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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
Mortgage
A loan used to finance the purchase of a home, with the property serving as collateral for the loan.
APR
APR, or annual percentage rate, is a measure of the cost of borrowing money that includes the interest rate and other charges as a yearly rate.
Loan Contract
A legally binding agreement between a lender and a borrower outlining the terms of a loan.