Annual Administrative Fee

Definition

  • 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
renewal charge, yearly fee, payment, service fee, processing cost

Related Terms and Acronyms

  • 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.
  • 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.
  • Yearly Renewable Group Term Insurance Definition,
    • A group insurance policy that is annually reviewed to keep premiums manageable.
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