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Verizon's Early Termination Fee Hiked to $350

Gas is not the only one with the right to a price hike, just recently, cell phone usage might experience a price hike as well -at least to Verizon customers.

Raising early termination fees for advanced devices seems like being held hostage. A year ago Verizon and other cell phone service providers were pushed by the FCC and a number of consumers to lessen their Early Termination Fee (EFT). It gained a lot of attention when Verizon Wireless paid $21 million to settle a California lawsuit.

Before that, most of the major carriers, including Verizon of course, stonewalled the issue but by October, AT&T started relaxing its EFT rules. Due to the incident, the FCC focused on the EFT thing with Chairperson Kevin Martin favoring a nationwide resolution with regards to termination fees. Verizon seconded Martin's suggestion of prorating of fees and cell phone users thought the EFT problem has already been buried.

VerizonJust yesterday, news came out that Verizon is doing a price hike on termination fees. Verizon customers are now saying that Verizon used to be a great service provider. Now the average American says, it is nothing but a big rip off. Some people used to have two accounts and 5 phones or more with the service provider but because of their fees here and there, the giant is now losing customers left and right.

Enter the early termination fee and this will escalate to lawsuits (yet again). We are still in a recession and even if they say that the economy is getting better, it is still difficult to make enough money. Now, who can afford high fees on top of other fees “incurred” during your contract with any of these big companies and if you want to terminate your contract because you cannot make ends meet -they will charge you with higher fees (again).