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2 Year Contract closure

LOGAN5686

Hi All,

I'm thinking of to close the 2 year contract with Verizon wireless & move to AT&T. Just did a math & shocked to see it. So far I have paid about 720$ for line access cost for about 18 months & its more than 200$ on the device cost. Verizon denied my upgrade request with Verizon Edge program. How much would be the contract closure charge?? My Contract ends by Feb 2017.

Accepted answers

tikibar1

From the Customer Agreement:

Customer Agreement | Verizon Wireless

If you cancel a line of Service, or if we cancel it for good cause, during its contract term, you'll have to pay an early termination fee. If your contract term results from your purchase of an advanced device on or after November 14, 2014, your early termination fee will be $350, which will decline by $10 per month upon completion of months 7–17, by $20 per month upon completion of months 18–22, and by $60 upon completion of month 23 and will be $0 upon completion of your contract term.

All comments

pherson

Why are you shocked? Anyway the cost of the $350 early termination goes down ten dollars every month. So after 18 months - 350-180. And there you have it. Customer service will be able to give you the exact amount this is info I provided based on what you wrote.

GZRX

I don't have the details at hand but the etf schedule was modified for contracts initiated on or after Nov 14, 2014. The etf payment schedule now is more heavily weighted towards the end of the contract. Bottom line, it is now a more expensive event.

tikibar1

From the Customer Agreement:

Customer Agreement | Verizon Wireless

pherson

SO I was off by 1 month lol. Which is why I advised them to call lol

pherson

well more than a month

Momma23dogs

@LOGAN5686

Your $40 line fee is NOT just service. About half, give or take, is payment for your phone. If no one has popped the bubble yet, a smartphone has a median cost of about $700. Not $100 or $200. When you buy a discounted phone on a 2 year contract Verizon recovers the rest of the cost in your non- discounted line fee. This is why you pay an ETF if you cancel early.

Those who are not using contracts pay lower line fees. Mine were $15 each smartphone. However, that low fee is because all my phones were purchased at full price.

LOGAN5686

Yes you are right. Contacted Customer services & they say that i will have to pay 250$ as ETF now to close the contract.

Momma23dogs

Exactly, and if you switch to ATT and want your ETF paid off by them, you have to trade in your phone, buy a new phone with Next installments and then submit your ETF for reimbursement.

End result , you bill will be just as high as it is now.

DO the math. Compare your cost if you are out of contract and no phone payments on the Verizon plan, as opposed to ATT with and without cost of phones.

THe truth is either plan has a reasonable cost for service. If you add the cost of a $700 phone, in installments, it adds $23-$30 to your monthly bill.

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