If you're switching carriers then DO NOT cancel, you'll lose the ability to port your number to the new phone. Just go to the new carrier of choice, select phone and tell them to port your number over. That will cause Verizon to close your account and you'll receive a final bill with your balance and early termination fee, if applicable.
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If possible, before you port change the device on your account if you want to sell it immediately. Verizon will blacklist your IMED until the bill is paid and it even takes a little while afterwards for it to come off. So change the device and then port and you'll be good. Good luck.
That's not true. I bought my S3 on a new line of service then swapped Sims from my Razr then sold it to a friend. He has it active and working. ETF and final bill have yet to arrive here.
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