How much is the Verizon termination fee?
What is Verizon's Early Termination Fee?
You run a great risk of being penalized for the early cancellation fee if you enrolled in any of the Verizon service plans and decided you would like to cancel before the contracted period. Verizon charges this cost to customers who stop their service before the contracted term runs. What should you so be aware of and what is Verizon's termination fee? Let's focus on it now.
The Verizon Termination Fee is the amount of money the company charges a customer upon termination of service.
The Verizon termination charge is what Verizon Wireless requests from its clients should they choose to end the contract before the required duration. Designed to assist the carriers recoup their expenditures of providing your mobile phone service at a concessional rate on account of your signing a yearly, bi-annual, or any other long-term service contract, it is an early cancellation penalty.
Several alternative titles are used to describe the termination price: Verizon early termination fee, Verizon ETF, Verizon cancellation fee, or Verizon disconnect fee. Whatever its name, however, it serves to let Verizon revoke subsidies on mobile phones and other promotional incentives should you not complete your agreed term of service.
How Much is the Verizon Termination Fee?
The Verizon termination fee amount depends primarily on when you cancel and what type of device you have.
- It is $175 for the basic phones on the 1-year contract.
- For smartphones and basic phones under a 2-year contract, the fee begins at $350 and is reduced by $10 each month that the client remains under contract.
- For the tablets and Jetpacks with 2 years of contract, the ETF is $175 and scales down by $5 per month.
- For other smartwatches and GizmoWatch devices, the fee is $95 and is reduced by $5 every month.
So for example:
- If you cancel a smartphone after 6 months, you would pay $305 which is a full price of $350 but reduced by 6 x $10.
- If you cancel a Jetpack mobile hotspot after 18 months, you are charged $55 (as the $175 charged at the start is reduced by $5 for every month).
The early termination fees for business accounts may be different from those for installment billing plans, so refer to your account statement. However, the basic idea common to all the tariffs is that the longer you commit to your contract before cancellation, the lesser the ETF amount.
When will the Termination Fee be due?
Verizon’s termination clause applies any time you terminate covered service before the last month of the 1-year or 2-year contract. Therefore, if you subscribed to the service for 24 months, no termination penalty will be charged if you have paid for 23 months.
Upgrading a device normally sets a new term that would require one to complete the new 1-year or 2-year contract period before cancellation to meet ETFs.
The termination fee also applies if Verizon cancels your service early for nonpayment or other contract violations – so not only for the voluntary cancellation of the service by you.
The following are some of the ways how to avoid the termination fee Some of the guidelines to follow when avoiding the termination fee include:
If you're considering canceling Verizon before your contract is up, there are a few potential ways to avoid the early termination fee.
1. Pay your dues – The most straightforward way of avoiding termination fees is to stay subscribed to the service until your contract term expires, and you only pay your monthly bills. But as long as you understand how long you are going to be doing this – the end date – then it is possible.
2. Join the military – Active military personnel who present the proper paperwork may cancel agreements without consequence.
3. File a contract dispute - In some instances, you might have valid reasons to challenge the Verizon contract terms hence opting for cancellation without incurring any charges.
4. Wait for an ETF waiver period – Verizon occasionally offers special promotional windows where customers can switch without termination charges. These waivers are few and far between but perfect timing if you were going to cancel anyway.
5. Unlock/ port your phone – After 60 days of using Verizon, one is free to unlock their phone and use it on other networks. This way you remain connected (no disconnect fees) but you are allowed to port your number and essentially transfer service to another carrier (port your number and transfer service with a ‘new’ penalty).
The Early Termination Fee and You
If you are thinking about Verizon Wireless then you should also know that under the early termination clause, you are required to fulfill the annual or multi-annual contract or else you will have to pay a termination fee. So know what you’re getting into on the front end.
However, to maintain a contract commitment, or to time a promotion, as we see at Coca-Cola, the Termination fees to be avoided are costly should a company decide to break the contract unexpectedly. The progressive decrease in penalties encourages you to stay longer in service, and the flexibility of moving out at lower rates if necessary before your stint is up.
In short, the Verizon termination fee is in place to protect the first discounts and subsidies Verizon gives to you based on your signature. It is ideal to attend the meeting as planned, but if one has to cancel, one should know that the cancellation penalties reduce over time.
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