If you want a regular cell phone plan from Verizon wireless, you will need to commit to paying money each month by signing a contract for your cell phone plan. If you want to maintain your service, this isn't a problem. If, on the other hand, you want to cancel and void your contract, it will cost you different amounts of money depending on when you do it.
Part of getting a cell phone with Verizon, or any other carrier, is signing the contract. This document will spell out, in very specific legalese, exactly what services you are entitled to under your plan and how much you will pay each month for those services. This contract also provides, both explicitly and implicitly, the terms by which you can void or cancel the plan. Depending on your exact circumstances, such a cancellation may be free or may cost you in fees.
Penalty Free Contract Cancellation
As of this writing, Verizon provides an initial period after you sign your cell phone contract in which you can cancel the contract for any reason. Verizon would refund you any money you paid for a deposit and the phone you bought. The period in which you can avail yourself of the option to cancel your plan without any cancellation fees extends for 14 days after you sign the contract. While this guarantee does not require any explicit fees for canceling, a restocking fee could apply depending on which phone you purchase as part of the contract.
Canceling with a Fee
Verizon's cell phone contracts also specify the terms by which you can cancel your contract at any time after the 14-day return window. Canceling after this initial period would relieve you of the responsibility to continue paying for monthly service, and cause Verizon to return any deposit you put down as part of your cell phone contract. However, you would not be refunded for the money you pay for your device even if you return it to a store. Additionally, as of this writing, you would need to pay a cancellation fee of $175 or $350, depending on if you bought a basic cell phone or an advanced device, such as a smart phone.
Terms of Service Change
A cell phone contract is like any other legally binding document: when you sign the contract, you are agreeing to the specific terms in the document you sign. Because of this, according to the Utility Consumer's Action Network, if Verizon changes your terms of service at any time, it provides you the opportunity to cancel your contract without paying a cancellation fee. By calling Verizon's customer service to inform them that you do not want to accept the new terms of service and want to cancel your plan, you have the grounds to insist that your contract be canceled without paying any cancellation fee. You won't get any money back for any device you purchased as part of the plan, but it will relieve you of the responsibility for any future payments.
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