Is there a penalty for Cancelling Verizon?
Can I Cancel Verizon and How Much Will it Cost Me if I Do?
Among the main telecommunication businesses in the US offering mobile phone plans, internet access, and TV subscriptions for its customers is Verizon. If you now use Verizon Internet services, you might be wondering if there would be any fees involved with closing your account before completing the term. This blog article will discuss Verizon's cancellation rules as well as whether or not you would be liable for a penalty should you choose to stop the Verizon service.
Penalties for Wireless Plan Cancellation
Should you cancel your Verizon wireless service before the required period, you will be charged an ETF if you have to activate it under a two-year contract. Every contract cycle, Verizon's ETF scales down $10 per month and runs from $350.
Therefore, the ETF would be $200 if the subscriber breaks the contract after the ninth month of a two-year term. If you elect to cancel two lines, you will be charged the ETF for each line you cancel as the ETF is charged line-wise.
It is also crucial to underline, however, that Verizon has dropped contract responsibilities for recent customers in the last several years. There are no costs you would have to pay if you have a 30-day no no-commitment contract monthly wireless plan and you may even cancel any time you so wish. If you signed a two-year contract initially, however, the early termination charge schedule would still apply should you choose to terminate early.
Canceling FIOS Internet or TV
Like its wireless services, Verizon used to offer annual contracts for its home internet (FIOS) and TV subscription services. For one of those services, if you decided to cancel before serving out your contract period, Verizon used to charge ETFs in the range of a few hundred dollars.
However, Verizon seems to have eliminated most service contracts with FIOS Internet and TV customers. This, however, appears to be the case with a few promotional offers that need the client to agree to a particular contract term to access the cheaper rates for service provision for that agreed term. So just ensure that if you have subscribed for any of the temporary plans like promotional offers, you need to cross-check your agreement details.
Apart from such types of conditional discounts which would mean early repayment of the discounted amount, I do not believe that there are any serious penalties or ETFs for cancelling your FIOS internet or TV service early. You will just have to return any rented equipment such as routers or set-top boxes to avert extra charges.
Ways To Reduce Cancellation Charges
If you do still fall under previous Verizon contract requirements for your wireless, FIOS, or TV subscription services, then here are a few options to consider that can help minimize cancellation fees.
Get out of your contract. If possible, it is advisable to remain a Verizon customer until the terms of your contract are over. This prevents one from incurring any early termination fees which are often messy.
Negotiate with customer service. You may also try to negotiate with Verizon to decrease or even remove ETFs in some situations, particularly if you are a loyal client of the company. All is not lost – one can simply dial their customer service number and humbly inquire if they have any promotions or discounts that can at least lessen the cancellation fees.
If you have a tablet or other additional devices, try changing the carrier first. If there are many devices connected to a Verizon wireless subscriber account, one might be able to mitigate ETFs by keeping the primary smartphone line active while canceling any additional tablets, hotspots, smartwatches, etc.
Then, the customer should pay the total amount of the remaining bill. At this, you might find it as the most cost-liable option but you have the full rights to pay the remaining balance of your Verizon contract in case of early termination or cancellation of the contract including the owed device payment plans and early termination fees if any. This cancels out the balance that you owe Verizon immediately.
The Bottom Line
Verizon does not insist on long service contacts for most of its services as it used to some time back. However, if you did agree to an annual or multi-year contract when signing up initially, be aware you could still owe ETFs for canceling wireless, FIOS, or TV services early. Your last course of action is to call Verizon customer support directly and inquire if there are specific charges depending on your subscription type or if you have an existing contract before moving forward with the cancellation process.
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