Verizon customers have 14 days after a contract is signed to cancel without facing early termination fees. If you don't cancel within the 14-day grace period, Verizon will assess a fee of up to $350 for breaking the contract. Restocking fees also apply to returned equipment, including cell phones and tablets. The exact amount you'll pay varies depending on how long you've had the service, the type of device and the remaining duration of the contract. Verizon wireless contracts are for 24 months.
Verizon classifies smartphones as "advanced devices." As of November 14, 2014, new Verizon customers are required to pay a $350 early termination fee for advanced devices if the contract is broken during the first seven months. Beginning with the eighth month, the fee is reduced by $10 each month through the 18th month. At the 19th month, the fee is reduced by $20 each month through the 23rd month. In the final month, the fee is reduced by $60. If you were to break the contract in the final month, the amount owed is $80. Even if you were previously a Verizon customer, but signed a new contract after November 14, 2014, these termination fees apply. For customers with a Verizon contract that originated prior to that date, the early termination fee is also $350. However, Verizon began reducing the fee by $10 each month beginning on the first month the contract was honored. If the contract is cancelled in the final month, the fee is $10.
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Verizon provides a list of advanced devices so you can determine if you'll be subject to the $350 early termination fee. If you entered a contract on or after November 14, 2014, the termination fee is $175 if you have a basic phone. The fee declines by $5 per month during months eight though 18, $10 per month in months 19 though 23, and $30 in the final month. If you signed the contract before November 14, 2014, you began receiving the $5 discount after the first most of your contract.