Samsung Note7 recall affects 2.5 million smartphones

In the three weeks since Samsung released the Galaxy Note7 phone there have been at least 35 reports around the world of the lithium-ion batteries exploding.

In one instance, a Jeep caught fire after one Note7 user left his new phone inside to charge.

Nathan Dornacher said, "That's the last thought in my head, is that a brand new device, something as simple as a phone is going to burn down my car ..."

Last week airlines urged passengers to avoid charging their Galaxy note7 phones while on-board. Monday the FAA took it a step further, warning flyers not to turn on the Note7 phones wile on a plane.

Richdale Apartments sent an email to people who live in their properties, which said in part, "As a safety measure for other residents and the property, effective immediately, charging a recalled Samsung Galaxy Note7 in your apartment or on property is strictly forbidden."

Monday, September 12, Samsung shares took a nose dive, hitting near two-month lows following the voluntary recall for all 2.5 million phones issued by the company. Samsung estimates that approximately 1 in every 42,000 phones have the faulty battery, but is not taking any chances.

The company released a statement saying it's cooperating with the recall and has stopped all shipments of those devices. As the reports of battery explosions continue to pour in, Samsung urges Galaxy Note 7 users to power down their phones and exchange them immediately.

Note7 users can exchange their phone for a Galaxy S7 Edge or a different phone and be reimbursed for the difference. If a Note7 user would prefer to wait for a new model, they will get a Samsung J-series loaner phone until the new model is released.

Accessories for the Note7 can also be returned for a refund. In order to do the exchange, Samsung says users must bring the device, the full box, proof of purchase and one valid i.d to the store where they purchased their Note7.

To offset the inconvenience, Samsung is issuing $25 gift cards to users who go through the exchange process.

On their website the company says, "We strongly advise all customers to use this exchange program because your safety is our top priority."