Verizon does have a cancellation fee for terminating your contract early. The amount of the fee depends on the terms of your specific contract.
For most contracts, the early termination fee is $175. However, this fee decreases over time as you complete more months of your contract.
From months 7 to 17, the fee declines by $5 per month. This means that if you terminate your contract during month 7, the fee would be $170. If you terminate during month 17, the fee would be $100.
From months 18 to 22, the fee declines by $10 per month. So if you terminate during month 18, the fee would be $90. If you terminate during month 22, the fee would be $0.
Upon completion of month 23, the early termination fee drops to a fixed amount of $30. And once you complete your entire contract term, the fee is reduced to $0.
It’s important to note that these fees are subject to change, so it’s always a good idea to check your specific contract for the most up-to-date information.
In my personal experience, I have had to pay an early termination fee with Verizon when I decided to switch to a different provider before my contract was up. While it was an additional cost I had to bear, it was clearly outlined in my contract and I understood the consequences of terminating early.