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Sounds like they're doing nothing more than putting down an industry "big business" standard. Those with no line or poor credit put down a security deposit to give the person (and the company) some padding should a bill actually not wind up being paid. But yes, that deposit does turn into pure profit over time. Car dealerships do the same thing as well as many other residential providers who give service to a home (municipalities and utilities however cannot do this, but can charge connection fees depending on the area). I do agree that is a pretty steep fee however.
For a situation like this I would have considered getting a prepaid phone that uses Verizon Wireless. You have to ensure the phone remains charged with minutes but it beats an $800 deposit and allows for some time to get a line of credit started.
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