Annual Administrative Fee

Definition

• 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.

Synonyms
processing cost, payment, yearly fee, service fee, renewal charge

Related Terms and Acronyms

• Annual Fee — Definition,
  • 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) — Acronym,
  • 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 — Definition,
  • A group insurance policy that is annually reviewed to keep premiums manageable.