Cash Advance Fee
Definition
- A charge by the bank for using credit cards to obtain cash. This fee can be stated in terms of a flat per-transaction fee or a percentage of the amount of the cash advance. For example, the fee may be expressed as follows: "2% / $10." This means that the cash advance fee will be the greater of 2% of the cash advance amount or $10. The banks may limit the amount that can be charged to a specific dollar amount.
Synonyms
ATM charge, Teller fee
Related Terms and Acronyms
- ATM Access Fee — Definition,
- 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 — 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.
- 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). - Credit Card (CC) — Acronym, Very Important,
- A plastic card with a coded magnetic stripe that, when signed, entitles its bearer to a revolving line of credit, with a credit limit and interest rate determined by the borrower's income and credit report.
➥ A payment card that gives customers access to a revolving line of credit. - Revolving Credit — Definition,
- A line of credit that does not have a specified repayment schedule but may require a minimum payment to cover interest and contribute to paying off principal. Typical of credit card loans, chequing account cash reserve or overdraft accounts that have pre-approved lines of credit.
