Inflation is at an all-time high and the prices of many things have gone up. And just when you believed it wouldn’t get any worse, you’re hit with the Verizon economic adjustment charge. Verizon, one of the largest service providers in the country, is adjusting some of its fees for customers and businesses.
The truth is this is unsurprising considering the current state of economies around the world. However, it could put a dent in the pockets of avid budgeters.
Most customers are not pleased to see their monthly bills continually increase even when it’s only by a few dollars. And rightfully so! This guide explains in detail what the Verizon economic adjustment charge is all about.
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What is the Verizon economic adjustment charge?
Over the past year, we have witnessed a sudden increase in the cost of living and many things have become quite expensive. It seems Verizon has joined the list of service providers that have increased some of their fees.
From June 16th 2022, Verizon added a new administrative charge referred to as the Economic Adjustment Charge. Naturally, customers are curious to know what this is all about and why they have to pay for it. After all, carriers are notorious for effecting fees that may not be needed.
According to a Verizon spokesperson, the economic adjustment charge is meant to maintain competitive prices as a result of the changing economy. From the look of things, it’s a matter of improving their bottom line at the expense of the customers.
People are already struggling with the current high cost of living and the price hikes only seem to make things worse. With that being said, the economic conditions in the United States and around the world are not exactly making it easy for businesses to thrive. In fact, higher business costs are attributed to the adjustments on fees.
The wireless provider has implemented an economic adjustment charge of $2.20 per line monthly for smartphones as well as data lines that were activated or upgraded in recent times, completed a contract-based line term or only have about 12 months or less left on a device payment plan. In addition, tablets and basic phones (non-smartphones) will incur charges of 98 cents monthly for businesses.
Why is there an adjustment on my Verizon bill?
Citing the current economic situation in the nation, Verizon has applied a new economic adjustment charge for consumers. This should explain why there’s an adjustment on the monthly bills of some Verizon customers.
The fee comes with a cost of $2.20 per line a month for smartphones and data lines and 98 cents a month for non-smartphones and tablets. Therefore, if you notice new surcharges on your existing lines, it’s likely due to the economic adjustment charge.
That said, Verizon released a statement explaining why this charge was added to the monthly bills of some consumers. According to their statement, the review and adjustment to fees are designed to cover the company’s administrative and telco expenses as well as regulatory costs.
The wireless provider is reportedly trying to avoid dipping into their profits. Instead, they have to share some of that burden with their consumers.
What can I do about this fee?
Understandably, there are people and businesses that don’t have the resources to deal with extra charges. Absolutely no one wants to see their monthly bill going up by the day.
If you want to save money spent on bills every month. The economic adjustment charge that Verizon has imposed on its customers is mandatory. It’s an inevitable part of using Verizon as your wireless provider and the privileged that comes with it.
This charge is not negotiable. You can’t call the billing department and ask them to remove or exempt it. The only organizations that are excepted include the government and non-profit accounts. As for the business accounts, there is nothing to be done but pay up. Hopefully, the economy will get better in the near future and perhaps these charges will be removed. But until then, you can’t get rid of it unless you switch to another wireless provider.
Final Thoughts
Consumers are never thrilled when there is a surcharge on their bills. It means they’re paying more than anticipated and going above the budget. With that said, Verizon isn’t the only carrier that has imposed new charges on customers. There are others taking the same route as a result of the conditions of the economy. We can only hope it will get better with time.
FAQs
Why does Verizon have a surcharge?
One of the reasons for this is the economic adjustment charge resulting in a hike in prices.
Does Verizon have hidden fees?
It is possible that there are some hidden charges imposed into your bill. Usually, these are not explained to you when signing up.
