By
Jane McEntegart,
published on November 16, 2009 at 6:10 PM
Source: Tom's Guide US | Keywords: Verizon, early, Termination, Fee, etf | Themes: Business, Smartphones, 3GSM
Source: Tom's Guide US | Keywords: Verizon, early, Termination, Fee, etf | Themes: Business, Smartphones, 3GSM
Syndication:
Verizon's early termination fee has officially been hiked up to $350 and, as of this weekend, it's live, people.
News of Verizon's plans to jack up its early termination fee first hit at the beginning of the month. An internal document obtained by Boy Genius Report detailed that the new ETF policy would apply to both one and two year contracts and would come into effect on November 15.
The $350 ETF will decrease by $10 for each month of service completed, which is nice until you do the math and figure out that for a customer ditching their contract in the twentieth month of a 24-month contract, it's still a $150 ETF.
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Tom's fails at math, it would be $230 (even higher than Tom's listed) to terminate a 2 year contract at the end of 1 year (350 - 120 = 230).
that is pretty gay....
dude, they said 20 months, not 1 year
They had to increase fees to compete with AT&T... NOT!
Ouch. Pretty soon their main income won't be service contracts, but termination fees.
This is armed robbery even if they aren't holding a gun to your head.
is this retro or new contracts only?
350 - 240 = 110
I'm guessing Tom's wrote 150 for easiness' sake.
Still, both Tom's and balister fail at math
is this retro or new contracts only?
It better be new contracts only because I think it states right in your contract how much they charge for early cancellation. Otherwise it would be a breach in contract on their part.
Quote balister: "Tom's fails at math, it would be $230 (even higher than Tom's listed) to terminate a 2 year contract at the end of 1 year (350 - 120 = 230)."
It's not that Toms fails at math, it's you who failed 2nd grade reading...
Tom's fails at math, it would be $230 (even higher than Tom's listed) to terminate a 2 year contract at the end of 1 year (350 - 120 = 230).
In the article says "twentieth" month of a 24 month contract. Thats 10x20=200 out of 350.. You know how much that is? Wait let me type that down too... 350- the 200 = yes yes.. 150.
Still too much if you wanna end it earlier. Sucks but oh well. No Verizon here
350 - 240 = 110I'm guessing Tom's wrote 150 for easiness' sake. Still, both Tom's and balister fail at math
another one who failed 2nd grade reading and third grade reasoning...WHY would someone cancel a contract at the end of 24th month? Since the contract would have been over? THINK ABOUT IT.
Toms said "if canceling the contract at the 20th month of a 2 year contract.."
It is cheaper to default than pay. Greedy madoff verizon I hope they go out of like lehman.
Burn baby burn!
Well, this isn't suprising. There has been talk about doing this for a while. I'm somewhat relieved that they are doing it only to "advanced devices" rather than all customers.
Though the overall $150 is steep for people who get their terrible $59.99 phone for free with a two year contract.
With out arguing over misprints and other peoples math comments.
The only reason they are doing this is to prevent people from jumping ship, plain and simple.
People are leaving to get the iPhone, and these people don't care about coverage or reliability, they just want to have the iphone. Unfortunately a lot of people just want what's "cool."
I actually use at&t but I don't care for the iphone. my phone works and does what it needs to.
I see the recession is hitting hard for everyone, including Verizon.
"Pay as you go" for the win!
Well, at least it's one place where AT&T is better than verizon! My ETF is 175 at the beginning and goes down over the life of the contract. They must not have too much faith in the Droid if they're pulling this kind of crap to keep people in their contracts!
Quote balister: "Tom's fails at math, it would be $230 (even higher than Tom's listed) to terminate a 2 year contract at the end of 1 year (350 - 120 = 230)."It's not that Toms fails at math, it's you who failed 2nd grade reading...
That's because the article was edited. The original line read:
The $350 ETF will decrease by $10 for each month of service completed, which is nice until you do the math and figure out that for a customer ditching their contract in month 12 of a 24-month contract, it's still a $150 ETF.
Sorry guys but tom has it right. 20 months at $10 per month, 20x10=200. Starting fee of $350 minus 20 months, 350-200=150. That's right $150! Balister and crazymech need to go back to school.
RIPPPPP.... OFFFF
$350 should be illegal. The most they should legally be able to charge is the difference between the subsidized and unsubsidized phone price.
$400 MSRP phone - $200 Subsidized Phone = $200 ETF.
And then prorate from there.
"Yes, Mr. Smith? This is Verizon's customer service. We find that you've been abusing your data service for the first month of your contract and we're gonna cancel it. So... yeah... fork out the 340$ please."
Ouch! I've already had my phone for over two years so early cancellation fees no longer apply.
fuck \/erizon. I hate cell phone companies. O\/ercharging for crappy ser\/ice or non existant ser\/ices. There are other carriers out there with no contracts and no fees and unlimited e\/erything for like 50 bucks a month. screw this effing company... and WHERE'S MY FUCKING FOIS!
I dont see the complaint...
-You get a decent discount on a new phone with a 2-year agreement. If you cancel they are going to come seeking compensation for that.
-If you jump ship just to get an awsome new phone for the cool factor then you deserve to be hit with the penalties.
-This will only apply to new phones and new contracts, not existing ones.
-Zak, if you don't have unlimited data they will get you on a $/mb instead. They aren't going to cancel your account if they are raking in on customer stupidity. They DO have unlimited data plans.
They've changed their terms of agreement which means that current subscribers can cancel their contract with no ETF!
Even if they change a base fee by $0.01, you can cancel your service because the terms of agreement have changed.
fuck \/erizon. I hate cell phone companies. O\/ercharging for crappy ser\/ice or non existant ser\/ices. There are other carriers out there with no contracts and no fees and unlimited e\/erything for like 50 bucks a month. screw this effing company... and WHERE'S MY FUCKING FOIS!
-1 for not using the real "v" and it's FIOS, not FOIS. re-reading your post before hitting "submit my comment" FTW
Do what I did. I bought a phone without a contract. Then if the phone is a lemon, make them take it back and just get your money back. I actually had AT&T sell me a Samsung phone that I had issues with 3 different ones of the same model. I eventually told them "give me a different make phone, or i'm getting a lawyer" and they quickly gave me my choice of Motorolas.
If their service bites, just cross jump things with a paper clip and a pair of insulated pliers and tell them it sparked in your pocket and almost caught you on fire. They'll take it back real quick then. lol
Even more reason to avoid Verizon like the plague.
AT&T and lovin' it!
/not an ifone
If you don't like the ETF then don't sign up with them. That said I don't think it should be legal to apply the hike to current contracts.