Lacking credit, cancels membership fee (4)
I believe the answer is:
subs
'membership fee' is the definition.
(subscription fees to a club)
'lacking credit cancels' is the wordplay.
'lacking' is a deletion indicator.
'credit' becomes 'cr'.
'cancels' becomes 'scrubs' (scrub can mean to erase or cancel).
'scrubs' with 'cr' removed is 'SUBS'.
(Other definitions for subs that I've seen before include "Advance payments" , "Club members' payments" , "vehicles" , "Reserves at football (sl.)" , "Players in reserve" .)