Verizon Wireless Adds Economic Adjustment Charge for Most Customers
slashnot writes:
Bloomberg and other outlets are reporting Verizon Communications Inc. will raise prices on its wireless bills for the first time in two years as the largest US wireless carrier grapples with higher costs.
Millions of consumers will see a $1.35 increase in administrative charges for each voice line starting in their June phone bill. And business customers will see a new "economic adjustment charge" beginning June 16, with mobile phone data plans increasing by $2.20 a month and basic service plans going up by 98 cents, according to Verizon representatives.
New York City-based Verizon started notifying customers Monday and has been contacting some of its larger corporate clients in recent days to tell them of the coming increases.
The move rallied Verizon's shares, vaulting them ahead of the broader market to their highest close in three weeks. At 4 p.m. in New York, Verizon rose 1.8% to end the regular session at $49.04, while the S&P 500 declined 0.4%.
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