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Amazon slashes e-book return policy

Yahoo Finance Live anchors discuss Amazon changing its e-book return policy as 'BookTok' on TikTok takes off.

Video Transcript

BRAD SMITH: I've got to talk about Amazon, curbing its e-book return policy amid increasing pressures from the Authors Guild. Now, returns will now be limited to purchases with-- where no more than 10% of the e-book has been read, OK? Prior to this, customers could return a book up to seven days in and get a refund, even if they've read the entire book.

JULIE HYMAN: Wait, wait, wait. You know what that's called?

BRAD SMITH: This is the e-book stuff.

JULIE HYMAN: A library!

BRAD SMITH: Well, yeah. So I'm sorry. I'm leaning back because I'm just kind of floored by this. I mean, yeah, obviously, they wouldn't let you return the e-book if you'd gotten through a certain amount of it.

JULIE HYMAN: Well, apparently, they did.

BRAD SMITH: What? I mean, there are so many other things that-- like, I don't get to return a digital copy of something that I purchased if I've only gotten a certain amount into it.

JULIE HYMAN: Listen, I just want to say a word in favor of the library. Libraries also have e-books, by the way. If you don't want to pay anything for a book, go to the library.

BRAD SMITH: And they're free.

JULIE HYMAN: Take it out.

BRAD SMITH: Yeah.

JULIE HYMAN: It's a wonderful thing. You might have to wait a little bit sometimes for the book. If you need that immediate hit--

BRAD SMITH: Mm-hmm, yeah.

JULIE HYMAN: --then it doesn't--

BRAD SMITH: The bestsellers?

JULIE HYMAN: --it doesn't fill that.

[BUZZER]

Yes, the bestseller, you got to wait a little bit. But it's-- you know what? Patience is OK.