How much does it cost to cancel service with Verizon?
Cutting off your cell phone or internet connection from Verizon may prove to be challenging, particularly if you are concerned with early termination fees. This past week or so, I went through the process of disconnecting my Verizon service, and I managed to get quite a good idea regarding the possible expenses that may be incurred. Here is what you should know if you are planning to cancel Verizon services.
Verizon Early Termination Fees
If you terminate your Verizon wireless service before the agreed time of service, you will have to pay an early termination fee. For newer plans, this is usually $350 per smartphone or device that is under a contract. In the case of older plans, it might go up to $480 per device.
So if you have multiple phones or devices on your plan and decide to cancel, those ETFs can add up. Just be aware of that before deciding to pull the plug. Verizon will apply the total amount of the ETFs that you need to pay directly on the final bill.
Phone fees for the poor: No longer subsidized
Earlier this year, Verizon and other carriers routinely provided customers with cheaper ‘subsidized’ phones in exchange for a two-year service contract. You would spend $200 and receive the latest iPhone though the phone would cost Apple $600 or even more. However, you were forced to commit to two years of service or pay more than $200 to get out of it.
Now Verizon does not sell mobile phones with a subsidy option on condition of signing a contract. However, the only available options are either to pay monthly for your device on a lease basis or to buy the device at full cost. This makes it easy to drop Verizon in case you wish to and not have to pay for termination fees. Provided you fully repay the device first or pay the remaining balance in the bill.
Customers may be required to clear the remaining balance on a device on the final bill.
Talking of leases and payment options, it is important to note that although you may have a lease plan with Verizon and you are paying monthly installments for your phone if you cancel the service, the balance of the phone is due and payable in full. Verizon will add this amount to your total bill that you receive at the end of the billing cycle.
For instance, if you opt out after paying $30 for a device for 15 months on a $720 phone, then your Verizon bill will state the $150 that you owe on that device. Thus, when you decide to cancel, expect an additional fee apart from the regular monthly service fees. You do not want any unpaid balance to be taken to credit collectors!
A major policy that the company has established is the Return Policy for Leased Phones.
If you leased your phone from Verizon, it means that whenever you are canceling, you need to return that particular device within one month, or else you will be charged. The fine print of lease agreements varies, however, the general rule is that the phone should be returned without any damages and in proper working condition so as not to attract extra charges.
In addition, I always capture some photos of the leased phone before returning it in case some issues arise about its condition later. When posting the equipment back to Verizon, print the return shipping label from your Verizon My Account online so that you are not charged for the service, and ensure that the package is insured just in case it gets lost on its way back to Verizon. Do not discard the tracking number though, in case you would like to confirm the delivery.
Importantly, It Is The Timing Of Your Cancellation
What you’ll owe will depend on when in the billing cycle you decide to cancel your cellular or Fios internet service.
For instance, if you choose to cancel your service in the middle of a billing period, they are free to charge you more extra service charges for the rest of the period of that cycle in addition to the ETFs or device fees.
To reduce this, it is advised to wait until the end of the billing cycle before making a deactivation request. That way your final bill only includes the service you used. This is much more reasonable because it means you only pay for the services you use. It does not make much sense to pay extra dollars for days or weeks for Verizon-connected usage if one can time it right.
Look at Your Most Recent Bills for Other Charges
While preparing to cancel your Verizon account, check your previous bills for any other charges or fees that are due on cancellation. Depending on your services, this could include.
- Charges for renting equipment such as routers or hotspot boosters. These may need to be returned within 30 days of cancellation.
- Early termination fees for other bundled products or services that come with the contract, for instance, Verizon Fios TV service or device insurance plans. Read the fine print.
- Fees associated with other subscription services, such as fees for Verizon add-ons like a cloud storage plan or a streaming service. These recurring fees will cease as soon as you terminate your general account.
The account deposits may be refunded after 3 months and the balance, if it exists, will be returned to the customer.
If you made a security deposit when signing up for Verizon services, you can ask for this deposit back within 30 days of canceling the service registration, usually after three months of cancelation. However, remember that Verizon might use the deposit amount to pay the remaining charges on the last statement before giving any refund. Funds are normally refunded in the form through which they were paid, so through credit card if that is how they were made.
In the process of closing accounts, it is not out of place to make some mistakes or errors.
When it comes to closing an account, there are so many things that need to be done that errors occur sometimes.
To be protected, record all the aspects related to service cancellation, including dates/times of the conversation, names of Verizon reps, emails, and return shipping receipts, as well as final bill charges.
Also, understand that you can report grievances to government regulatory bodies if Verizon mismanages certain aspects of the account closure or the final billing. Just hold them accountable!
The Bottom Line
Generally, canceling your Verizon wireless service, Fios plan, or any bundled package is certain to require some thought. Knowing about possible early termination fees, the final bill costs, the policy on device returns, and other closing charges will ensure that the transition is smoother and possibly cheaper as well.
Relentlessly, pay attention to charges on your final statement, and never hesitate to ask Verizon reps clarifying questions about timelines and fees if you are still in doubt. Though it takes time and effort to close a Verizon account, you should at least be conversant with what to expect concerning termination charges.
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