Why does my old iPhone still have service?

I activated my new iphone and when i turn on my old iphone it still says "Verizon" at the top left hand corner. Why is this? I already activated my new iphone and all the calls go to my new phone so why does the old one still have service?

It's still registered to the service. It's not instantaneous.

Feel free to wipe the phone and sell it if you're sure it's paid off and all.

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