Best Buy Drops Restocking Fees

Electronics retailer Best Buy has announced it will stop charging restocking fees for this holiday season.

The Richfield, Minn.-based company had previously put into place a 15 percent restocking fee for all returns in April 2008. This had included notebooks, GPS devices, digital cameras, camcorders and radar detectors. There were other separate restocking fees for devices such as the Apple iPhone and special order products.

Only the restocking fees on special order products will remain, the other fees will go away the company said.

Best Buy continually listens to our customers, and they told us they want to give confidently this holiday season and every other day of the year - and with that comes easier returns. Effective Saturday, December 18, Best Buy is improving its return policy by removing restocking fees for all products except special orders. Customers can visit BestBuy.com for further information, the company said in a statement.

The company recently posted lower-than-expected earnings recently for the third quarter with revenue from sales down one percent from the previous year. Best Buy has faced stiff competition in the sale of TVs, computers, and entertainment software from Amazon.com and Wal-Mart.