If you’re planning on picking up a new smartphone from Verizon Wireless in the near future, you’ll want to be aware of the changes that the big red carrier just made to its early termination fee policy.
Verizon has updated its customer agreement with a new ETF arrangement. Under the new policy, if you buy an “advanced device” on or after November 14, you’ll be subject to a $350 ETF if you cancel you contract during your first 7 months under contract. Your ETF will decline by $10 each month in months 8-18, $20 per month in months 19-23 and $60 in the final month.
Verizon’s new ETF policy also applies to non-advanced devices. That ETF will start at $175 and will go down by $5 per month in months 8-18, $10 per month in months 19-23 and $30 in the final month of you contract.
While Verizon’s advanced devices ETF was $350 before today’s change, that amount decline by $10 each month. Starting today, though, your ETF won’t start to reduce until your 8th month. That’s kind of a big change, and it’s definitely one worth keeping in mind if you’re thinking about upgrading to a new Verizon device in the near future.
