Sentences with phrase «dormancy fees»
Dormancy fees are small charges that companies add to your account if you don't use it for a certain period of time. It's like a penalty for not using or being inactive with the account. Full definition
It's far more sticky — for example, we charge a nominal dormancy fee to those that don't use the card in three months, just to encourage people to either use the card or shut it down.
hypepotamus.com
«Nor can financial institutions impose dormancy fees or maintenance fees within the first year of the product's activation.»
We've seen a fraction of a percent charged the dormancy fee.
And be careful if you don't use it: An inactivity fee or dormancy fee is sometimes charged by issuers.
Fees: You'll be hit with a $ 4 monthly fee if the daily balance falls below $ 500, and a $ 5 dormancy fee will be charged if there hasn't been activity in the account for a year.
Outstanding lines of credit with no account activity for a year might also be charged a 1 % dormancy fee.
In comparison, credit cards can also have numerous fees, but usually not an origination or dormancy fee.
Dormancy fees can only be charged if the card is unused for 12 months or more.