MediaFile

Tech wrap: Verizon backtracks on $2 fee

December 30, 2011

Verizon Wireless has reversed its decision to charge a $2 fee for one-time telephone and online bill payments after a storm of criticism from consumers and the U.S. communications regulator.

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I really am at a loss to understand Verizon’s decision. The announcement of a $2 “convenience fee” (http://blog.unibulmerchantservices.com/ everything-you-need-to-know-about-credit -card-convenience-fees) and its renouncement on the following day must be one of the dumbest business moves of 2011 in a very strong field.

What were the Verizon guys thinking? This $2 fee looks to a customer exactly the way BofA’s $5 debit card fee did a couple of months ago when it caused a huge backlash, prompting the bank to quickly scrap it (but not before the damage to its reputation, such as it was, was already done). I would’ve expected no one to try anything remotely resembling such a fee for at least a couple of years. As I said, I’m at a loss.

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