Verizon pitches standardized early termination fee proposal to FCC

Good news for those of us who change carriers on a weekly basis: Verizon Wireless (with consultation from other major carriers) and the FCC are negotiating a proposal to standardize early termination fees across the wireless industry, limiting the damage the fees might do to your pocket.

The proposal would allow consumers to cancel service within 30 days of the contract (which most of the major carriers already allow), or within 10 days of receiving the first bill. In addition, it would set a cap on fees, and prorate them based on how far the customer is into their contract (which some carriers, such as AT&T, have already announced plans to implement.)

Of course, none of the carriers are looking to limit revenue without something in return, so the proposal doesn’t come without a catch or two: Acceptance of the proposal entails that the FCC will dismiss the growing list of class-action lawsuits against various wireless carriers for their ETF practices, and it removes the state’s authority to regulate these fees.

[Via CNN]