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What is an early termination fee?

I have a 2 year contract with verizon and was thinking about buying a new phone with out an upgrade but is says there is a $350 early termination fee. Does that mean that i will have to pay that plus the cost of the phone? or is that if i cancel my plane?!?!?!?!

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Answer #1

You are on a two year contract plan, that means if you wish to cancel the plan before the two years is up, you will have to pay the early termination fee. If you simply want to buy a new phone, and then switch phones (so using the same contract) it should be no problem you might just need to pay a small fee to jump lines if you don’t have a sim card. Different companies do have different policies so you should call them or go into a store and ask about it, but to my knowledge as long as you aren’t trying to cancel the two year plan early, you won’t need to pay that fee.

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