The Consumerist says:
It’s possible to break out of your Verizon Wireless contract in the next 60 days without paying an early termination fee because they’re increasing the “regulatory fee” they charge customers from $.13 to $.16. This is what is known as a “materially adverse change of contract” and by standard contract law, it renders the contract void if one of the parties doesn’t like the change.
If they offer you freebies, turn them down. If they ask you if there is any other reason whatsoever, like your satisfaction with the service or the quality of it, that is making you leave, say no. Be single-mindedly focused on how this fee increase is the reason why you want to leave. And don’t be scared. Despite its important-sounding name, the “Regulatory fee” is not charged by the government, it’s just another fee Verizon assesses.
Worst comes to worst and they refuse to abide by standard contract law, you can take them to small claims court.
You only have 60 days from July 1st to make the cancellation because after that it is assumed that you have accepted any change to the contract.
Here is the entry from their customer agreement:
Can Verizon Wireless Change This Agreement or My Service?
We may change prices or any other term of your Service or this agreement at any time,but we’ll provide notice first, including written notice if you have Postpay Service. If you use your Service after the change takes effect, that means you’re accepting the change. If you’re a Postpay customer and a change to your Plan or this agreement has a material adverse effect on you, you can cancel the line of Service that has been affected within 60 days of receiving the notice with no early termination fee.