Wow, is this really true? According to CNN Money, Blockbuster is dropping late fees. Instead, they are implementing a system where…

…customers will be given a one-week grace period… After [the] grace period ends, [Blockbuster] will automatically sell them the product, less the rental fee. If the customers don’t want to purchase the movie or game, they can return the product within 30 days for a credit, less a restocking fee.

Late fees are a chunk of change for the company, so it’ll be interesting to see how this works out for them. I think it’ll be good for the consumer in the long run. Thoughts?