- Definition
Fees are small charges banks or other financial places might ask you to pay for things like having an account or using a machine to get money. These charges can happen regularly, like every month, or each time you do something specific.
A bank charging a $4 monthly fee to keep an account open is an example of a maintenance fee.
How to teach this in 30 seconds
Try this analogy: A bank fee is like a subscription for a game that you have to pay every month to keep using your account.
Ask your child: Why might a bank charge a small fee for using one of their services?
Common mix-up: Kids may think all the money in an account is theirs to spend. Fees are small costs for using the bank's services, which are taken from the account balance.
Examples
- A $2 charge for using a cash machine that isn't your own bank's.
- A fee for having less than the minimum required amount of money in your account.
fees is a term used in Ontario’s Kindergarten to Grade 8 curriculum.
Where this shows up
The descriptions on this page are SmartStudy’s own original, plain-language writing — not the Ministry’s wording. They are aligned to the Ontario Curriculum, © King’s Printer for Ontario. For the Ministry’s official wording, see the source link below. SmartStudy is an independent service and is not affiliated with, endorsed by, or sponsored by the Government of Ontario or the Ministry of Education. Ontario Curriculum and Resources ↗
