This morning Verizon made a very substantial change to their Early Termination Fee policy that is not going to make customers happy. What the change ultimately does is end up costing customers more money if they cancel their service before their contract is up. Now, if customers cancel their service in the first 8 months of their 2-year contract it will cost them more money then it would have before, not a very customer-friendly move on Verizon's part.
Before Verizon changed their police this morning, customers ETFs would reduce by $10 every month they were in contract. This is typically how carriers in the US handle ETFs. But, after Verizon's new police change this morning, customers ETFs will not begin to decline by anything until after the 8th month, a truly terrible thing to do in our opinion. This new policy change only affects "advanced devices", in other words, smartphones. This does not really matter though as pretty much everybody nowadays owns a smartphone anyways.
So, what happens to Verizon customers ETFs after the first 8 months? After the first 8 months the ETF will begin to decrease by $10 a month until the 18th month, at which point it will begin to decrease by $20 a month. After that, on the 24th month, the last month of the ETF, it will decline by $60. But the fact that Verizon customers will still be forced to pay the full $350 ETF if they cancel their contract within the first 8 months of their contract is simply ridiculous. The only upside to this new policy change is that it only affects customers who sign a contract with Verizon beginning today or later, those of you who have a pre-existing contract with Verizon will fortunately not be affected by this new policy change.
We don't agree with Verizon's new ETF policy, but we want to hear what you guys think, epsecially if you were thinking about becoming a Verizon customer. Would this new policy make you think twice about joining Verizon? Drop us your opinion and let us know in the comments section below.