Verizon pushed out an auto pay change today that could affect the discount you see on your monthly statement. Well, it really only should if you haven’t enrolled in auto pay or plan to in the future. Let me explain that.
Starting February 14, Verizon’s auto pay sign-ups will require either a bank account as payment method or the Verizon Visa Card. Debit cards (or other credit cards) will not get you the $10 per month discount that comes with signing up for auto pay.
That said, Verizon is at least letting you keep receiving a $10 discount for auto pay if you signed up with a debit card prior to February 14. They haven’t said how long they’ll let that stand, but for now your discount remains. Should that change in the future, Verizon would likely have to give you notice.
Why the change to bank accounts? The thought is that carriers are simply trying to save money on credit card processing fees. With the millions of customers they all have, the savings are probably substantial if they get the majority of customers paying directly from bank accounts. And yes, T-Mobile and AT&T have made similar changes in recent years, although they both still let you use a debit card at least to get the full autopay discount. I’d imagine they’ll change before long.
Recapping that – if you have already been receiving a $10 auto pay discount from Verizon by using a debit card, you get to keep your discount. If you have not yet signed-up for auto pay or plan to in the future, you’ll have to use your bank account.
// Verizon
