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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Number of Free Transactions per Month


Synonyms:free transactions per month
Filed Under: financial-banking
Tags: banking
 

Definition of number of free transactions per month

number of free transactions per month
1. The number of transactions that can be processed without charge to the account holder. If this limit is exceeded, the per-item charged is assessed. Account features may include an unlimited number of free transactions or no free transactions per month.

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.
  • 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.
  • over-the-limit fee   A fee charged for exceeding the credit limit on the card.
  • overdraft annual cost   A fee charged by the bank to cover the overdraft feature on a client's chequing account. The client pays the fee even if the overdraft protection is never activated. This fee may be charged in addition to the one-time fee.
  • overdraft protection   A service that allows a chequing account to be linked to another savings or line of credit to provide protection against insufficient funds or overdrafts.
  • passbook   A book used to record all banking transactions for a designated account.
  • 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.

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