Demystifying Verizon Cancellation Fees: A Comprehensive Guide

So, you’re thinking of parting ways with Verizon? Whether you’ve found a better deal, are moving out of their service area, or simply need a change, understanding the cancellation fees is crucial. Let’s cut straight to the chase: Verizon no longer charges early termination fees (ETFs) for its wireless service plans. However, don’t breathe a sigh of relief just yet – other costs might still apply. Let’s delve into the nuances.

The End of Early Termination Fees (ETFs) for Wireless

The good news is that Verizon, like most major carriers, has ditched the dreaded early termination fees for its wireless plans. This shift occurred several years ago, aligning with industry trends and consumer demands for greater flexibility. This means if you’re canceling a wireless plan, you won’t be slapped with a hefty ETF simply for ending your contract early.

But Wait, There’s More: Understanding Potential Costs

While early termination fees are gone, other potential costs can arise when cancelling Verizon service. It’s essential to be aware of these to avoid unpleasant surprises on your final bill:

Remaining Device Payments

This is often the biggest potential cost. If you financed your phone or other device through Verizon, you’ll still be responsible for paying off the remaining balance. This applies regardless of whether you cancel your service or not. Think of it as a loan you took out for your device, separate from your service agreement. The remaining balance will be due immediately upon cancellation.

Unpaid Balances

Any outstanding charges on your account, such as monthly service fees, overage charges, or activation fees, will need to be settled before your cancellation is finalized. Review your recent bills carefully to identify any pending payments.

Promotional Credits and Discounts

This is where things can get tricky. Many Verizon plans and device purchases come with promotional credits or discounts, often spread out over a period of months (typically 24 or 36 months). If you cancel your service before the promotional period ends, you may forfeit any remaining credits. This can significantly increase the final cost of cancellation, so carefully review the terms and conditions of any promotions you’re currently receiving.

Return of Equipment (For Fios and Home Internet)

If you have Verizon Fios or home internet, you might need to return specific equipment, such as routers, set-top boxes, or modems. Failing to return this equipment within the specified timeframe will result in charges for the unreturned equipment. Verizon usually provides a prepaid shipping label for returning the equipment.

Porting Your Number

While not directly a cancellation fee, porting your number to another carrier effectively cancels your Verizon service. Ensure your account is in good standing and that you have the correct account number and PIN to avoid any delays or complications in the porting process.

Navigating the Cancellation Process

Cancelling your Verizon service can be done in several ways:

• Online: You may be able to cancel your service through your online Verizon account.
• By Phone: Call Verizon customer service at (800) 922-0204. Be prepared to answer questions about your account and provide a reason for cancellation.
• In Person: Visit a Verizon store. This is a good option if you have specific questions or concerns you want to discuss face-to-face.

Regardless of the method you choose, make sure to obtain a confirmation of your cancellation request, including the date and time of cancellation. This will serve as proof if any discrepancies arise later.

Frequently Asked Questions (FAQs) About Verizon Cancellation Fees

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

1. Will I be charged an early termination fee if I cancel my Verizon wireless plan?

No, Verizon no longer charges early termination fees for its wireless service plans. You will, however, be responsible for any remaining balance on financed devices, unpaid account balances, and potential forfeiture of promotional credits.

2. How do I find out how much I owe on my device if I cancel my Verizon service?

You can check your device payment balance in several ways:

• Online: Log into your Verizon account and navigate to the “Devices” or “Billing” section.
• Verizon App: Open the Verizon app on your smartphone and check your account details.
• Call Customer Service: Call Verizon customer service at (800) 922-0204 and ask a representative to provide you with your device payment balance.

3. What happens to my promotional credits if I cancel my Verizon service before the promotion period ends?

In most cases, you will forfeit any remaining promotional credits if you cancel your service before the promotional period ends. Always review the terms and conditions of the promotion carefully before cancelling.

4. How do I return my Verizon Fios or home internet equipment?

Verizon typically provides a prepaid shipping label for returning equipment. You can also drop off the equipment at a designated Verizon store or shipping location. Contact Verizon customer service for specific instructions.

5. What happens if I don’t return my Verizon Fios or home internet equipment?

If you fail to return the required equipment within the specified timeframe, Verizon will charge you for the replacement cost of the equipment. These charges can be substantial, so it’s crucial to return the equipment promptly.

6. Can I avoid paying off my device if I cancel my Verizon service?

No. The device payment plan is separate from your service agreement. Cancelling your service does not absolve you of your responsibility to pay off the remaining balance on your device.

7. How do I port my number to another carrier when canceling my Verizon service?

To port your number, you’ll need to provide your new carrier with your Verizon account number and PIN. It’s also essential to keep your Verizon account active until the porting process is complete. Contact your new carrier for specific instructions.

8. Will my Verizon service be automatically cancelled when I port my number to another carrier?

Yes, once the porting process is complete, your Verizon service will be automatically cancelled. Ensure your account is in good standing to avoid any complications during the porting process.

9. How long does it take for Verizon to cancel my service after I request cancellation?

The cancellation process is usually immediate. If you are porting a number the process is usually completed within 24-48 hours. However, it’s always a good idea to confirm the exact cancellation date with Verizon customer service.

10. Can I cancel my Verizon service online?

Yes, you may be able to cancel your service through your online Verizon account. Log in and navigate to the “Account” or “Service” section to find the cancellation options.

11. What if I’m moving to an area where Verizon doesn’t offer service?

Even if you’re moving to an area where Verizon doesn’t offer service, you’ll still be responsible for any outstanding device payments or unpaid account balances.

12. Is it better to suspend my Verizon service instead of canceling it?

Suspending your Verizon service is an option if you plan to return to using Verizon in the future. However, you may still be responsible for certain charges while your service is suspended, and suspending your service will not stop the device payments. Compare the costs of suspension versus cancellation before making a decision.

Final Thoughts: Knowledge is Power

Cancelling any service can be a complex process, and Verizon is no exception. By understanding the potential costs and following the steps outlined above, you can minimize surprises and ensure a smooth transition. Remember to carefully review your account details, understand your contractual obligations, and confirm your cancellation request with Verizon. Doing your homework will ultimately save you time, money, and frustration. Good luck!