Source: Cecilia Kang, Washington Post ( Free Registration )

With a whole new line of smart phones coming onto the market, Verizon Wireless says that starting November 15 it is doubling to $350 the penalty fees for subscribers who leave their contracts early.

James Gerace, a spokesman for Verizon Wireless, the nation’s largest cell phone provider, said the fees are for subscribers in one- and two-year contracts on an “advanced device” and that those fees will be prorated $10 a month. That means, if you’ve made it halfway through your two-year contract, the $350 penalty will be reduced $120 to $230.

Read Full Article: Verizon jacks up early cancellation fees