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$400 deposit when buying an Iphone 5 with month-to-month contract
fredasp
Newbie

I just recently moved to the US and as of that I don't have a credit history here and that is why Verizon wants a $400 deposit when signing up for the full retail price Iphone 5 with a month-to-month plan. Since it's a no contract month-to-month plan, I think the deposit is a bit high, but fine I want the Iphone and I will not be in the US long enough to sign up for a 2-year contract. As I can quit the plan at any given time, I would assume that the deposit would be returned at the same time. Does any body knows that is the fact? I don't want to end up leaving the country having paid $649 +$400 for an Iphone.

Thanks

Fredrik

Labels (1)
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Re: $400 deposit when buying an Iphone 5 with month-to-month contract
rcschnoor
Legend

I doubt it would be returned immediately, but after you have paid your last billing.

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Re: $400 deposit when buying an Iphone 5 with month-to-month contract
Ann154
Super User
Super User

Doesn't it take a minimum of a year's worth of on time payments to get the deposit returned?

I'm most definitely NOT a VZW employee. If a post answered your question, please mark it as the answer.

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Re: $400 deposit when buying an Iphone 5 with month-to-month contract
fredasp
Newbie

Yes, I understand I need to pay my bills before it's returned. But as I see it they can't hold the deposit If I have quit the plan and paid my bills.

Thanks

Fredrik

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Re: $400 deposit when buying an Iphone 5 with month-to-month contract
rcschnoor
Legend

I can't see how this would be the case if you are no longer a customer.

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Re: $400 deposit when buying an Iphone 5 with month-to-month contract
kaebfly
Champion

You  might want to talk to someone at VZW and find out the exact method that will be used. I would assume the deposit would be treated as normal...as soon as you have paid your final bill with VZW  (they may actually take the last payment owed to them out of the deposit if you end service with them in the middle of a billing cycle) then the process for refunding the remaining balance of your deposit should begin. They may (and likely will) be slow on the process...it could take up to 30 days for them to refund it, but in all honesty it shouldn't take that long. You won't get an immediate refund most likely...they will probably send you a check or refund it to your method of original payment (credit card/debit card/gift card). All of this is speculation though. To get a more concrete answer you would need to contact them.

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Re: $400 deposit when buying an Iphone 5 with month-to-month contract
silver6056
Specialist

fredasp wrote:

Yes, I understand I need to pay my bills before it's returned. But as I see it they can't hold the deposit If I have quit the plan and paid my bills.

Thanks

Fredrik

On a slightly unrelated note, if you are here six months or more, you should get your phone unlocked, so you can use it on a GSM carrier of your choice when you return home.

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Re: $400 deposit when buying an Iphone 5 with month-to-month contract
fredasp
Newbie

Thank you for the answers. I got a mail from Veizon where they confirm that the deposit will be returned after I quit the plan.

About the unlocking of the GSM; the good thing about Verizon's Iphone 5 is that it GSM features comes unlocked from factory. It is also using more or less the same GSM frequencies as Swedish (my home country) carriers. 

Thanks!

Fredrik

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