SHOCKING!!! NO MORE LATE FEEs.

NEW YORK (CNN/Money) - Blockbuster Inc. announced Tuesday it is abolishing late fees on all its video tapes, DVDs and video games as of Jan. 1.

The world's largest video rental company will still have due dates for their rental products -- one week for games and two days or one week for movies, depending on
whether it's a new release.

But customers will be given a one-week grace period after that to return the product. After that grace period ends, the chain 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.

As a former Blockbuster Employee, I can tell you they get a LOT of revenue from late fees. they must believe billing you for the entire rental item(note, VCR tapes can run $100) will net them more money.