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Verizon’s “Share Everything” Plan: You’ll Pay Less or More

July 21, 2012June 18, 2012 by Edgar (aka MrConsumer)

Last week, Verizon Wireless announced a new “Share Everything” plan, that radically changes how cell services are sold. Starting June 28, if you upgrade your phone and pay a subsidized/discounted price for it, this plan may affect you. You can also voluntarily switch to this plan.

On the positive side, Share Everything lets a family share one pot of data each month the same way they currently share a bucket of minutes. Currently each family plan member has to buy a $30 data pack for their smartphone. Also on the positive side, it appears that most people on unlimited calling plans will save money under the new scheme.

On the negative side, those folks who are looking to reduce their plan minutes for calling may be forced into unlimited calling plans for which they have no use. And they may pay more. People with multiple devices, even individuals, will be charged a fee for each device that can tap into their one pot of data.

*MOUSE PRINT:

To see how this compares with what customers are currently paying, we looked at two (of many) scenarios.

Example 1: One person with one smartphone currently with an unlimited calling plan, 1000 text messages, and 2-gigs of data.

That person pays a total of $109.99 currently (unlimited calling ($69.99), 1000 texts ($10), and 2-gigs of data ($30). Under the Share Everything plan, he or she would pay $100 (smartphone ($40) + 2-gigs of data ($60) + “free unlimited calls and texts”). That is a $10 savings a month. If that person also had a tablet, currently that would add $30 a month to their bill for an additional 2-gigs. Under the new plan, that tablet would only cost $10 extra, but not come with any additional data. If the customer wanted a total of 4-gigs of data to be shared by the smartphone and the tablet, that adds another $10. So this customer in total would save $20 a month compared to the current system.

Example 2: Three people on a family plan with two smartphones and one basic phone, sharing 700 minutes of calling, unlimited texts, and two of them having 2-gigs of data each.

That family currently pays: $169.97 (700 calling minutes ($69.98) + third phone ($9.99) + unlimited texts ($30) + 2-gigs per smartphone ($60) ). Under the new system, they would pay a total of $180.00 ( 2 smartphones ($80) + 1 basic phone ($30) + 4-gigs data to share ($70).

The bottom line is that everyone on Verizon will have to do the math to see if it is best to stick with their current plan or switch to Share Everything.

Note: MrConsumer is a member of Verizon’s Consumer Advisory Board.

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Incredible Bank: “No Pain” Checking?

June 11, 2012 by Edgar (aka MrConsumer)

Incredible Bank is a teeny tiny division of a teeny tiny bank in Wisconsin, that has consistently offered very attractive interest rates on deposit accounts.

Last year, they were offering a checking account that paid 1.35% with “no pain.”

They even reimburse ATM fees nationally and offer free bill pay.

However, like most banks, they have some fees. And they warn that some fees might reduce earnings.

*MOUSE PRINT:

Just how painful are the fees?

*MOUSE PRINT:

They charge $20 per check? On a checking account? That’s pretty painful. Their explanation is that they offer free ATM withdrawals and free bill payments, so to keep costs low, they want to discourage the use of checks. So why is it called a checking account? A bank representative said it was because you could get checks printed on your own and use them with this account, thus providing a means of paying others.

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Sign Up for Comcast, Get $500?

May 28, 2012 by Edgar (aka MrConsumer)

While surfing around the Internet last week, MrConsumer came upon this banner ad from Comcast advertising up to a $500 Visa card if one signs up for their Xfinity service. (The ad appeared on a world time website, rather than a local website with a local target audience.)

When clicking the ad, you are taken to a Comcast page with this list of offers:

*MOUSE PRINT: (click graphic below for a larger version)

The only offers shown are for plans that provide Visa cards from $100 to $300. Where is the advertised $500 card? We asked Comcast to explain this discrepancy that looks an awful lot like a bait and switch scheme.

“[W]e did indeed have a limited-time online promotion, which offered up to a $500 Visa prepaid card. It was a geo-targeted campaign aimed at consumers in select markets.” – Peter Dobrow, Comcast Corporate Communications

I’m sorry, that doesn’t cut it. Advertisers can tell from your IP address roughly where you live, and can target ads accordingly on the fly. An offer for $500 back meant for one locale should never appear on a national website if the offer is not available to those who view it.