NEW YORK—Verizon Wireless President and Chief Executive Officer Denny Strigl said that, starting this fall, the carrier will begin pro-rating early termination fees for customers who terminate their service contracts.
Strigl made the announcement at The Yankee Group’s 2006 North American Wireless Leadership Summit this week in New York.
The new policy, which the company has dubbed its Worry Free Guarantee, will gradually reduce the amount customers will owe for breaking their contract before it expires. The new policy will only apply to contracts signed or renewed after the policy is implemented, said Strigl.
Other features of the Worry Free Guarantee include:
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E-mail notifications of price plans that better fit customers’ needs;
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Customers with a $50 or higher price plan can upgrade their primary line handset after one year at current promotional prices and conditions, and the carrier will continue to offer free phone upgrades every two years;
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If a phone fails outside of warranty, the customer will only be responsible for $50 of the replacement cost;
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Customers can store their contact list on Verizon’s network for free to provide a backup in case a phone is lost or stolen, or when customers buy a new handset.
Strigl’s announcement is the latest in a line of consumer-oriented initiatives that broke with industry stance made by the carrier during the annual Yankee Group event. Verizon Wireless previously announced it support for wireless local number portability and that it would not participate in a wireless directory at Yankee Group events.
