Blockbuster adds pseudo RTO program
Blockbuster Video said Tuesday it would change its fee policy after reporting a loss of $435 million in the fourth quarter, providing for a rent to own option by default option, according to UPI.
The new policy changes a charge of $5 for a seven-day rental to a $5 fee for five days, after which customers will be charged $1 a day for up to 10 days.
If a customer runs up a $10 charge on top of the $5 rental fee, Blockbuster will charge the full amount and allow the customer to keep the video, according to the The Chicago Tribune.
Insisting that it was not reinstating the late fees it abandoned to compete with NetxFlix Inc., company spokeswoman Michelle Metzger said Blockbuster was adding an "additional daily fee," that would make Blockbuster "consistent with the industry."