Annual Administrative Fee
Definition of Annual Administrative Fee
- The yearly fees charged for the administration of a service. This term is used in relation to a number of fields including insurance, group benefits plans, and other financial services.
Synonyms
- processing cost
- yearly fee
- renewal charge
- service fee
- payment
Related Terms and Acronyms
- Yearly Renewable Group Term Insurance — Definition,
- A group insurance policy that is annually reviewed to keep premiums manageable.
- Service Charge (SC) — Acronym,
- Fees charged to customers for specific services or as a penalty for not meeting certain requirements such as insufficient funds in a chequing account.
➥ Bank account transaction code. - Annual Fee — Definition,
- A bank charge for use of a credit card levied each year, which can range from $15 to $300, billed directly to the customer's monthly statement. Many credit cards come without an annual fee.
