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I just called my Blockbuster store and that 7/26 change is only for new customers.
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By now you're probably aware that is not so; Blockbuster has selectively grandfathered in only the fraction of customers who rarely rented movies. What percentage of their customers this represents they will not say, but people believe it may be about a third.
Customers who rented regularly, i.e. with relatively quick turnarounds, are informed about 3 days before their next billing cycle would have begun that their subscription will not renew and they must select another plan: either buy a plan at the same price which provides limited in-store exchanges, or pay more for a plan that includes unlimited in-store exchanges.
The tactic of only sending out these notices 3 days before each person's billing cycle has kept things relatively calm, since everyone holds onto the hope that they may be one of the rare "grandfathered" people (until they learn they are not).
Still, although our house just got our notice that we won't be grandfathered in, we probably will sign up for a plan that costs the same but has limited in-store exchanges.
After all, when we began using the service more than a year ago, there weren't any in-store exchanges at all. So it was an unexpected bonus when they added it, and it therefore can't be much of a disappointment that they've now taken it away.
We'd consider switching to Netflix, but for the throttling.