A refund policy is a set of rules established by a merchant to dictate the conditions under which a customer can return goods or cancel services in exchange for their money back. In 2026, most standardized policies (especially for online retail) provide a 14 to 30-day window for returns, provided the item is in its original, "resalable" condition with tags attached. However, digital products, personalized items, and perishable goods are almost always "final sale" unless they arrive defective. For travel and hospitality, policies are much stricter: "Basic" or "Non-refundable" fares typically offer no cash back, though some consumer protection laws (like those in the EU or the US Department of Transportation) mandate a full refund if a flight is canceled by the carrier. Many companies now offer "store credit" as a faster alternative to cash refunds. To protect yourself, always look for the "Refunds & Returns" link at the bottom of a website and check if you are responsible for return shipping costs, which has become a common practice among major retailers to discourage "bracket shopping" (buying multiple sizes to try on).