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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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50% - Moderately

Annual Administrative Fee


Synonyms:payment, processing cost, renewal charge, service fee, yearly fee
Filed Under: financial-banking, insurance, legal-contracts, mortgages
Tags: banking, contract, insurance, legal, mortgage
 

Definition of annual administrative fee

annual administrative fee
1. The yearly fees charged for the administration of a service. This term is used in relation to a number of fields including insurance, group benefits plans, and other financial services.

Related Terms and Acronyms:

  • annual fee   A bank charge for use of a credit card levied each year, which can range from $15 to $300, billed directly to the customer's monthly statement. Many credit cards come without an annual 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.
  • yearly renewable group term insurance   A group insurance policy that is annually reviewed to keep premiums manageable.

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