Got a Verizon phone and you want to terminate your contract? You may have to spend more if you wish to cancel phone service in the first eight months of your contract. The network recently changed a policy on customer agreement related to Early Termination Fee (ETF).

Verizon’s new policy doesn’t reduce ETF until the eighth month of the contract unlike previously when the carrier would decline $10 for each full month. This means subscribers would have to pay the ETF fee in full if you want to discontinue the Verizon contract. This is required even if you’ve been with Verizon for six or seven months already.

The new Early Termination Fee requires the subscriber to pay more money if he wants to opt out even after the eight months is over. You need to pay the $350 ETF as payment for the “advanced devices” according to Verizon. The subscriber will then see the ETF decline by $10, $20 for months 19 to 23, and $60 on the last month.

Frustrated? Don’t worry as this new ETF policy will only take effect for people who will sign a contract with Verizon starting November 14. So if you’re an old subscriber and already wants out, don’t worry as you will have to follow the old policy of $10 monthly reduction. But hey, why would you terminate you contract? Aren’t Verizon’s new data plans enough for you?

VIA: Droid Life