An Assumption of Liability enables the transfer of responsibility, control and liability of an account from one party to another. With an account at Verizon, an AOL can be used to transfer a single wireless phone number or an account between individuals, an individual and a company or company to company. Transfers can be used to either release or assume control of an account.
Reasons to Execute an AOL
Common reasons to execute an Assumption of Responsibility include departing employees wishing to transfer company issued phones into their names, a company assuming a departing employee's account, and transfers between company divisions with separate Accounts Payable departments. AOLs may also be used to consolidate several independent Verizon wireless phone numbers into a single account by either a family or a business.
Requirements of the Existing Owner
To facilitate an AOL, the account of the existing owner must be current. The existing owner will continue to be billed for ongoing charges until the account is released to the new owner. The release of phone numbers using an AOL may necessitate plan changes for numbers included in shared plans that will remain with the current owner. Changing plans will be required if a primary line on a shared plan is transferred or all numbers in a shared plan are transferred, leaving only the primary number. These changes must be made before an AOL can be executed. After all required changes have been made, the current owner is required to call Verizon's customer service department at (800) 922-0204 to approve the release and give the identity of the person or business that is assuming responsibility for the account.
Requirements of the New Owner
Verizon will not facilitate an AOL transfer if the receiving account has a past due balance. The individual or authorized person at the business that is assuming ownership of the account must agree to the terms and conditions put forth in the Verizon Wireless Customer Agreement. The new owner must also agree to a contract duration of up to one year. After the account is current, the terms and conditions have been read and a decision has been made on a billing plan, the new owner can call Verizon's Assumption of Liability Department to complete the transfer.
The Credit Check
Prior to finalizing the AOL transfer, Verizon will run a credit history on the new owner. A credit score that falls below Verizon's approval benchmark may result in the AOL being declined. Verizon may also approve a transfer contingent upon the new owner posting a security deposit, which will be returned after one year if all payments are made in a timely manner and service is not interrupted during that time.