TAP Series: Switch to AT&T – The Deposit
Hello and welcome to the third installment of our “Switch to AT&T” series. In our last two installments we looked at how you can save 15% of your monthly wireless bill and how to keep your previous cell phone number.
Today we will visit a tricky little topic: The Deposit.
Yes, we know you don’t want to think about it, but you better start now so you won’t be surprised on the 29th.
Here’s what you need to know:
How Much Is The Deposit?
Your deposit when signing up with the new AT&T will vary on your credit-history. Depending on that very history you could be asked to plunge down between zero and $800.
If you have a rock solid credit-history you probably have nothing to worry about. If you just started to build your credit, or god forbid, have a negative credit-history, however, $800 might be your destiny. Sorry.
Will AT&T Return The Deposit?
Yes, they sure will. In case you are required to pay a deposit, AT&T will keep your money for a 12 months period after which they will return it in full. Here’s the catch, though: If you are late on just one single payment, at any time during your 12 months period, your clock will be reset to 0 and you’ll have to wait another 12 months before your deposit will be returned.
Therefore, we strongly recommend you to sign up for Auto-Pay if you are required to pay any deposit. Don’t want to forget one of those payments…
When Can I Find Out About My Deposit?
I realize that this article is pretty much a downer up to this point. There’s some good news, however: You don’t have to wait until the day of your purchase to find out how much deposit you’ll be required to pay.
Simply locate the closest AT&T store, bring your Driver’s License and Social Security number and the AT&T employes can run a credit check for you. Within a few minutes you will know your fate.
See? No so bad…. Well, at least you won’t faint anymore on the 29th, and loose your spot in line, once you find out how much that iPhone will really cost you in the end.
Liked this article? Don’t forget to check out the previous articles:
- TAP Series: Switch to AT&T – Save 15% off your bill
- TAP Series: Switch to AT&T – Keep Your Number.
when i wanted a new contract with verizon they wanted $400 depoit. my credit score hovers around 490-510, which is too low to get any unsecured credit card. i switched to cingular and had no deposit required.
~KM
As a girl with no credit card history, they made me give them $500. I’m thinking of cancelling. They said the $500 unless you ask for them in a year are applied towards paying your bill. How nice!
Don’t trust AT&T with either your deposit, or your credit checks. For a local home line they took my $50 for not doing a credit check, they told me that they ARE NOT, and they WILL NOT do a credit check, but still they DID. After 3 weeks of jerking me from one operator to another, and me filing a complaint with the BBB, they called me back, and said that I authorized the check, and I am lying. I have seen this post while I was doing a search for an attorney for this, and you should know that they lie, and do illegal checks on you. Buy a credit lock shield from one of the credit bureaus. One operator even told me that there’s no credit check on my file, of course it was a lie too.