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Released: September 23, 2011
Amazon and (hopefully) the end of late fees
Source: John D. Sutter, CNN
We've been nearing the end of the late-fees era for years -- and, thanks to technology, we're one step closer this week. Amazon just launched a no-fees library loan program for digital books. This shift actually started more than a decade ago with the DVD-rental business. Or, more specifically, when Reed Hastings, now the CEO of Netflix (er, Qwikster?), forgot to return a copy of the movie "Apollo 13" for six weeks and racked up a $40 late fee from a video-rental store. That inspired his DVD-by-mail service, according to a 2006 essay in The New York Times, in which customers pay a monthly fee for the privilege to leave "Romy and Michele's High School Reunion" under their couches for as long as they'd like without financial penalty.Read Full Article: Amazon and (hopefully) the end of late fees
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