- The bank may charge customers a fee for closing accounts, especially if the account is closed before a pre-determined length of time.
surcharge, bank fees
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.
- Application Fee — Definition,
- What the lender charges to process the document in which a prospective borrower details his or her financial situation to qualify for a loan.
- ATM Card Fee — Definition,
- This is not a debit card fee. It can be an annual or monthly fee charged on top of individual account fees to obtain an ATM card. The fee may also be charged per card or per account. For example, if an account is held jointly, the bank may charge for the second person to hold a card or it may charge one fee for all the cards on an account.
- Chequing Account — Definition,
- A bank account that allows quick access to the money in the account.
- Minimum Average Balance to Avoid Fees — Definition,
- The balance in the account from day-to-day must average this amount when calculated. If the account balance falls below this amount you will be subject to the monthly charge and/or per usage transaction charges.
- Over-the-limit Fee — Definition,
- A fee charged for exceeding the credit limit on the card.
- Per Item Charge — Definition,
- A fee charged to account holders who exceed the allowable number of free transactions for their accounts. Or, the balance in an account does not meet the average monthly balance required to waive the fee.
- Savings Account — Definition,
- A financial account that pays interest with low risk.