Verizon 2 Year Agreement Termination Fee: What You Need to Know
If you`re a Verizon customer, you may have heard of the 2 year agreement termination fee. This fee is charged to customers who terminate their service before their contract expires. But what exactly is this fee, and how much can you expect to pay? Read on to find out.
What is the Verizon 2 Year Agreement?
The Verizon 2 Year Agreement is a contract that customers sign when they purchase a new phone or upgrade their existing device. This agreement locks customers into a two year commitment to use Verizon`s services. In exchange, customers often receive a discounted price for their new device or service plan.
What is the Termination Fee?
The termination fee is a charge that customers must pay if they choose to end their 2 year agreement before the two year period is up. This fee is meant to compensate Verizon for the cost of the discounted device or service plan that the customer received when they signed the agreement.
How much is the Termination Fee?
The amount of the termination fee varies depending on how far into the two year agreement the customer is when they terminate their service. The fee starts at $350 for customers who terminate their service in the first year of their agreement. The fee decreases by $10 for each month that the customer remains in the agreement, meaning that customers who terminate their service in the 23rd month of their agreement will only have to pay a $10 fee.
Note that the termination fee is separate from any outstanding balance on the customer`s device payment plan. Customers who terminate their service before paying off their device in full may also be responsible for paying the remaining balance.
What are your Options if you Want to End Your 2 Year Agreement?
If you`re considering terminating your 2 year agreement with Verizon, there are a few options to consider.
1. Wait until the agreement ends: If you`re close to the end of your agreement, it may be best to wait it out rather than pay the termination fee.
2. Transfer your agreement: Some customers may be able to transfer their agreement to another person. Contact Verizon for more information.
3. Negotiate with Verizon: In some cases, Verizon may be willing to waive the termination fee or offer a reduced fee. This is more likely if the customer is terminating their service due to a unique circumstance, such as a military deployment or a job relocation.
The Verizon 2 Year Agreement termination fee is an important factor to consider if you`re a Verizon customer. While the fee may seem high, it`s important to remember that it`s meant to compensate Verizon for the discounted device or service plan that the customer received. If you`re considering terminating your agreement, take the time to weigh your options and determine the best course of action for your situation.