Verizon has taken a rather bold step and announced plans to prorate early termination fees for contracted customers:
Under the old plan, no matter at what point in their contract, the customer would have to pay a $175 fee. Now, the fee would be prorated proportionally to the time left on the contract.
The report goes on to say that the changes will become effective sometime in the fall for new customers as well as existing customers who renew a contract. An additional part of the announcement was that they have plans to allow current customers to be eligible for the same discounts offered to new customers on equipment. Existing customers are eligible for promotional pricing on phones now as long as they are within four months of their contract expiring, so I guess that announcement means an overhaul of some sort to that policy. Hopefully, it will mean that customers can grab a new phone at any time at promo prices, as long as they extend their contract. That, along with the pro-rated early termination fee should make Verizon that much more attractive in the wireless market. I have a feeling I’ll be at the Verizon store the day this goes in to effect so that my two years can start ticking away – while I’m talking on some sort of cool new phone.