How to Transfer Verizon Account Ownership: A Comprehensive Guide

So, you need to transfer your Verizon account ownership? The process is surprisingly straightforward, though it does require a bit of paperwork and coordination. Essentially, you’re facilitating a legal “hand-off” of the account and its associated financial responsibilities. Here’s the distilled version: the current account owner (the transferor) and the new account owner (the transferee) must both complete a Transfer of Service (TOS) form. This form, available on the Verizon website or through customer service, essentially states that the current owner is relinquishing control and financial responsibility, and the new owner is accepting it. Once both parties have completed and submitted the form, and Verizon has processed it, the transfer is complete.

Understanding the Transfer of Service Process

Transferring your Verizon account isn’t as simple as just changing a name on a bill. It’s a formal procedure that involves legal and financial implications. The process is designed to ensure that both the departing and incoming account holders are aware of their rights and obligations. Think of it like transferring the deed to a house – you need signatures, proper documentation, and the approval of the governing body (in this case, Verizon).

Step-by-Step Guide to Transferring Ownership

1. Eligibility Check: Before initiating the transfer, confirm that both the current and prospective account holders meet Verizon’s eligibility requirements. This usually involves a credit check for the new account owner.
2. Download the Transfer of Service (TOS) Form: Obtain the official Verizon Transfer of Service form. You can typically find it on the Verizon website under the “Support” or “Account Management” sections. Alternatively, you can request a copy from Verizon customer service.
3. Complete the Transferor Section: The current account holder must meticulously fill out their section of the TOS form. This includes providing account information, contact details, and consent to transfer ownership.
4. Complete the Transferee Section: The prospective account holder then completes their portion of the form. This involves providing their personal information, contact details, social security number (for credit check purposes), and agreement to assume financial responsibility for the account.
5. Credit Check for the Transferee: Verizon will conduct a credit check on the prospective account holder to assess their creditworthiness. This is a standard procedure to ensure the new owner can meet the financial obligations associated with the account.
6. Submit the Completed Form: Once both sections are completed and signed, submit the form to Verizon. This can usually be done online, via fax, or by mail, depending on Verizon’s current procedures. Check the TOS form itself for submission instructions.
7. Verizon Review and Processing: Verizon will review the submitted form and conduct any necessary verification steps. This may involve contacting both parties to confirm the information provided.
8. Account Transfer Completion: If everything checks out, Verizon will process the transfer of ownership. You’ll receive confirmation from Verizon once the transfer is complete. It’s crucial to retain a copy of the completed TOS form for your records.

Important Considerations Before You Begin

• Billing Cycle: Be aware of where you are in your current billing cycle. It might be cleaner to initiate the transfer at the end of a cycle to avoid prorated charges and billing confusion.
• Outstanding Balances: Any outstanding balances on the account must be paid in full before the transfer can be completed. Verizon won’t transfer an account with unpaid debts.
• Equipment and Contracts: Consider any existing contracts or device payment plans associated with the account. The new owner will typically inherit these obligations. Ensure they are fully aware of these commitments.
• Email Address and Login Credentials: Decide whether the current email address and login credentials associated with the Verizon account will also be transferred. This will need to be clearly communicated during the process.
• Impact on Services: Understand that the transfer of ownership may affect the services associated with the account. Some features or discounts may not be transferable or may require adjustments.

Frequently Asked Questions (FAQs)

1. What documents do I need to transfer Verizon account ownership?

You’ll need the Transfer of Service (TOS) form, identification for both parties (driver’s license, passport, etc.), and potentially your Social Security Number for the new owner’s credit check. Verizon may also request proof of address.

2. Is there a fee to transfer Verizon account ownership?

Verizon doesn’t typically charge a direct fee for transferring ownership of an account. However, the new owner might be subject to a credit check fee or activation fees if they’re adding new lines or devices.

3. How long does it take to transfer Verizon account ownership?

The transfer process typically takes 3-10 business days, depending on the completeness of the application and Verizon’s processing times. Ensure all information is accurate to avoid delays.

4. Can I transfer Verizon account ownership online?

Yes, Verizon usually allows you to download and submit the TOS form online. Check the Verizon website for the most up-to-date instructions and submission portals.

5. What happens to my existing Verizon contract when I transfer ownership?

The existing contract typically transfers to the new owner. They inherit the remaining term and obligations of the contract. Be sure the new owner is aware of this!

6. What happens to my device payment plan when I transfer ownership?

Similar to the contract, the device payment plan also typically transfers to the new owner. They become responsible for making the remaining payments on the device.

7. Can I transfer Verizon account ownership if I have an outstanding balance?

No, Verizon requires all outstanding balances to be paid in full before they will process the transfer of ownership. Clear the debt first!

8. What if the new account owner doesn’t pass the credit check?

If the new account owner fails the credit check, they may be required to pay a deposit or be denied the transfer of ownership. Another option is to have a co-signer on the account.

9. What happens to my Verizon email address when I transfer ownership?

This depends on the specific agreement during the transfer process. You can choose to transfer the email address along with the account, or you can have Verizon create a new email address for the new owner. Clarify this on the TOS form.

10. Can I transfer Verizon account ownership to someone in another state?

Generally, yes, you can transfer ownership to someone in another state. However, service availability and plan options may vary depending on the location. Confirm with Verizon that the desired services are available in the new owner’s area.

11. What if the current account holder is deceased?

In the event of the current account holder’s death, the process is more complex. You’ll need to provide Verizon with a death certificate and documentation establishing the legal authority of the executor or administrator of the estate to manage the account. Verizon will then guide you through the necessary steps to either close the account or transfer ownership to a designated beneficiary.

12. How do I cancel the transfer of Verizon account ownership after submitting the form?

If you change your mind after submitting the TOS form, contact Verizon customer service immediately. They may be able to cancel the transfer, but this depends on how far along the process is. Both the transferor and transferee will likely need to confirm the cancellation request.

By understanding these steps and considerations, you can navigate the Verizon account transfer process with confidence and avoid potential pitfalls. Remember, clear communication and thorough documentation are key to a smooth transfer!