.

SmartMoney Blogs

Real-Time Advice
Our real-time advice on how market shifts and news impact you and your money

Verizon Abandons $2 Fee

It was over before it even began. Verizon’s plan to start charging a $2 fee for single bill payments next month is a no go. The company canceled the new charges Friday afternoon, citing customer complaints.

The reversal marks the second major victory by consumers in the past couple of months over newly imposed fees. The last one was Bank of America’s reversal of a $5 debit card usage fee.

As SmartMoney.com reported, banks and consumers were both baffled by the rationale for the charges. The timing of the new charges surprised banks because, if anything, the transaction charges the company had to pay are now less, experts say.

Interchange fees on debit cards actually fell this year from 44 cents on average per transaction to roughly 21 to 24 cents. That means most companies pay less in fees to card issuers each time consumers use their debit card, the American Bankers Association said.

Verizon had planned to only charge the fee to those who made payments by phone or online, and may have been trying to discourage last-minute payments, which can be costlier to process, the association said.

Comments

We welcome thoughtful comments from readers. Please comply with our guidelines. Our blogs do not require the use of your real name.

Comments (5 of 5)

View all Comments »
    • Магазин обуви: adidas зимняя обувь женская Liska (Лиска), женская обувь 2011 италия Liska (Лиска), женская обувь от производителя Liska (Лиска), женская обувь 43 размера Liska (Лиска), интернет магазин большой женской обуви Liska (Лиска).

    • Such a small think. ;-) But such a great idea

    • Hello, everybody, the good shoping place, the new season approaching, click in.
      Welcome to ====
      http://ppt。cc/7mA7

    • Unfortunately who cares they always staff us I just close those account let them expire that I can’t avoid the the fee.

      Most folks don’t have my options as we grew up with over 20% down on a home or car.

      psl

    • Hello, everybody, the good shoping place, the new season approaching, click in.
      Welcome to
      http://ppt。cc/ew(L

About Real-Time Advice

  • How breaking news — in the markets, Washington, and around the world — affects you and your money. Have a question about how current events may change your financial future? Email us at ask@smartmoney.com.

.