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Fees that are not charged on a recurring basis, so … moreFees that are not charged on a recurring basis, sometimes also known as "administrative fees," "processing fees," or "account set-up fees." Consumers are often required to pay one-time fees before being given access to their financial accounts. Other times, access is granted and the fee is deducted from either the available credit or the account balance.
Some bank accounts and other financial products, l … moreSome bank accounts and other financial products, like prepaid cards, offer a feature known as Bill Pay, which is an easy and secure method to pay everyday bills through online banking. Some banks/card issuers have bill pay systems that are linked only to a select number of major service providers (e.g. utility and telecom companies), while others offer a more comprehensive type of bill pay, which allows you to literally pay anyone, including both individuals and companies.
Bill pay is often a free account feature, but in some cases it will only be available for a monthly or per transaction fee. Take note, Free Online Banking may not necessarily mean Free Bill Pay!
Bill pay is often a free account feature, but in some cases it will only be available for a monthly or per transaction fee. Take note, Free Online Banking may not necessarily mean Free Bill Pay!
A quick decision (usually within minutes) as to wh … moreA quick decision (usually within minutes) as to whether your application got approved. Issuers who offer this feature might not be able to provide a definitive response right away for all applicants.
Open loop gift/credit cards are cards that are not … moreOpen loop gift/credit cards are cards that are not limited to use at one store or one particular group of stores. Usually, these cards carry the logo of American Express, Discover, MasterCard, or Visa. They also typically have more fees associated with them than closed loop cards do.
An order for relief marks the beginning of a bankr … moreAn order for relief marks the beginning of a bankruptcy case. The date of the order for relief affects what claims are administered in the bankruptcy case.
Mortgage lenders sometime charge borrowers fees, k … moreMortgage lenders sometime charge borrowers fees, known as Origination Points, for evaluating, approving and processing mortgages. One origination point typically costs 1% of the loan amount, much like discount points. You may be able to negotiate the number of origination points you are required to pay.
Annual membership fees, late fees, or penalties ch … moreAnnual membership fees, late fees, or penalties charged to a card holder by a credit card company.
Other property expenses include any payments you i … moreOther property expenses include any payments you incur to maintain the property such as private mortgage insurance (PMI), homeowner's insurance, Home Owners Association (HOA) dues or Condo fees, maintenance fees, etc.
Some banks offer their customers a number of avenu … moreSome banks offer their customers a number of avenues for avoiding monthly maintenance charges that are in addition to or in place of the most common method -- maintaining a balance above a predetermined minimum amount. For example, some banks may allow you to avoid monthly fees by making a monthly direct deposit or utilizing a credit card or debit card linked to the account a certain number of times per month.
Fee assessed by some banks for any deposits a cust … moreFee assessed by some banks for any deposits a customer initiates in excess of the predetermined monthly "Deposit Limit Amount"
An overdraft is when you write a check or make a t … moreAn overdraft is when you write a check or make a transaction that requires more money than you have in your checking account. Financial institutions will cover, at their discretion, the remaining amount for a fee: typically $30 - $35. Some institutions may charge a different amount for bounced checks, whether you're enrolled into overdraft service or not! This is usually a smaller fee than the one for overdraft transactions ( between $8 - $15).
More commonly known as Overdraft Protection, an ov … moreMore commonly known as Overdraft Protection, an overdraft agreement involves linking a savings account or a credit card to your checking account so that funds can be drawn to cover the cost of a transaction that exceeds your checking account balance. While this allows you to avoid a returned-item fee, there is typically a charge of $2 - $10 per transfer.
An overdraft occurs when a bank customer makes an … moreAn overdraft occurs when a bank customer makes an ATM withdrawal, a debit purchase, or an electronic payment (automated payments are included), or writes a check for an amount that is greater than what the checking account holds. If the bank chooses to honor the payment even though the account lacks sufficient funds, an overdraft fee is charged to the account holder. This fee varies, depending on the terms of the checking account, but is typically in the range of $25 to $35. Many banks offer several types of overdraft protection to help avoid this fee.
When you sign on for an Overdraft Protection Plan, … moreWhen you sign on for an Overdraft Protection Plan, you are linking your checking account to a savings or a credit line. The next time your account goes negative, instead of being assessed a full Overdraft or Insufficient Funds Fee your bank will transfer the amount needed from the linked account instead, usually at a much lower cost. If the funds come from a savings account, the charged fee will be between $2 and $12, and the charge can be assessed per occurrence or per day. If, however, the funds are charged to your credit line, then they will most likely incur the APR charge disclosed in your cardholder agreement. It is not uncommon for this fee to be a fixed dollar amount as well.
Having borrowed more than one can afford to repay. … moreHaving borrowed more than one can afford to repay.
This term is used primarily in the context of business to describe a company that can no longer pay the interest on what it owes, but it can apply to personal finance as well. Consumers are said to be overleveraging themselves when they are using credit and/or loans to spend more than they bring in each month.
This term is used primarily in the context of business to describe a company that can no longer pay the interest on what it owes, but it can apply to personal finance as well. Consumers are said to be overleveraging themselves when they are using credit and/or loans to spend more than they bring in each month.
Your credit card company may allow you to exceed y … moreYour credit card company may allow you to exceed your credit limit without warning, but that does not mean that they might not assess you a fee for going over your credit limit.
For consumer and student credit cards, you must first tell your credit card company that you want it to allow transactions that will take you over your credit limit. Otherwise, if a transaction would take you over your limit, it may be turned down. If you do not opt-in to over-the-limit transactions and your credit card company allows one to go through, it cannot charge you an over-the-limit fee.
For small business credit cards, if you spend over your credit limit, you will usually get an over-the-limit fee. You do not have the option to opt-in like you do with general consumer credit cards.
For consumer and student credit cards, you must first tell your credit card company that you want it to allow transactions that will take you over your credit limit. Otherwise, if a transaction would take you over your limit, it may be turned down. If you do not opt-in to over-the-limit transactions and your credit card company allows one to go through, it cannot charge you an over-the-limit fee.
For small business credit cards, if you spend over your credit limit, you will usually get an over-the-limit fee. You do not have the option to opt-in like you do with general consumer credit cards.