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NEW YORK (TheStreet) -- Apple (AAPL) - Get Free Report says it will fix iPhone 5 models with faulty sleep/wake buttons free of charge, as long as the phone is working properly and has a qualifying serial number.


If you've been experiencing problems with your iPhone 5's on/off button, you may be in luck.

Apple has promised to fix applicable iPhone 5 models with problematic sleep/wake buttons for free.  The company announced it has launched a program to fix iPhone 5s that were manufactured through March 2013 -- as long as the phone is otherwise working properly and has a qualifying serial number, which you can check on Apple's Web site.

If your phone qualifies, you can mail in your device or take it to an Apple store or another authorized service provider.  It will take four to six days to be repaired -- but the company will provide 16GB iPhone 5 loaners in the meantime.

And according to, there's another option that may allow customers with affected iPhone 5 models to upgrade to a 5C or 5S for free.  The Web site cites Apple internal documents saying U.S. customers who make an appointment at the Genius Bar to fix their affected iPhone 5 may be able to trade in their device and receive up to $350 in credit.  That's $80 more than the current maximum for non-affected devices.  9to5Mac says Apple employees have been instructed not to present this option unless the customer asks about upgrading to a newer model.

In New York, I'm Brittany Umar for TheStreet.

-- Written by Brittany Umar in New York.