Are you considering cancelling your Verizon service? As a picky shopper and expert in the retail and consumer industry, I know firsthand how important it is to understand the ins and outs of a company‘s cancellation policy before making a decision. In this comprehensive guide, I‘ll dive deep into Verizon‘s cancellation policy, providing you with insightful research, analysis, and practical tips to help you make an informed choice.
Comparing Verizon‘s Cancellation Policy to Other Major Carriers
Before we delve into the specifics of Verizon‘s cancellation policy, let‘s see how it stacks up against other major carriers in the U.S.
| Carrier | ETF (Early Termination Fee) | Grace Period | Equipment Return |
|---|---|---|---|
| Verizon | Up to $350, prorated | 14 days | Required within 30 days |
| AT&T | Up to $325, prorated | 14 days | Required within 14 days |
| T-Mobile | Up to $200, prorated | 14 days | Required within 14 days |
| Sprint | Up to $350, prorated | 14 days | Required within 30 days |
As you can see, Verizon‘s ETF is on par with Sprint‘s and slightly higher than AT&T‘s, while T-Mobile has the lowest maximum ETF. All carriers offer a 14-day grace period for cancellations, but Verizon and Sprint give customers a more generous 30-day window to return equipment.
Breaking Down Verizon‘s Early Termination Fees
Verizon‘s ETF policy can be a bit complex, so let‘s break it down. The maximum ETF for a two-year contract is $350, which is prorated based on the number of months remaining on your contract. The ETF decreases by a specific amount each month, which can vary depending on your contract type and length.
For a standard two-year contract, the ETF decreases by $10 per month. So, if you cancel with 12 months remaining, your ETF would be calculated as follows:
$350 – ($10 x 12) = $230
However, it‘s important to note that state-specific variations may apply. For example, in California, the ETF decreases by $17.50 per month for a two-year contract, resulting in a lower total ETF.
Negotiating Waived or Reduced ETFs
While Verizon‘s ETF policy is fairly strict, there may be opportunities to negotiate a waived or reduced fee. Here are a few strategies to consider:
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Leverage competitor offers: If you‘re considering switching to another carrier, research their current promotions and incentives. Some carriers offer to pay off your ETF when you switch, which you can use as a bargaining chip with Verizon.
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Cite specific issues: If you‘ve experienced persistent problems with your service or have had negative customer support experiences, document these issues and use them to justify a waived or reduced ETF.
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Escalate to retention: If initial attempts to negotiate are unsuccessful, ask to speak with Verizon‘s retention department. These representatives often have more flexibility to offer incentives and waive fees to keep you as a customer.
The Impact of Cancellation on Promotional Credits and Rebates
When cancelling your Verizon service, it‘s crucial to consider the impact on any promotional credits, rebates, or other incentives you may have received. Many promotions come with clawback provisions, meaning that if you cancel before a certain period, you may be required to pay back a prorated portion of the incentive.
To minimize the impact of clawback provisions:
- Carefully review the terms and conditions of any promotions before accepting them
- If possible, wait until the required service period has passed before cancelling
- If you must cancel early, be prepared to pay back a portion of the incentive
Cancelling your Verizon service can be a time-consuming process, but with a few tips and tricks, you can make it as smooth as possible:
- Be prepared for long wait times: Cancellation calls can often take 30 minutes or more, so set aside adequate time and have your account information ready.
- Explore online options: In some cases, you may be able to initiate the cancellation process online through your Verizon account portal, saving you time on the phone.
- Know your way around the phone system: Verizon‘s automated phone system can be complex, so familiarize yourself with the prompts and options to reach a live representative quickly.
- Expect retention offers: Verizon‘s representatives are trained to try to keep you as a customer, so be prepared for offers of discounts, bill credits, and waived fees. Have a clear idea of what it would take for you to stay, and don‘t be afraid to say no if the offers don‘t meet your needs.
Porting Your Number to a New Carrier
If you‘re planning to switch to a new carrier after cancelling your Verizon service, you may want to port your existing phone number. Porting your number can help you maintain continuity and avoid the hassle of updating your contact information with friends, family, and businesses.
When porting your number, keep the following in mind:
- Initiate the port with your new carrier: Your new carrier will handle the porting process and will require your Verizon account information to complete the transfer.
- Keep your Verizon service active: To ensure a smooth port, keep your Verizon service active until the transfer is complete. Cancelling your service too early may result in your number being lost.
- Expect some downtime: While porting is usually a quick process, there may be a brief period during which your service is interrupted. Have a backup communication plan in place just in case.
Cancelling Multiple Lines or Family Plans
If you have multiple lines or a family plan with Verizon, cancelling can be a bit more complicated. Here are a few things to consider:
- ETFs apply to each line: If you‘re under contract, each line will be subject to its own ETF based on the remaining contract term.
- Device payments are still due: If you have any outstanding device payments, you‘ll need to pay off the remaining balance for each device tied to the cancelled lines.
- Partial cancellations may be an option: If you only need to cancel some lines on your account, ask about partial cancellation options. You may be able to transfer lines to a new account or remove them from your plan without cancelling your entire account.
The Role of Verizon‘s Customer Retention Department
When you call to cancel your Verizon service, you‘ll likely be routed to the company‘s customer retention department. These representatives are specifically trained to try to keep you as a customer and may offer a variety of incentives to convince you to stay.
Common retention offers include:
- Discounts on your monthly service plan
- Bill credits to offset ETFs or device payments
- Waived activation fees for new lines or upgrades
- Free or discounted devices
The likelihood of receiving a retention offer and the value of the offer can vary based on factors like your account history, the length of your tenure with Verizon, and your overall value as a customer.
When evaluating retention offers, consider the following:
- Do the offers address your primary reasons for cancelling? If you‘re cancelling due to poor service or high prices, a one-time bill credit may not be enough to change your mind.
- Are the offers guaranteed in writing? Verbal promises can be difficult to enforce, so make sure any offers are confirmed in writing before accepting.
- How do the offers compare to competitor deals? If you‘re set on cancelling, compare Verizon‘s retention offers to the promotions and incentives available from other carriers to ensure you‘re getting the best deal.
Conclusion
Cancelling your Verizon service can be a complex process, but armed with the right knowledge and strategies, you can make an informed decision and minimize the financial impact. By understanding Verizon‘s cancellation policy, exploring your options for waived or reduced ETFs, and being prepared for the retention offers and pressure tactics you may encounter, you can navigate the cancellation process with confidence.
Remember, as a savvy consumer, you have the power to advocate for your needs and make the best choice for your situation. Don‘t be afraid to negotiate, ask questions, and stand firm in your decision to cancel if that‘s what makes the most sense for you.
