If you didn't like your gift today, take note. Some retailers have tightened their return policies in a continuing attempt to curb fraud that will cost the industry an estimated $3.4 billion during this year's holiday period.
Return deadlines at Best Buy and Sears are the two "biggies," according to Somerville consumer advocate Edgar Dworsky.
"Both of them are cutting their return windows in half for certain or all goods," said Dworsky, who conducts an annual return policy survey.
Best Buy reduced its regular return period to 15 days from 30 for most customers in March, and it shortened its holiday return period, which now runs until Jan. 15 instead of Jan. 24. In addition, special orders no longer are refundable.
Sears' regular return policy for major appliances and vacuums is now 30 days, down from 60, and it has excluded those products from its extended holiday period.
"They're trying to cut their losses in some cases," Dworsky said. "Best Buy doesn't want people to use that digital camera for several weeks or months and then bring it back, because they're going to have to sell it as an open box item."
Nearly 6 percent of holiday returns are fraudulent, according to a recent National Retail Federation survey. Holiday return fraud accounts for 38.7 percent of the industry's estimated $8.76 billion in annual losses tied to return fraud.
That's why almost three-quarters of retailers require customers to show identification if they don't have receipts. Examples of fraud include returns of stolen items, using counterfeit receipts for returns, and "wardrobing" — the return of used, but non-defective merchandise such as special occasion clothing or electronics.
Toys R Us extended its holiday return period until Jan. 25 for most items, but certain electronics bought on or after Nov. 1 must be returned by Jan. 9. Other electronics must be returned within 30 days, down from 45 days.
Macy's, meanwhile, now charges a 15 percent restocking fee for the return of furniture and mattresses.
And if you're returning gifts in hopes of pocketing cash, don't count on that, even with a gift receipt.
"You can't convert that white elephant to cash in all likelihood," Dworsky said. "You're most likely to get an even exchange or a merchandise credit if there's nothing else you want at the store,"
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