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Service Charge
A fee charged by a credit issuer or financial institution for processing transactions, usually added onto the total cost paid by a customer.
More Details
A service charge is a fee that is assessed for a specific service or benefit provided by a company or organization. Service charges can be one-time fees or recurring fees, and they may be mandatory or optional.
Example
As a credit union member, you may be charged a service charge for certain services or benefits that you receive from the credit union, such as using an out-of-network ATM or exceeding the number of allowed transactions. Some service charges may be waived by maintaining a minimum balance or enrolling in certain account features. It is important to review the terms and conditions of your credit union account to understand what service charges may apply.
Related Terms
Balance Transfer
A financial transaction in which an individual moves their outstanding credit card balance to a new card.
Credit Card
A payment card that allows the cardholder to borrow funds from the issuer to pay for purchases or withdraw cash.
Loan
A sum of money that is borrowed by an individual or entity from a lender, typically with the expectation that the loan will be repaid with interest.