Blockbuster announced today (Dec. 14) that its customers will not be charged late fees for rentals as of Jan. 1, 2005.
Consumers will be allowed to keep their movie or game rentals one week beyond the due date at no additional charge. However, if the product is not returned after the one-week grace period, customers will be charged the full cost of the title, minus the initial rental fee. Customers who do not want to pay for the title will be charged a “minimal restocking fee” if the movie or game is returned within 30 days after it is first rented.
Movie rental periods are two days for new releases and one week for catalog titles. Game rentals are one week.
“Doing away with late fees is the biggest and most important customer benefit we’ve ever offered in our company’s history,” says Blockbuster chairman/CEO John Antioco in a statement. “So as of the first of the year, if our customers need an extra day or two with their movies and games, they can take it. Late fees are a thing of the past at Blockbuster.”
