Can I exchange my upgrade for the Verizon iPhone?
If you are an existing Verizon customer and you upgraded your phone before January 10, 2011 you must return the new device and reactivate your original phone. The problem with exchanging your upgrade for an iPhone is that Verizon has a 30-day limit on exchanges and returns. Reactivating your old phone gives you more time before the Verizon iPhone launch date so you can use your upgrade to get an iPhone 4.
Verizon will charge a $35 restocking fee and reinstate your eligibility for upgrade after the return.