It is a week before Christmas and shopping is in full swing. Gifts are brought home and wrapped. In a week friends and family will be franticly opening those carefully wrapped gifts.

It is estimated that 20% to 30% of all Christmas gifts will be returned for one reason or the other. The most common reason for returns are; “It does not fit” or “It does not work”.

The first step, everyone needs to do, when getting home, with those gifts, is take the receipts and file it. I have only heard of one or two stores that will take merchandise back without a receipt. So Save That Receipt!

Most stores will charge a 10% to 25% restocking fee after Christmas. This is because every time any merchandise is return to the store, it loses money. The store loses money when they pay have their employee sell you and take back that returned item. The store loses money by reversing the charges on your credit or debt card. The store loses money they cannot resell the returned item as new. The store loses money because if the item is broken they have to ship it back to their supplier.

It is best to know well in advance the return policy of the stores where you shop. Some store will change their return policy a month or weeks before Christmas, just because they know that after Christmas they are going to get an unusual large amount of returns.

Sears, Target and Wal-Mart, allow up to 90 days to return most items. Smaller retailers usually permit 10 days or two weeks. That is why you need to have that receipt ready, just in case that new Wii won’t turn on, on Christmas morning.

It is an established fact that the day after Christmas, the stores are crowd with people returning unwanted Christmas presents. If you are like me and don’t like the crowds, then it does not hurt to wait, until the next day. But don’t wait until next week. A 10 day limit on returning goods, may make it to late, if the present was bought the week before Christmas.

This is another argument for giving gift cards. You can mail it to Aunt Helen, with the receipt, she can get what she wants. If it is broken, she can return it within the time limit of the store.

Tags: Christmas, Store Returns, Xmas