Verizon Wireless Doubles Early Termination Fees To $350

It was bad enough having to shell out $175 when opting out of a 2 year contract with Verizon Wireless, now the wireless carrier has announced that they’ll be doubling that amount on “advanced devices.”

I’m not quite sure what “advanced devices” means, although I’m willing to bet it’s any phone with the words “Smartphone” or “Droid” associated with them.

Verizon will prorate the cost of the early termination fees by offering $10 off the total cost of that fee based on each month a contract is kept active. With that $10 discount customers will still pay $110 to terminate their two year contact when only one month or even one day of service remains.

The new rates go into effect on November 15th 2009 and will only apply to new devices purchased by new customers or customers looking to upgrade their contact with a new device.

So much for buying devices, cancelling your contact and flipping them on eBay for a profit, which is probably half the reason for the rate hike. [BGR]