Canceling your Verizon Wireless plan can feel like a daunting task, especially if you’re contemplating ending a long-term relationship with your mobile provider. From cancellation fees to device payments, understanding the financial implications is crucial to ensuring you make an informed decision. In this comprehensive guide, we will delve into the various costs associated with canceling your Verizon Wireless service, helping you strategize your next steps whether you’re switching providers or simply want to take a break.
Understanding Your Verizon Wireless Plan
Before embarking on the journey of cancellation, it’s essential to know what type of plan you have. Verizon offers a range of plans that can significantly affect the total cost of canceling your service. Here are the primary types of plans:
Postpaid Plans
Most customers use postpaid plans, where you pay for services after usage. These plans generally come with contract obligations, meaning they are more likely to incur early termination fees (ETFs) if you cancel before the term is completed.
Prepaid Plans
On the other hand, prepaid plans allow you to pay for your service in advance without the long-term contracts. These plans are typically more flexible, and while they won’t have ETF penalties, there may be other costs involved.
Termination Fees and Early Cancellation Costs
One of the most pressing questions when considering cancellation revolves around the financial consequences, specifically the early termination fee (ETF).
What is an Early Termination Fee?
An ETF is a fee charged by carriers like Verizon when a customer cancels their contract early. This fee is put in place to recoup the costs associated with subsidizing devices or adding services to your plan.
Calculating the Cost of ETF
The ETF amount can vary depending on how long you have held your plan. Generally, the fee decreases over time as you fulfill more of your contract. Here’s a breakdown of what that might look like:
- 0–6 months: Up to $350
- 6–12 months: $300
- 12–16 months: $200
- 16–20 months: $100
- 20 months and beyond: No ETF
Note: The exact figures may vary depending on your specific plan and any promotions that may have been applied.
Device Payments and Financing
Another essential aspect to consider when canceling your service is whether you have any outstanding device payments or financing agreements.
What Happens to Your Device Payments?
If you’ve purchased a device through Verizon on a monthly payment plan, you are generally responsible for paying off the remaining balance upon cancellation. Here’s what you can expect based on the type of device:
| Device Type | Average Cost Remaining | Payment Deadline |
|---|---|---|
| Smartphones | $25 – $40/month | Until the device is fully paid off |
| Tablets | $10 – $30/month | Until the device is fully paid off |
To find out your specific remaining balance, you may want to log into your Verizon account or contact customer service directly.
Account and Bill Settling
In addition to the ETF and device payments, you need to be mindful of finalizing your bill before canceling your account.
Final Bill Procedures
When you decide to cancel your Verizon service, your final bill will include:
- Any outstanding fees or charges from the month of cancellation
- Prorated service charges depending on when you cancel within your billing cycle
Ensure all fees are reviewed and clarified to avoid any surprises.
What About Promotions and Discounts?
If you initially signed up for your plan with a promotion (like discounted device pricing or monthly service fees), canceling your service early can lead to prorating of these discounts. Therefore, you should consider any potential reductions in your final bill that may apply.
Steps to Cancel Your Verizon Wireless Service
Understanding how to cancel your service is equally important as knowing the costs. Here are the steps you’ll need to follow:
Step 1: Review Your Agreement
Before canceling, revisit your agreement and note any terms related to cancellation, ETFs, and device payments. This foresight can save you from unexpected costs.
Step 2: Settle Any Financial Obligations
Be prepared to address any outstanding payments, bills, or fees that may be on your account.
Step 3: Back-Up Your Data
Don’t forget to back up your data. Whether it’s messages, contacts, or media, ensure everything is saved before you lose access.
Step 4: Contact Customer Service
You can cancel your Verizon plan anytime through the website or by calling customer support. Having your account details ready will help expedite the process.
Step 5: Return Your Devices
If you have devices on lease or financing plans, you may need to return them to avoid additional fees. Check with Verizon on the specific return policy.
Exploring Alternatives to Canceling
If the thought of canceling your Verizon Wireless plan seems overwhelming, consider some alternatives that may allow you to keep your service while reducing your costs.
Downgrading Your Plan
Instead of canceling, you might explore the option of downgrading to a less expensive plan. This could provide financial relief without losing your number or service.
Switching to Prepaid
Verizon also offers prepaid plans that do not require a long-term commitment. Switching may provide the flexibility you need without cancellation fees.
Conclusion
Deciding to cancel your Verizon Wireless service involves understanding various financial aspects—most notably early termination fees, remaining device payments, and final bill obligations. By thoroughly evaluating your agreement, planning for any outstanding obligations, and considering alternative solutions, you can ensure a smoother transition.
It’s always wise to keep in mind that canceling your service might not be the only avenue to explore. Whether you choose to downgrade your plan or seek alternatives, make informed decisions that fit your personal or financial situation. By doing so, you can break free from your current plan without incurring hefty costs that could weigh you down.
What are the fees involved in canceling a Verizon Wireless plan?
The fees for canceling a Verizon Wireless plan can vary based on the type of plan you have. If you are on a contract, you may have to pay an early termination fee (ETF) that can range from $0 to $350, depending on how long you have been with the service. If you are in the middle of a promotional period, you could also lose any promotional discounts, which might add to your overall costs.
In addition to the ETF, there may also be additional charges for the remaining balance on your device if you are on a payment plan. If you cancel your plan before the end of the billing cycle, you may still be responsible for the full month’s charges, meaning you could face multiple fees when canceling your service.
Can I switch to a prepaid plan instead of canceling my service?
Yes, you can switch to a prepaid plan with Verizon Wireless instead of canceling your service altogether. This option allows you to retain your phone number and continue using Verizon’s network without the commitments associated with a postpaid plan. Prepaid plans generally do not have long-term contracts, which means you won’t incur early termination fees.
When making the switch, you should ensure that your current phone is compatible with the prepaid plan you are considering. You may also want to review the available prepaid options and pricing to find a plan that suits your usage needs and budget. Once switched, your monthly costs may become more manageable without losing service quality.
What happens to my phone number when I cancel my Verizon plan?
When you cancel your Verizon Wireless plan, you will typically lose your phone number associated with that account. However, if you plan to switch to another carrier or enroll in a prepaid plan, you can request to port your number to the new carrier, which allows you to keep it. It’s important to initiate the porting process before canceling your service to ensure there are no interruptions.
Make sure to check with your new carrier about their specific porting process and any requirements you may need to fulfill. As long as your account with Verizon remains active during the porting process, you should be able to retain your phone number and avoid losing it due to cancellation.
Is there a way to avoid early termination fees?
There are several strategies to potentially avoid early termination fees (ETFs) when canceling your Verizon Wireless plan. One option is to wait until your contract is nearing its end or you have no remaining obligations to cancel. Additionally, if you are experiencing service issues, you may have grounds for terminating your contract without incurring fees, depending on the circumstances.
Another way to avoid ETFs is to switch to a different plan within Verizon that doesn’t have a contract, such as a month-to-month or prepaid plan. You can also inquire if Verizon offers any promotions where they might waive the early termination fee, especially if you are upgrading to a newer device or service.
How do I formally cancel my Verizon Wireless plan?
To formally cancel your Verizon Wireless plan, you need to contact Verizon’s customer service via phone, chat, or in person at a Verizon store. It’s advisable to gather your account information and any relevant details beforehand for a smoother cancellation process. During the call or chat, clearly state your intention to cancel your plan and follow the representative’s instructions to authenticate your account.
Once your cancellation has been processed, ensure that you receive confirmation in writing or via email. This documentation will be important for keeping track of any subsequent charges or to confirm that your service has been officially terminated.
What should I do with my Verizon device after cancellation?
After canceling your Verizon Wireless plan, you have a few options regarding your device. If your device is still under a payment plan, it’s crucial to pay off the remaining balance to avoid any negative implications on your credit. If you own the device outright, you can keep it for future use, sell it, or explore trade-in options with other carriers.
Additionally, if you plan to switch to another carrier, ensure that your device is unlocked if required. This enables you to use your existing device on different networks. If you decide to recycle or dispose of the device, consider checking with Verizon for any recycling programs they might offer to reduce electronic waste responsibly.