Avoid restocking fees
September 13, 2009 by Jennifer Chait
Filed under saving money, shopping
Restocking fees can happen in online or retail stores and they can pack a big wallop for an item you’re returning. Basically, a restock fee is when a company charges you 15-20% (typically although sometimes a lot more; like 50%) on an item you’re returning that you already opened.
The fee allegedly covers issues like the time it takes to check the box for missing parts, missing instructions, or for making replacements. With the holidays coming up, it’s wise to pay close attention to restock fees because they can up the price of your holiday purchases.
You can avoid these restocking fees by…
- Not opening the box if you’re not keeping the item, for example, if the item was a gift.
- Not buying stuff without carefully thinking it over first.
- Knowing before hand, or when you purchase, if a company has a restock fee policy in place and what that policy is.
- Shop locally not online for big purchase – Smart Money notes that you’re more likely to encounter a restocking fee at an online store vs. a bricks and mortar store.
[image via stock.xchng]
