Verizon To Begin To Pro-Rate Early Termination Fee
June 29, 2006 7:23 PM | Verizon | Comments (0)
Denny Strigl, president and chief executive officer of Verizon Wireless, announced that Verizon Wireless will begin to pro-rate the early termination fee (ETF) for customers nationwide in the fall. Verizon Wireless is the first major U.S. carrier to commit to a national policy to pro-rate the ETF. The company will include new terms in customer contracts that will progressively reduce the amount a customer has to pay if they terminate their contract with Verizon Wireless before their committed term expires. The pro-rate will apply to contracts signed or renewed after the policy takes effect, and the amount owed will vary depending on the time remaining in the contract. |  |
- Customers will receive notices via e-mail if there is a price plan that better matches their usage needs.
- To enable customers to take advantage of new technology more quickly, any customer with a $49.99 or higher price plan may upgrade their primary line handset after 12 months at the then current promotional price and conditions. The company will continue to offer a free phone upgrade every two years as it does now for all customers.
- If a customer’s phone fails after the manufacturer’s warranty, the customer will not pay more than $50 for a replacement phone.
- If a customer chooses, Verizon Wireless will store their phone contact list on its network—at no cost—so contacts can easily be restored when a phone is lost or stolen, or when a customer purchases a new handset.
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