The Art of Returning Gifts

Dec. 26, 2007 — -- So Santa didn't bring you exactly what you wanted for Christmas and now you're headed to the store to return or exchange your gift. In fact, about 40 percent of Americans return at least one holiday gift annually.

"Good Morning America" contributor Wendy Bounds tells you how to ensure your return carries the least amount of hassle. Check out her tips below before stomping off to the store.

Despite what most people think, the day after Christmas is not necessarily the best day to return gifts. Some great sales will start today and some stores will open early to accommodate working folks. So, if you are someone who's just got to have something to play with and you are game to battle the crowds, have at it.

However, keep in mind that most sales will likely run through New Year's, with some good ones popping up in January. If your return policy allows it, and you aren't going to be bummed without a gift to tinker with, you may want to wait until after Jan. 1.

That said, keep two things in mind. You need to know when the gift was purchased because that's when the return clock starts. Also, you need to know what the return policies are. They vary vastly from store to store and for different items.

Generally major retailers have 30- to 90-day limits on most merchandise returns, with some important exceptions. Electronics, for instance, typically need to go back within 15 days or so.

Retailers are losing about $3.7 billion to fraudulent returns. This includes the thieves who steal merchandise and return it for store credit and those miserly customers who wear or use something once and then return it.

Major retailers are now cracking down on these repeat returners by tracking them on a computerized blacklist, which is an electronic wanted poster. Some stores are limiting customers to just three returns within any 45-day period without a receipt.

If you think you've landed on the list unfairly, you can try to appeal by e-mailing the return exchange, a company that helps monitor returns for retailers.