Hello and welcome to our comprehensive guide on Verizon early termination fee waiver. In recent years, this topic has become a hot button issue among Verizon customers. With the rise of competition in the mobile industry, many customers are looking for ways to switch to a new provider without having to pay expensive fees to end their contract with Verizon.
What is an Early Termination Fee (ETF)?
Before we dive into the specifics of Verizon’s ETF waiver policy, let’s first define what an early termination fee is. An ETF is a fee that mobile providers charge customers for ending their contract before the agreed-upon date. This fee is typically added to a customer’s final bill and can be quite expensive, often ranging from $100 to $350 depending on the provider and the time remaining on the contract.
In the case of Verizon, their ETF policy states that customers will be charged an ETF if they terminate their contract before the end of their minimum term agreement (MTA). The MTA is typically a period of 24 months.
Why Do Providers Charge ETFs?
Mobile providers charge ETFs to recoup the cost of the subsidized devices they offer to customers when they sign up for a contract. When customers agree to a contract, they are typically given a discount on the cost of the device in exchange for signing a 24-month agreement. Providers then recoup the cost of the device over the course of the contract. If a customer terminates their contract early, they are not fulfilling their end of the agreement and the provider is left with a loss.
What Are the Options for Avoiding ETFs?
There are several options for avoiding ETFs when terminating a mobile contract with Verizon. These include:
|Waiting for the Contract to End
|The simplest and most obvious way to avoid an ETF is to wait until your contract has ended before switching to a new provider.
|Transferring Your Contract
|Verizon allows customers to transfer their contract to someone else. This can be done through their assumption of liability process, which allows another person to take over your contract and assume responsibility for the remaining payments.
|Porting Your Number
|If you want to switch to a new provider but want to keep your phone number, you can port your number to the new provider. This will automatically terminate your contract with Verizon without incurring an ETF.
Verizon’s Early Termination Fee Waiver Policy
Now that we have a better understanding of what ETFs are and the options for avoiding them, let’s take a closer look at Verizon’s ETF waiver policy.
The Verizon Promise
Verizon has a promise to customers on their website that states: “We’re confident you’ll love being a Verizon customer. If for any reason you don’t, we’ll waive your early termination fees for up to two lines and reimburse your remaining device payment balance or lease obligations when you trade in your phone and sign up for a new eligible smartphone on a device payment plan.” This promise sounds great, but what does it actually mean?
Eligibility for Early Termination Fee Waiver
To be eligible for Verizon’s ETF waiver, customers must meet the following criteria:
- The customer must be unhappy with Verizon’s service and wish to switch to a new provider.
- The customer must have purchased a new smartphone or tablet on a device payment plan after 5/31/16.
- The customer must trade in their old device within 30 days of activation of their new device.
- The customer must port their number to a new provider within 30 days of activation of their new device.
- The customer must submit their final bill from their previous provider within 60 days of activation of their new device.
What Does the ETF Waiver Cover?
If a customer meets all of the eligibility requirements for Verizon’s ETF waiver, the company will waive the ETF for up to two lines and reimburse the remaining device payment balance or lease obligations when the customer trades in their old device and signs up for a new eligible smartphone on a device payment plan.
It’s important to note that the waiver only covers the ETF for up to two lines. If a customer has more than two lines on their account, they will still be responsible for paying the ETF for the additional lines.
How to Request an ETF Waiver
To request an ETF waiver from Verizon, customers can follow these steps:
- Visit a Verizon store or call customer service to inform them that you wish to switch to a new provider and request an ETF waiver.
- Trade in your old device and purchase a new eligible smartphone on a device payment plan.
- Port your number to the new provider within 30 days of activating your new device.
- Submit your final bill from your previous provider to Verizon within 60 days of activating your new device.
- Verizon will review your request and determine if you meet all of the eligibility requirements for the ETF waiver. If you do, they will waive the ETF for up to two lines and reimburse the remaining device payment balance or lease obligations.
FAQs About Verizon Early Termination Fee Waiver
Q: What is Verizon’s cancellation policy?
A: Verizon’s cancellation policy states that customers who wish to cancel their service before the end of their contract will be charged an ETF if they have not fulfilled their minimum term agreement.
Q: Can I avoid an ETF by canceling within the first 14 days of my contract?
A: Yes, Verizon has a 14-day satisfaction guarantee that allows customers to cancel their service within the first 14 days of their contract without incurring an ETF.
Q: How much is Verizon’s early termination fee?
A: Verizon’s early termination fee ranges from $100 to $350, depending on the provider and the time remaining on the contract.
Q: Does Verizon offer any other options for avoiding an ETF?
A: Yes, as we mentioned earlier, Verizon allows customers to transfer their contract to someone else or port their number to a new provider to avoid incurring an ETF.
Q: Can I switch to a new provider and keep my Verizon device?
A: Yes, you can switch to a new provider and keep your Verizon device. However, you will still be responsible for paying off the remaining balance on the device if you purchased it on a device payment plan.
Q: How long does it take for Verizon to process an ETF waiver request?
A: It typically takes Verizon 5-7 business days to process an ETF waiver request.
We hope this guide has provided you with a better understanding of Verizon’s early termination fee waiver policy and the options available to you as a customer. Remember, if you meet all of the eligibility requirements, Verizon will waive the ETF for up to two lines and reimburse the remaining device payment balance or lease obligations when you switch to a new provider. If you have any further questions about Verizon’s ETF policy, reach out to their customer service team for assistance.