Verizon (VZ) , the top mobile provider in the U.S., ended 2024 on a positive note with elevated profits and a boost in customers within its wireless business.
In its third-quarter earnings report for 2024, Verizon revealed that it earned $19.8 billion in revenue from its wireless service, a roughly 3% year-over-year increase. Verizon also more than doubled its total number of new wireless postpaid phone subscribers year over year.
Despite positive growth, Verizon has implemented a series of pricing adjustments over the past few months, demanding more money from its wireless customers. In October, Verizon reduced its autopay discount for older phone plans from $10 to $5 a month.
Related: Verizon customers angry after receiving surprising notification
In December, Verizon even quietly increased its Administrative and Telco Recovery Charge, a monthly fee added to wireless customers’ phone bills, by $0.20 per line.
Verizon announces another major change
Now, Verizon is making another significant pricing change to a few of its phone plans.
Starting on Feb. 20, customers with myPlan accounts with five or more lines will soon have to pay an extra $3 monthly for each line.
In addition, customers who are still on Verizon’s discontinued New Verizon Plan in plan sizes S, M, L, XL, XXL will also see significant increases on their monthly bill.
Phones inside a Verizon store in New York, US, on Friday, Jan. 12, 2024. Verizon Communications Inc. is scheduled to release earnings figures on January 23.
Customers who only have a single phone line account under the plan will have to pay an extra $4 per month as an access fee, while those with a multi-phone line account will be charged a whopping $15 access fee per month. Data coverage fees under the new Verizon Plan will also increase from $15 to $20 per GB.
According to Verizon’s website, the new price increases are due to “rising operational costs.”
Verizon customers express outrage over the upcoming price hikes
A Verizon customer took to Reddit to share an email from the phone carrier that warned them that their monthly wireless bill would be increasing as a result of the recent pricing adjustments.
“In order to continue bringing you the best mobile experience, we’re adjusting our plan prices,” said Verizon in the email.
In the comment section under the post, many Verizon customers expressed frustration over the upcoming changes to their bill.
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Some even claimed that they would be leaving Verizon as a result of the latest change.
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Verizon’s move comes after it increased the monthly price of its 5G Start, 5G Play More, 5G Get More, and 5G Do More unlimited mobile plans by $4 in March last year.
Verizon also recently settled a class-action lawsuit for $100 million in October that accused the company of allegedly “misleading” its customers about its Administrative and Telco Recovery Charge.
Related: Verizon quietly makes a change that just made customers very angry
As part of the settlement, Verizon agreed to send affected customers payouts between $15 and $100, but earlier this month, customers flagged that they were receiving settlement payments that fell well below the $15 minimum that was promised.
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In an emailed statement to TheStreet on Jan. 8, Verizon said that the lower-than-expected dollar amounts of the payouts were due to the high number of customers who applied for the settlement.
“When we first announced this voluntary settlement, we said that we expected that the settlements would be between $15 and $100 — depending on how many people applied for the settlement,” said Verizon in the statement. “Since more people applied than anticipated, the final dollar amounts are at the lower end of expectations.”
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