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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.
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