By Allen Tsai | Thu Jun 29, 2006 8:33 am |
Verizon Wireless plans to prorate its early termination fees starting this fall, reducing the amount some customers pay to end their service early, Chief Executive Officer Denny Strigl said on Wednesday.
The flat fee that Verizon Wireless and its rivals levy on early cancellations is a top customer complaint, Strigl said during his speech at a Yankee Group wireless conference.Verizon Wireless is the first major U.S. carrier to commit to a national policy to pro-rate the fee. New terms in customer contracts 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. Strigl outlined benefits Verizon Wireless will add to its Worry Free Guarantee for customers who pay their bills online via the company's Web site. The additional guarantees include: - 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. Commenting on the Summit's theme of "wireless disruption," Strigl discussed how the wireless industry has the ability to transform itself in the years ahead by continuing to add value for customers through technology and responsiveness.
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