Consumers have certain rights when it comes to purchases they want to return.
Katie Carrol from the Better Business Bureau was on FOX21 Morning News to explain the “cooling off rule” or a consumers right to rescind their purchase decision.
The Rule Applies to:
* If you buy from a store, may or may not be able to return merchandise.
* But, if you buy an item in your home or at a locations that’s are not the seller’s permanent place of business, you may have the option to change your mind.
* Federal Trade Commission (FTC) gives consumers three days to cancel purchase of $25 or more. The right to cancel for a full refund extends until midnight of the third business day after the sale.
* Sales persons must tell you about cancellation rights at time of sale and give you two copies of a cancellation form.
Some of the Exceptions:
* Sales under $25.
* Sales made entirely by mail or phone.
* Services need to meet an emergency. e.g. home is suddenly infested with insects.
* The purchase of real estate, insurance or securities.
* Arts/crafts sold a fairs such as malls, school etc.
More details, consumers can call the FTC at 877-382-4357.
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