ATM Access Fee
Definition
- A fee charged for an account holder to access the ATM system and conduct banking activities such as cash withdrawals. This fee is charged in addition to any individual account fees already paid by the account holder to their financial institution.
Synonyms
processing cost, service fee
Alternate Spellings
ATM, ABM, Automated Banking Machine
Related Terms and Acronyms
- ATM Card Fee — Definition,
- 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.
- ATM Surcharge — Definition,
- A fee charged to someone using a bank-owned ATM because he or she does not hold an account with that bank. It is a good idea to review what your bank charges you to use another bank's ATM system to avoid paying additional surcharges to your bank.
- Automated Teller Machine (ATM) — Acronym, Canada,
- 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 — Definition,
- 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.
- Minimum Average Balance to Avoid Fees — Definition,
- 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.
- Per Item Charge — Definition,
- 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) — 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.
