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Verizon to end contracts and phone subsidies

Verizon is revamping its wireless payment plans and will end service contracts and cell phone subsidies. Verizon said its moves are intended to simplify options for its customers. The nation's largest wireless company says that beginning August 13th, new customers will pay full price for new phones upfront or they can opt for a monthly payment plan.

Customers will be charged a monthly 20-dollar access fee and will have the option of four shareable data plans ranging from 30 to 80-dollars a month. Existing customers can stay with their current plans.

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