Verizon (VZ) Is Getting Rid Of 2-Year Service Contracts

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According to a report in FierceWireless, Verizon Communications has decided to finally get rid of its two-year service contracts. Both new customers and existing customers will be required to sign up for the carrier’s equipment installment plans (EIPs).

EIPs are payment options available for new and existing qualified customers on selected rate plans where customers can purchase a new phone or device with monthly payments.

In another bold move, Verizon will also be increasing its activation and upgrade free from $20 to $30.

The new changes were made effective on January 5th.

Disclaimer: We have no position in Verizon Communications Inc. (NYSE: VZ) and have not been compensated for this article.