GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Per Item Charge


Synonyms:fee per transaction
Filed Under: financial-banking
Tags: banking
 

Definition of per item charge

per item charge
1. The fee charged to an account holder who has exceeded the number of free transactions allotted to the described account and/or the balance in the account did not meet the average monthly balance required to waive the fee.

Related Terms and Acronyms:

  • account agreement   An agreement that you sign and which lists your rights and responsibilities and the bank's rights and responsibilities for the bank account.
  • 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."
  • atm card fee   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.
  • 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.
  • debit card (DC)   A payment card that is linked directly to a customer's bank account. Some cards require a personal identification number. Others require a customer's signature. A PIN-based or direct debit card removes a purchase price from a customer's chequing account almost immediately. A signature-based or deferred debit card has a Visa or MasterCard logo and removes the purchase price from a customer's bank account in two or three days.
  • express account   A low-fee or no-free chequing account, limited to ATM, telephone, and online transactions. Express account customers are charged fees when using bank teller services.
  • late charge   A fee imposed on a borrower for not paying on time
  • minimum average balance to avoid fees   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.
  • number of free transactions per month   The number of transactions an account holder is allowed to make before being charged a fee. If the limit is exceeded, a per-item charge is applied. Some accounts offer an unlimited number of free transactions or no free transactions per month.
  • passbook   A book used to record all banking transactions for a designated account.

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