The word on the street–or at least on electronics blogs–was that Apple stores would do away with the traditional 10% restocking fee on returns. This new feature starts not just as other electronics retailers are doing away with their restocking fees, but was timed ever-so-coincidentally for January 11, the launch day of the Verizon iPhone. Is the rumor true? Reader Tim reports that it is indeed, and he’s even tested it.
Over the weekend, we broke the news that Best Buy had quietly repealed its policy of charging up to 15% restocking fees on almost all electronics purchases. But as some readers have pointed out, this could lead to a surge in the number of customers who “rent” new products from the retail chain.
For years, Best Buy customers have complained about the 15% restocking fee on most electronics (10% on iPhones). So in the spirit of the holidays (and because they are afraid of losing anymore customers than they already have), Best Buy has very quietly announced that as of today, almost all restocking fees are no more.
Many consumers believe restocking fees on returns, which can be 15 percent of the purchase price or more, are a con run by retailers to discourage people from lugging their unwanted stuff back into the store. But theoretically the fees are at least somewhat merited, given the fact that the store may have to sell the item at an open-box discount and spend the manpower to ready the item for resale.