Facing increased pressure from consumers and lawmakers alike, Verizon has announced that they will begin offering monthly cellphone plans with no early termination fees. Consumers wishing to take advantage of the plans will be required to pay full price for a phone, or provide their own phone, as Verizon will not be subsidizing the cost of handsets.

A spokesperson did confirm, however, the monthly members will pay the same rate as contract customers. If you’re already a Verizon customer, you can switch to the monthly plan after your current contract is up.

From Bloomberg:

Verizon, which made about half of its $24.1 billion in revenue last quarter from wireless service, agreed in July to resolve a consumer lawsuit over early cancellation fees by paying a $21 million settlement. The agreement covered contracts that had a flat-rate cancellation fee and were issued before Verizon Wireless introduced a declining-fee structure in 2006.

Verizon’s termination fees start at $175 and decline $5 for every month a user stays with the contract after 30 days. Customers can cancel for free in the first 30 days, Raney said.

Verizon Offers Monthly Plan With No Termination Fees (Update2) [Bloomberg]

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.