Best Buy Drops Restocking Fees

During this holiday shopping season many people are buying mobile gadgets as gifts. Of course, there is always the risk that the person receiving the gift would prefer something else, but returning electronics is not always as straightforward as returning other items. Retailers like Best Buy often charge restocking fees, in Best Buy’s case as much as 15% of the cost of the product. The retailers’ justification for the charges is that they cannot resell the product as new, and therefore the fees cover losses they take when products are returned. Best Buy, who recently announced weak third quarter sales, has announced that effective immediately it is dropping restocking fees on all items except special orders.