How Much Is the Early Termination Fee for Verizon Wireless?

Let’s cut straight to the chase. The good news is, Verizon Wireless no longer charges early termination fees (ETFs). The bygone era of hefty penalties for breaking contracts is largely over, replaced by device payment plans and flexible options. However, while you won’t face a traditional ETF, understanding your financial obligations when ending your Verizon service prematurely is still crucial. You are essentially responsible for the remaining balance on any devices purchased through a device payment plan.

Understanding the Shift Away From Early Termination Fees

The landscape of mobile contracts has drastically changed. In the past, carriers like Verizon relied heavily on two-year contracts locked in with steep early termination fees. This model was designed to recoup the subsidized cost of smartphones offered at discounted prices. However, consumer backlash and increased competition pushed carriers toward more transparent and customer-friendly options. The device payment plan is now the predominant model.

Device Payment Plans: The New Normal

Instead of paying a subsidized price for a phone upfront and being locked into a contract, you now typically pay for your device in monthly installments. This is a device payment plan, often spread over 24, 30, or even 36 months. While you’re not technically bound by a contract, you are obligated to pay off the full price of the device. If you cancel your Verizon service before the end of the payment term, you will be required to pay the remaining balance on the device.

Figuring Out Your Financial Obligations

So, how do you determine what you owe if you decide to leave Verizon before your device is fully paid off? It’s surprisingly straightforward.

Checking Your My Verizon Account

The easiest way to determine your outstanding balance is to log into your My Verizon account online or through the mobile app. Navigate to the “Devices” or “Billing” section, and you should find details about your device payment plan, including the remaining balance.

Contacting Verizon Customer Support

If you’re unsure about navigating the online account, you can always contact Verizon customer support. A representative can access your account information and provide you with a precise figure for your outstanding device balance. Be prepared to provide account verification details.

Understanding Your Bill

Your monthly Verizon bill also contains information about your device payment plan. Look for sections detailing installment payments, device names, and any promotional credits applied. While it might not explicitly state the exact remaining balance, it gives you valuable clues. Add up the remaining payments to get an estimate.

Circumstances That Might Affect Your Financial Responsibility

While the general rule is that you’re responsible for the remaining device balance, certain situations might influence your financial obligations.

Transferring Service to Another Person

In some cases, you might be able to transfer your Verizon service and device payment plan to another person. This allows someone else to take over the responsibility for the remaining payments. However, Verizon’s approval is required, and both parties need to meet specific eligibility criteria.

Device Insurance Claims

If your device is lost, stolen, or damaged, and you have device insurance through Verizon or a third party, your insurance coverage might help cover the cost of replacing the device. This can potentially reduce or eliminate your remaining balance, depending on the terms of your insurance policy.

Trade-In Programs

Verizon frequently offers trade-in programs that allow you to trade in your old device for credit towards a new one. The trade-in value can be applied to your device payment plan, potentially reducing your overall balance.

Avoiding Unexpected Costs

The best way to avoid unwelcome financial surprises is to be proactive and informed.

Read the Fine Print

Before signing up for a device payment plan or making any changes to your Verizon service, carefully read the terms and conditions. Pay close attention to details about cancellation policies, device payment terms, and any associated fees.

Plan Ahead

If you anticipate needing to cancel your Verizon service, plan ahead and explore your options. Consider transferring service, trading in your device, or paying off the remaining balance early.

Keep Records

Keep copies of your Verizon bills, device payment agreements, and any other relevant documents. This documentation can be helpful if you need to dispute charges or resolve any issues with your account.

FAQs About Verizon Wireless Termination and Fees

Here are some frequently asked questions to further clarify your understanding of Verizon Wireless’s termination policies and associated costs:

FAQ 1: What happens to my number if I cancel my Verizon service?

You have the option to port your number to another carrier when you cancel your Verizon service. Contact your new carrier and they will initiate the porting process. Alternatively, you can choose to simply cancel your number, but be aware that it may be reassigned to someone else.

FAQ 2: Are there any hidden fees associated with canceling Verizon service?

While there are no ETFs, you may encounter fees for final billing. Ensure you understand the billing cycle and any potential pro-rated charges. Also, confirm that any automatic payments are canceled to prevent future unwanted charges.

FAQ 3: What if I return my device within the return period?

Verizon offers a return period, typically 14-30 days, during which you can return your device for a full refund (minus any restocking fees, if applicable). Ensure the device is in good condition and includes all original accessories.

FAQ 4: Can I suspend my Verizon service instead of canceling it?

Yes, Verizon allows you to suspend your service for a certain period, usually up to several months. This can be a good option if you’re temporarily away or don’t need service for a while. Keep in mind that you may still be responsible for device payments during the suspension period.

FAQ 5: What if I am deployed for military service?

Verizon offers special provisions for military personnel who are deployed. You may be able to suspend your service or cancel it without penalty, provided you provide the necessary documentation, such as deployment orders.

FAQ 6: Does Verizon offer any hardship exceptions for canceling service?

Verizon may offer hardship exceptions in certain circumstances, such as job loss or significant financial difficulties. Contact Verizon customer support to discuss your situation and see if you qualify for any assistance. Be prepared to provide documentation.

FAQ 7: What if I am moving to an area where Verizon doesn’t have coverage?

While not a guaranteed exception, Verizon may consider waiving certain fees if you are moving to an area with no Verizon coverage. You’ll likely need to provide proof of your new address.

FAQ 8: Can I sell my device to cover the remaining balance?

Yes, you can sell your device to help cover the remaining balance on your device payment plan. Just be sure to erase all personal data from the device before selling it.

FAQ 9: What happens if I don’t pay the remaining balance on my device payment plan?

If you fail to pay the remaining balance, Verizon may report the debt to credit bureaus, which can negatively impact your credit score. They may also pursue collection efforts.

FAQ 10: Does Verizon offer any discounts on device payment plans?

Yes, Verizon frequently offers promotional discounts on device payment plans, such as reduced monthly payments or trade-in credits. Keep an eye out for these deals when upgrading your device.

FAQ 11: Can I upgrade my phone before the device payment plan is over?

Yes, Verizon offers upgrade programs that allow you to upgrade your phone before the end of your device payment plan. However, you’ll typically need to trade in your existing device and meet certain eligibility requirements.

FAQ 12: How can I lower my monthly Verizon bill?

There are several ways to lower your monthly Verizon bill, including choosing a cheaper data plan, taking advantage of discounts for students, military personnel, or first responders, and bundling your services (e.g., combining mobile service with home internet).