Verizon Wireless to add fee for upgrades

A Verizon store front is seen in this undated file photo.

April 11, 2012 2:43:55 PM PDT
Verizon Wireless joins its main competitor in charging customers who want to upgrade their phone.

The company says starting on April 22nd, customers who wish to upgrade to a new phone will be hit with a $30 fee. Verizon suggests the fee is needed to help fund customer support and online educational tools. AT&T raised a similar fee from $18 to $36 earlier this year.

Cell phone companies are charging these fees to help offset a profit loss due to the cost of subsidizing smartphones.