December 29, 2010

Every holiday season, thousands of Virginians receive gifts that are too small, not the right color, or simply not wanted. In fact, an estimated 1-in-5 Americans will try to return an unwanted gift.

The question is, do they have a receipt? This week's installment of Sargent Solutions takes a look at the return policy at a few of the most popular retailers in the Commonwealth.

Some stores are actually making it tougher to return gifts this holiday season, especially when it comes to electronics and high-priced items. Sargent Solutions found that some stores, namely Sears and Amazon.com, have restocking fees, while others are more gift-return-friendly.

Here's a quick breakdown:

- Wal-Mart: this retail giant used to have a gracious return policy, but now returns can only be made within 90 days – with a receipt - and you'll be credited back via your exact method of payment. Only two items per year can be returned without a receipt. Returning items under $10 will get cash back, while those over $10 will get you a Wal-Mart gift card. Although, some items cannot be returned under any circumstances.

- Target: with a receipt, returns can be made within 90 days, and you'll be credited back via your method of payment. Like Wal-Mart, only two returns without a receipt per year. However, only items under $20 can be returned without a receipt.

- Toys 'R Us: with a receipt, you have 90 days to return purchases. However, electronics can only be exchanged for the same item (within 45 days of purchase). If you don't have a receipt, the store will attempt to verify the purchase using your credit card, but you're out of luck If that doesn't work.

- Bed, Bath & Beyond: most forgiving return policy of any store Sargent Solutions could find. You can return any purchase (with or without receipt) in any condition, no questions asked.

Bottom line, it's a good rule of thumb to ask about the return policy before buying anything. Also, make sure to keep the original receipt or ask for a gift receipt for a smooth return.