Verizon to hike unlimited data plans

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Verizon said Thursday it will increase the monthly price of its grandfathered unlimited data plans by $20.

"These changes will allow Verizon to continue to maintain the highest standards of network performance for all our customers," the company said in a statement.

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The increase will take effect on Nov. 15 but will not affect the rates of customers who are currently on a two-year contract with unlimited data, Verizon noted.

Verizon also said the hike will only affect a small part of its clientele. "Most of our customers (99 percent) are not on unlimited data plans," the company said.