While many recipients of holiday gifts will no doubt be ecstatic about the gifts they receive, many others will head to the store to return gifts the first chance they get. Unfortunately, many people find there are unpleasant consequences if they do not know the store's return policy. Among common myths are that stores must take back any item they sell. Consumers should know that there are no laws requiring stores to take back merchandise, unless it is defective or misrepresented. Stores' return policies should be clearly posted.Here are some things to remember when giving or returning gifts:
- Make sure to keep receipts. If giving a gift, ask for a gift receipt and enclose it with the present.
- Read the retailer’s policy before you purchase products. Make sure you understand whether you or the recipient of your gift can get a refund, exchange or store credit for unwanted merchandise. Also, if returns are permitted, ask what procedures and timeframe need to be followed.
- Understand what the return policies are for on-sale and clearance items, which may be different than merchandise sold at full price.
- Don’t remove electronics or similar products from their boxes before wrapping because the original packaging may be required for a return.
- Some merchants charge a restocking or "open box" fee for returns of electronics products or large-ticket items. Ask if that is their policy.
- Be sure to look for return policies when buying online or from catalogs. Sometimes merchandise can be returned to a store; otherwise, you may be charged a shipping fee to return or exchange an item.
- Remember that many things purchased online, such as software downloads, are not refundable. Therefore, be absolutely sure you are prepared to pay for anything you download.
