termination fee

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Termination Fee

A one-time fee charged to an account holder if he/she transfers or cancels an IRA. The termination fee is levied by the brokerage or bank that manages the IRA and must be spelled out in the agreement that created the account. Some brokerages and banks do not charge a termination fee. See also: Prepayment penalty.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

termination fee

The one-time charge for terminating or transferring an individual retirement account. If a financial institution charges a termination fee, the fee must be spelled out in the original agreement that is signed when the account is opened. Some institutions, particularly banks and savings and loans, may not charge termination fees.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
We've all got experience of being W locked into contracts because of early termination fees and costs.
Early termination fee should not be charged when the reason for the termination is poor quality service by the operator.
The survey also shows that nearly half of mobile phone users who have planned with early Termination fees and almost two-thirds of home broadband users with ETFs do not know the amount of the fees they are accountable for.
Yesterday, Petrolia Drilling ASA said it finally came to an agreement with Maersk Oil & Gas, part of Danish oil and shipping group A P Moller-Maersk A/S (CPH: MAERSK B), which will redeliver Deep Venture against against an early termination fee of USD64m.
Early Termination Fee: None if cancelled in the first 30 days, but a restocking fee may apply; thereafter up to $175.
that either paid an early termination fee or remained with Sprint to avoid paying the early termination fee.
If at any point during the 30-day Test Drive customers are not satisfied with their experience and take their number to another wireless carrier, Verizon Wireless will refund their money for their calls, equipment, activation fee and taxes, as well as release them from their contract without an early termination fee when they return their phone within the Test Drive period.
Taxes, fees, early termination fee and other charges apply .
The filing adds that the limitations of Cingular's system "often defeat the customer's reasonable expectations of coverage and capacity." The customer,' however, may be prevented from canceling Cingular's service and returning the phones by virtue of a $150 (or higher) early termination fee (ETF) and other fees which make cancellation more costly than continuing to use the inadequate service.
To get out of its deal with CIT, Troutman said it had to pay CIT $1.4 million, including a $900,000 early termination fee, $431,473 in interest on late payments, and other costs.
A $150 early termination fee and other charges and restrictions may apply.
The company also paid an early termination fee of EUR0.7m plus costs for legal counsel.
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