Once acquired, bad habits are difficult to abandon and Verizon seems to be facing a case of that. In 2023, the company raised prices twice and we barely reached 2024, a rumor has emerged that the carrier will once again increase rates.
The reliable folks at The Mobile Report have learned from a reliable source that Verizon customers should brace themselves for some price increases.
First, the Economic Adjustment Fee, 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 specific criteria.
It seems Verizon wants to charge this fee for every line. The fee applies to all new smartphones and data devices and will be charged if you upgrade an existing line that previously did not have it. Likewise, it will be added if a line’s contract expires. Lastly, the charge will start being applied if your device has 12 months or less of a payment plan.
In short, the Economic Adjustment Fee is virtually impossible to avoid now, and the only devices spared from the new fee are basic phones and tablets, for which the fee remains at $0.98 per line.
But that’s not all. The report states that as of January 23, the fees for some legacy plans will also increase. The amount of the increase will depend on the plan. This change will impact consumer and business accounts.
The fee 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 per month.
While thankfully some plans are unaffected, the fee increase is inevitable. The fee will take effect 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 certainly leave customers boiling with anger. After all, it was only in October that Verizon was excited about its strong financial performance in the third quarter of 2023, so the price hike seems unnecessary and appears nothing more than a way for Verizon to make even more money.