GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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ATM Card Fee


Synonyms:processing cost, service fee
Filed Under: financial-banking
Tags: banking, credit card, debit cards
 

Definition of atm card fee

atm card fee
1. Fee charged in addition to individual account fees to obtain an ATM card -- not a debit card fee. This may be an annual fee or a monthly fee. Also the fee may be per card or per account. For instance, if an account is held jointly, does the bank charge for the second person to hold a card or does it charge one fee for all the cards on an account. See also "Automated Teller Machine."

Related Terms and Acronyms:

  • atm access fee   Fee charged in addition to the individual account fees for an account holder to gain access to the ATM system. Can be monthly, weekly, or annual fee. See also "Automated Teller Machine."
  • automated teller machine (ATM)   A terminal activated by a magnetically encoded card that allows customers of a bank or other financial institution to conduct everyday banking tasks such as deposits, withdrawals and transfers between accounts. An interconnection of these terminals allows customers to conduct certain transactions around the nation and the world; usually subject to a surcharge fee.
      ➥  See also Automated Banking Machine (ABM).
  • cash advance fee   A fee charged by the bank for using credit cards to withdraw money generally from an ATM or banking machine. This fee can be a flat fee per transaction or a percentage of the amount being advanced. For example, the fee may be set as: "2% / $10." This means the cash advance fee will be the greater of 2% of the cash advance amount or $10. Banks often limit the fee to a certain dollar amount.
  • closed-account fee   A fee charged for shutting down an account. Sometimes charged if the account is closed before a certain time period has passed.
  • per item charge   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.
  • service charge (SC)   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.

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