Penalty to cancel Verizon Wireless family cell phone plan?

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I've been thinking of getting a Go phone (for me and my daughter) and I wanted cancel my existing Verizonwireless family cell phone plan.

Do they charge a penalty? I think there used to be a $200 penalty for breaking the contract, but now I think that's not the case (?)

Also, does anyone know of a good wireless cell phone plan (for two family members - in the New York City area) that will really save us money? Maybe a Go phone?

Thanks...

[roadhunter]

Yes, they will still charge the $200 penalty. I have never seen a prepaid phone such as the Go Phone that can compete with the price of a "normal" cell phone plan as far as price goes.

[VincentP]

You have to pay the ETF to get out of contract.

You can save the money by choosing right cell phone plan which suits your usage profile. There are a lot of websites available that study your pattern of usage of cell phone, compare cell phone plans of various service providers and offer the best cell phone plans for you.