Navigating the world of mobile contracts can be a confusing experience, particularly when it comes to understanding the costs involved in canceling your Verizon Wireless contract. Whether you are looking to upgrade to a new phone, switch to another service provider, or simply want to explore other options, it’s essential to be informed about the potential fees and implications. This article delves deep into the key factors that determine how much it will cost you to cancel your Verizon Wireless contract and offers insights to help you make the best decision.
Understanding Verizon Wireless Contracts
Before diving into the cancellation process and costs, it’s important to understand the fundamentals of Verizon Wireless contracts. Generally, Verizon offers two primary types of plans: postpaid plans and prepaid plans.
Postpaid Plans
With a postpaid plan, you receive a bill at the end of each month based on your usage. These plans usually come with a 24 to 36-month contract, especially if you purchase a new phone at a subsidized price.
Prepaid Plans
In contrast, prepaid customers pay for their service in advance, allowing for greater flexibility and no long-term contracts. This means canceling a prepaid plan is generally straightforward and doesn’t incur cancellation fees.
Costs Associated with Canceling Your Verizon Wireless Contract
To determine how much it will cost you to cancel your Verizon Wireless contract, several factors come into play, including the type of plan you have, how long you’ve been using it, and any applicable fees.
Early Termination Fees (ETF)
One of the most significant considerations when canceling a postpaid Verizon Wireless contract is the Early Termination Fee (ETF). This fee is designed to recoup the costs associated with providing you a subsidized phone.
| Contract Length | Early Termination Fee |
|---|---|
| Less than 6 months | $350 |
| 6-12 months | $300 |
| 12-18 months | $150 |
| 18-24 months | $60 |
| 24 months or more | $0 |
As shown in the table, the ETF decreases the longer you maintain the contract. If you’re planning to cancel early, it’s important to calculate how much of the fee you’ll still owe based on your contract duration.
Account Credits and Device Payments
If your Verizon account features device payment plans, you’ll need to pay off any remaining balance on your device before you can successfully cancel your service. This balance is typically outlined in your monthly bill, and the final amount may vary depending on how long you’ve owned the device.
Example of Device Payment Calculation
Let’s say you bought a smartphone for $800 with a payment plan that spreads the cost over 24 months. If you’ve completed 12 months, you would still owe $400 ($800 total – $400 paid). This amount needs to be paid along with any ETF if you decide to cancel your service early.
Other Fees to Consider
In addition to the ETF and remaining device payments, be aware of any other fees that could arise when canceling your Verizon Wireless contract.
Taxes and Adjustments
Upon cancellation, any outstanding taxes, fees, or adjustments from your final bill will also be charged. It’s crucial to ensure that your last payment covers these charges to avoid future complications.
Equipment Return Fees
If you have rented or leased devices (like home internet routers) from Verizon, returning these items in good condition is essential to avoid additional charges. Failure to return leased equipment can result in hefty charges added to your final bill.
Steps to Cancel Your Verizon Wireless Contract
To ensure a smooth cancellation process, follow these step-by-step instructions:
Step 1: Review Your Contract
Before making any decisions, take the time to review your contract. Look through the terms and conditions, especially focusing on the Early Termination Fee and any stipulations about canceling the contract.
Step 2: Calculate Total Costs
Using the information from the previous sections, calculate your total costs. This should include the ETF, remaining device payments, taxes, and any potential equipment return fees.
Step 3: Contact Customer Support
Once you have all your information, reach out to Verizon Wireless customer support. You can do this via phone, chat, or in-person at a Verizon store. Be prepared to share your account information and ask specific questions about the cancellation process and associated fees.
Step 4: Prepare for Device Return
If applicable, ensure that any devices that need to be returned are packed and prepared according to Verizon’s guidelines. Keep the return tracking number as a proof of return.
Step 5: Confirm the Cancellation
After submitting your cancellation request, request confirmation via email or text. This will serve as your record that the cancellation has been processed and will protect you from unexpected charges in the future.
Exploring Alternatives to Cancellation
If you’re hesitant about the costs involved in canceling your Verizon Wireless contract, consider these alternatives that might allow you to keep your service while still making necessary adjustments.
Upgrading Your Plan
If you’re feeling dissatisfied with your current plan, you may explore upgrading to a different plan that better fits your usage needs without incurring termination fees.
Switching to a Prepaid Plan
Verizon Wireless also offers prepaid plans that come with lower costs and no long-term commitments. This option allows you to switch to a plan that suits your needs without the hassle of canceling entirely.
Transferring Your Contract
Consider transferring your contract to another person who may want to take over your plan. This option could eliminate early termination fees while giving you a way out of your existing contract.
Conclusion
Canceling your Verizon Wireless contract can be a significant decision with various costs and implications. Understanding the Early Termination Fees, potential device payments, and other factors involved can equip you with the knowledge needed to navigate this process smoothly. By calculating your costs upfront and exploring alternatives before making a decision, you’ll be better positioned to choose the best path forward, whether that’s to cancel, switch plans, or even transfer your contract to a new user. Always remember to keep documentation of your transactions and communications with Verizon, so you are protected should any issues arise during the cancellation process.
What fees are associated with canceling my Verizon Wireless contract?
The fees for canceling your Verizon Wireless contract primarily depend on the type of plan you have and how long you’ve been under contract. Verizon typically charges an Early Termination Fee (ETF), which can range from $350 to $50, decreasing over the duration of your contract. If you cancel close to the end of your contract, this fee will be lower, but if you haven’t been with them long, you’ll likely incur a higher charge.
In addition to the ETF, customers might also have to pay any outstanding balance on their device payments or any equipment fees if applicable. Furthermore, unused or prorated service fees may also apply. It’s essential to review your contract details for specific amounts or charges you may face, as they can vary based on your service usage and payment history.
Can I avoid paying the Early Termination Fee?
Yes, there are a few strategies to avoid paying the Early Termination Fee when canceling your Verizon Wireless contract. One option is to transfer your contract to another person. Verizon allows you to transfer your service to someone else, effectively relieving you of any contractual obligations. It’s a straightforward process, but both parties must meet Verizon’s eligibility requirements.
Another potential way to avoid the ETF is to negotiate with Verizon’s customer service or explore their promotions. If you express intent to cancel, they may offer discounts or credits that could offset the fees. Keep in mind that maintaining a good standing with payments and being a loyal customer improves your chances for negotiation.
How do I calculate the Early Termination Fee?
To calculate your Early Termination Fee (ETF) with Verizon, you should start by reviewing your contract, which will outline the ETF and how it decreases over time. Generally, the ETF decreases by a certain amount for each month you remain in your contract after the initial period. For example, if the ETF starts at $350 and you have completed six months, the fee could be approximately $175, depending on the terms specified.
You can also contact Verizon customer service to get a precise calculation. They can assist in determining the exact fee based on your remaining contract duration. It is advisable to get this information before proceeding with cancellation, as it ensures there are no unexpected fees when you make the decision.
What happens to my phone if I cancel my Verizon contract?
If you cancel your Verizon Wireless contract, the fate of your phone largely depends on whether you own it or are still making payments on it. If you are leasing or have a payment plan for the device, you will likely need to pay off the remaining balance on the phone. Failure to do so could result in additional fees or penalties.
If you own the device outright, you are free to keep it after canceling your contract. You can continue to use it with another carrier or sell it if you choose. Ensure you unlock the phone if you plan to switch carriers; this usually requires contacting Verizon for them to process the unlocking.
Is there a cooling-off period for contract cancellation?
Verizon Wireless does not provide a mandatory cooling-off period for contract cancellation. Once you sign your service agreement, you’re generally bound to its terms until you fulfill the contract or pay any associated fees. However, Verizon does have a 14-day return policy for devices, which allows you to return a device if you are dissatisfied.
If you decide within the initial 14 days of your contract to cancel and return your device, you may avoid the ETF. Just ensure you follow the return instructions carefully to not incur any additional charges. After this period, you will need to navigate the cancellation process and be prepared for the implications associated with early termination.
How can I cancel my Verizon Wireless contract?
To cancel your Verizon Wireless contract, you can do so by contacting customer service via phone or visiting a retail store. It’s advisable to call customer service as they can walk you through the process and provide personalized assistance. You will need to verify your identity and account details before they can proceed with the cancellation.
When canceling, ensure you inquire about your final bill and any fees you may owe. It’s also wise to ask for confirmation of the cancellation in writing, which acts as proof that you have terminated the service. This documentation can be beneficial should any issues arise later regarding final payments or service reinstatement.
Will I lose my phone number if I cancel my contract?
You can retain your phone number after canceling your Verizon Wireless contract by porting it to a new carrier before you officially cancel. Porting your number is a straightforward process: you’ll need to provide your new carrier with your Verizon account information, and they will handle the transition for you.
It’s important to note that you should not cancel your Verizon service until after your number has been successfully ported. Canceling before porting may result in losing the number permanently. Therefore, make sure to follow the porting process carefully to keep your phone number linked to your new provider.
Are there alternatives to canceling my Verizon Wireless contract?
If you’re considering canceling your Verizon Wireless contract, there are several alternatives that might better suit your needs. One option is to switch to a cheaper plan within Verizon that fits your budget. Verizon frequently updates their offerings, and you might find a plan that maintains your service while also reducing your monthly bills.
Another alternative is to take advantage of Verizon’s network without a long-term commitment by opting for their prepaid services. These plans provide flexibility and allow you to pay for your service month-to-month without being locked into a contract, potentially offering a more budget-friendly solution while retaining the ability to use Verizon’s network.