When it was time for my wife to get a new phone last summer, she let a Verizon Wireless salesperson in the store convince her to do a Verizon Edge deal to get a new iPhone 6, instead of a normal 2-year contract renewal.
The price for the iPhone 6 was $749.76, spread over 24 monthly payments. So the monthly payment for the phone was $31.24. But the normal $40/month "Smartphone Line Access" fee was reduced to (effectively) $15/month because of a "$25 Off Edge Smartphone Access" discount. So my monthly payment for the phone plus the service was: $31.24 + $40 - $25 = $46.24, and the two year total would be: $1109.76.
Three months into the Verizon Edge deal I decided to pay off the phone, because I wanted to reduce my monthly fees. I bought out the last 21 months of the Verizon Edge purchase agreement for a sum of $656.04. I now thought that I owned the phone and would not be "under contract".
However what happened was that the "$25 Off Edge Smartphone Access" discount disappeared, and was not replaced by a $25 Month2Month discount (which is what normally happens when a phone goes off contract). So I am still stuck paying $40/month for the service on this phone. This means that my two year total payment for this phone plus service is going to be: ($46.24 * 3) + $656.04 + ($40 * 21) = $1634.76.
So by doing the Verizon Edge Buyout I am going to end up paying Verizon $525 more than I would have if I had not done the Edge Buyout!
Needless to say no one at Verizon explained this to me when I did the Edge Buyout. And when I called Customer Service to complain about it, the answer I got was "sorry, the Edge Discount goes away when you do a buyout and is not replaced by a Month2Month discount" and "I agree that it would have been better for you not to do the Edge Buyout" and "there is nothing I or anyone else in Customer Service can do about this now".
Don't pay twice for your phone!!! Don't ever do a Verizon Edge Buyout!!!
You can still get the month to month discount. You have to manually add it onto the account in My Verizon as a plan change.
Verizon Edge and Line Access Charges
Going month to month after Edge buyout is the same as month to month after you end a contract. Being out of contract month to month is the same as Edge...since Edge is not a contract.
Sign into My Verizon and click on Change Features area. It doesn't change your plan, so you shouldn't see it under Plan Changes. It's more a feature I guess. A reduced cost feature I guess you'd call it.