periodic charge to maintain an account, such as a credit card annual fee or a monthly checking account service charge, to cover the cost of servicing the account and statement preparation. Checking account fees may be waived if the customer keeps a certain minimum balance.
- assessment by a homeowners' association, cooperative association, or condominium owners' association to pay costs of operating the common elements.
- charge by a bank or broker for keeping an account.
annual charge to maintain certain types of brokerage accounts. Such a fee may be attached to an asset management account, which combines securities and money market accounts. Banks and brokers may also charge a maintenance fee for an Individual Retirement Account (IRA).
an assessment by a homeowners' association or a condominium owner's association, to pay costs of operating the common elements.
Example: A condominium association assesses each owner a maintenance fee of $100 per month for lawn maintenance and insurance costs.
