New year, same Verizon: users may be hit with couple of price hikes as soon as this month
Once acquired, bad habits are hard to break and Verizon seems to be having a case of that. In 2023, the company raise prices twice and it's barely 2024, and a rumor has already popped up that the carrier is going to hike rates again.
The reliable folks over at The Mobile Report have learned from a trusted source that Verizon customers should brace themselves for a couple of impending price increases.
First off, the Economic Adjustment Charge, which was introduced in June 2022, will increase from $0.99 to $3.97 for each smartphone and data device on a plan that meets a specific criteria.
It looks like Verizon wants to exact this fee from every line. The fee applies to all new smartphones and data devices and will get tacked on if you upgrade an existing line that previously didn't have it. Similarly, it will be added if a line’s contract expires. Lastly, the charge will begin to be applied if your handset has 12 months or less on the payment plan.
In short, the Economic Adjustment Charge is kind of impossible to avoid now, and the only devices that are spared from the new rate are basic phones and tablets, for which the rate is still $0.98 per line.
That's not all though. The report says that from January 23, rates for some legacy plans will also increase. The amount of increase will be dependent on the plan. This change will impact both consumer and business accounts.
The rate will increase by $5 per month for the Business Unlimited Smartphone Plan, Business Unlimited Essentials Plan, and Business Unlimited Plus Plan.
Users on the New Verizon Plan, Flexible Business Plan, and New Verizon Plan for Business Plan should be prepared to pay $4 more every month.
While thankfully only a few plans will be impacted, the increased fee is unavoidable. The fee will kick in when you activate a line, upgrade to a new device, or complete a contract.
At this point, this is just a rumor, but if it ends up materializing, it will surely have customers seething with anger. After all, it was only in October that Verizon was boasting about its strong financial performance in the third quarter of 2023 so the price increase seems uncalled for and comes across as nothing other than a way for Verizon to earn even more money.
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