Hotels, restaurants and other service providers may charge fees for no-shows, but typically give customers time to cancel, imposing penalties only within 24 hours, or perhaps after 4 p.m. on the day of arrival.

WSJ: Airline Cancellation Fees and Penalties Are a Big Business

Airlines may let you rebook with no penalties, cancel with a refund, or give you credits toward a future flight.

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Continental Airlines CEO Jeff Smisek, speaking generally about the nationwide rule at an investor conference Tuesday, said Continental will cancel flights to avoid the stiff penalties, according to a webcast from the conference.

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