How Much Is the Verizon Cancellation Fee?

Let’s cut straight to the chase. The dreaded question, “How much is the Verizon cancellation fee?” plagues many a soon-to-be-former customer. The short answer: Verizon no longer charges early termination fees (ETFs) for its phone, internet, or TV services after a policy change a few years ago. However, there are other fees that you may encounter when you decide to cancel your service. Read on to uncover the details.

Understanding Verizon’s Current Cancellation Policies

Gone are the days of exorbitant ETFs that made breaking up with Verizon feel like a financial punishment. Verizon, like many other providers, shifted its strategy. Now, instead of charging you a fee for leaving, they rely on other tactics, such as device payment plans and outstanding service balances, to keep you tethered. Let’s explore this in more detail.

No More Early Termination Fees

Verizon did away with ETFs across the board for its primary services. Whether you’re cancelling your Verizon Fios internet, Verizon wireless service, or Verizon TV package, you won’t be hit with a flat-rate termination fee simply for ending your contract early. This is a significant change that benefits consumers and adds some freedom to choose the services that best fit your needs.

Device Payment Plans: The Real Hook

While ETFs are extinct, device payment plans are very much alive and well. This is where Verizon gets you. If you’re paying off a phone, tablet, or smartwatch through Verizon’s installment plans, you’re responsible for paying off the remaining balance when you cancel your service. This balance isn’t a cancellation fee per se, but it can feel like one. Consider it the price of freedom from Verizon, and it is typically due immediately upon cancellation.

Outstanding Balances and Final Bills

Don’t forget about any outstanding balance on your account. This includes your last month’s service charges, any overage fees you may have incurred, or any other charges on your bill. Verizon will send you a final bill after you cancel, and it’s important to pay this promptly to avoid late fees and potential credit score repercussions.

Strategies to Minimize Cancellation Costs

Even without ETFs, leaving Verizon can still sting financially. Here are some smart strategies to minimize those cancellation costs:

• Check Your Contract: Review your original service agreement. While ETFs are generally gone, it’s always good to double-check for any lingering clauses or specific conditions that might apply to your situation.
• Pay Off Devices: Prioritize paying off any device payment plans before cancelling. This will significantly reduce the financial burden of leaving.
• Time Your Cancellation: Try to cancel your service near the end of your billing cycle. This minimizes the amount of service you’re paying for but not using.
• Negotiate with Verizon: Before outright cancelling, try negotiating with Verizon. Explain your reasons for leaving and see if they can offer you a better deal. They might be willing to reduce your bill or waive certain fees to keep you as a customer.
• Transfer Service Instead of Cancelling: If you’re moving to a new location where Verizon is available, consider transferring your service instead of cancelling. This avoids any potential cancellation-related fees and keeps your service uninterrupted.
• Return Equipment Promptly: If you have any Verizon-owned equipment, such as routers or set-top boxes, return them promptly after cancelling. Failure to do so can result in hefty equipment non-return fees.

Verizon Cancellation Fee FAQs

Here are some frequently asked questions about Verizon cancellation fees to help you navigate the process smoothly:

1. Does Verizon charge a cancellation fee for Fios internet?

No, Verizon does not charge an early termination fee for its Fios internet service. However, you are responsible for paying off any outstanding balances or device payment plans.

2. What happens to my Verizon phone if I cancel my service?

If you own your phone outright, it’s yours to keep. If you’re on a device payment plan, you’ll need to pay off the remaining balance when you cancel your service to keep the phone.

3. How do I return Verizon equipment after cancelling?

Verizon will typically provide instructions for returning equipment, often including a pre-paid shipping label. Make sure to pack the equipment securely and retain proof of shipment for your records.

4. What is the best time to cancel my Verizon service?

The best time to cancel is usually near the end of your billing cycle to minimize the amount of service you’re paying for but not using.

5. Can I transfer my Verizon number to another carrier?

Yes, you can port your Verizon number to another carrier. Contact your new provider and they will guide you through the porting process. Don’t cancel your Verizon service until the number has been successfully transferred.

6. What if I’m moving to an area where Verizon isn’t available?

If you’re moving to an area where Verizon doesn’t offer service, you can cancel your service without penalty beyond the usual device payment plans and outstanding balances. Provide proof of your new address to Verizon to avoid any potential issues.

7. How long does it take to cancel Verizon service?

The actual cancellation process is usually quick. However, allow sufficient time to return equipment and receive your final bill.

8. What happens if I don’t return Verizon equipment?

If you don’t return Verizon equipment, you will be charged a non-return fee, which can be quite substantial, often equivalent to the full retail price of the equipment.

9. Can I cancel Verizon service online?

In most cases, you cannot completely cancel your Verizon service online. It’s generally recommended to call Verizon customer service to initiate the cancellation process. This ensures all details are properly handled and you receive confirmation.

10. What if I’m under a contract with Verizon Business?

Verizon Business contracts may have different terms and conditions compared to residential contracts. Review your specific business agreement for details about cancellation policies and potential fees.

11. How can I avoid paying off my device if I cancel?

Unfortunately, there’s generally no way to avoid paying off your device payment plan if you cancel your service. The remaining balance becomes due when you end your contract. The only exception is if you can transfer your service to someone else who is willing to take over the device payment plan.

12. Is there a grace period for canceling Verizon service?

Verizon does not typically offer a grace period for cancelling service without incurring charges. You are responsible for service charges up to the date of cancellation. It is important to cancel your service on the last day of your service to avoid the charge.

In conclusion, while the specter of the dreaded Verizon cancellation fee is largely a thing of the past, it’s crucial to understand the full landscape of potential costs before severing ties. Armed with this knowledge, you can navigate the cancellation process strategically and avoid any unexpected financial surprises. Remember to pay attention to your device payment plans and outstanding balances. By following these tips, you can make your Verizon exit as painless as possible.