Loanfactz Definitions
Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
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Annual Membership or Maintenance Fee
1) An annual (yearly) charge you pay for having a line of credit available, such as a credit card or a home equity line of credit. The fee is charged regardless of whether or not the line is used. Not all credit cards have an annual fee.
2) A fee you pay to a homeowner's association for maintenance and repairs of common areas in the community you live in.
3) A fee to maintain certain types of bank accounts such as an IRA.
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