Verizon Wireless has updated its customer agreement with new conditions related to early termination fees. Effective today, new customers that purchase a device on contract will be required to pay a full $350 early termination fee during the first seven months of the contract if it is broken. The fee is reduced by $10 per month between months 8-18, $20 per month between months 19-23 and $60 in the final month of the contract term…

Verizon previously reduced the $350 early termination fee (ETF) by $10 per month for each full month of a contract that was honored, meaning that its delay in reducing the fee until the eighth month makes opting out of a contract up to $70 more expensive for customers. Verizon’s new ETF policy does not apply to customers that purchased a device on contract prior to November 14th.

Verizon Customer Agreement via Droid Life:

“If you cancel a line of Service, or if we cancel it for good cause, during its contract term, you’ll have to pay an early termination fee. If your contract term results from your purchase of an advanced device on or after November 14, 2014, your early termination fee will be $350, which will decline by: $10 per month in months 8–18, $20 per month in months 19–23, and $60 in the final month of your contract term.”

The new ETFs apply only to the purchase of “advanced devices,” including the iPhone.

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