Verizon is reducing fee for contract termination

Verizon is reducing fee for contract termination

Good news for consumers. Verizon Wireless said Wednesday (6/28/2006)  it would reduce the $175 in fees its customers pay to get out of cellphone contracts, setting a precedent among major carriers at a time when consumers and regulators are putting pressure on the industry to change its practices.

Starting this fall, new and existing Verizon Wireless customers will be able to pay less for terminating their contract, depending on how long they have left on it, Chief Executive Denny Strigl said at a conference in New York sponsored by research firm the Yankee Group.