracking software on their computers to be able to look for people known as serial returners, people who return a lot of items without receipts," notes Marks. "You might actually be turned down for a return if you bring too many items back without a receipt."
You might also be forced to accept the lowest price the item sold for and not what you paid. Lost tags, missing packaging or damaged boxes might prevent you from getting a refund -- or result in a restocking fee of up to 15 percent.
Go to the right place. Some stores won't accept returns on items you bought on the Internet.
And above all, check the store's return policy. It's typically posted in-store and on-line.
"You need to be aware before you buy what the return policy is. Whether you're entitled to a cash refund, whether you're entitled to a merchandise credit, or just an even exchange, a lot of stores differ remarkably."
If your return is denied and you don't know why, you may have been incorrectly flagged as having committed return fraud.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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