If you want to cancel your current Verizon Wireless plan, you will be subject to an early termination fee. This fee is based on the phone you are using and the number of months left on the contract. The max early termination fee for smartphones is $350, and for basic phones, it's $175.
Are you looking to cancel your Verizon Wireless plan early? In this guide, you will learn the costs of canceling your plan and paying an early termination fee.
If you are looking to cancel your Verizon Wireless plan early, you will pay what is known as an early termination fee. Payment amounts change depending on the amount of time you have left on your contract. There are also different fee amounts based on the phone being used on the plan, which can be a smartphone or a basic phone.
When canceling a Verizon Wireless plan that is for a smartphone, you will be subject to a maximum early termination fee of $350. This early termination fee is lowered by $10 each completed month of your plan through months 7-17, $20 per month upon completion of months from 18-22, and $60 upon the end of month 23.
Early Termination Fee Example:
If you are canceling your Verizon Wireless plan 12-months into a 24-month plan. You would be taking away $60 from the maximum fee amount. This amount was chosen by being six months into the months of 7-17, where there is a deduction of $10 per month paid. Your early termination fee would be a total of $290.
When canceling a Verizon Wireless plan that is for a basic phone, you will be subject to a maximum fee of $175. This early termination fee is lowered by $5 each completed month of your plan through months 7-17, $10 per month upon completion of months 18-22, and $30 upon the end of month 23.
Early Termination Fee Example:
If you are canceling your basic phone Verizon Wireless plan 12-months into a 24-month plan. You would take away $30 from the maximum fee amount. This amount is chosen by being six months into the months of 7-17, where there is a deduction of $5 per month paid. Your early termination fee would be a total of $145.
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