Editing Transaction account (section)

== Cost ==
Any cost or fees charged by the financial institution that maintains the account, whether as a single monthly maintenance charge or for each [[financial transaction]], will depend on a variety of factors, including the country's regulations and overall interest rates for lending and saving, as well as the financial institution's size and number of channels of access offered. This is why a [[direct bank]] can afford to offer low-cost or free banking, as well as why in some countries, transaction fees do not exist but extremely high lending rates are the norm. This is the case in the United Kingdom, where they have had free banking since 1984 when the then [[Midland Bank]], in a bid to grab market share, scrapped current account charges.<ref name=telegraph001>{{cite web |url=https://www.telegraph.co.uk/finance/personalfinance/bank-accounts/9286185/Free-banking-should-end-Bank-official-says.html |archive-url=https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/finance/personalfinance/bank-accounts/9286185/Free-banking-should-end-Bank-official-says.html |archive-date=2022-01-12 |url-access=subscription |url-status=live |title=Free banking should end Bank official says |publisher=telegraph |website=telegraph.co.uk |date=24 May 2012 |author=Philip Aldrick |access-date=12 November 2016}}{{cbignore}}</ref><ref name=telegraph002>{{cite web |url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11322363/You-may-not-know-it-but-you-are-paying-for-your-bank.html |archive-url=https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11322363/You-may-not-know-it-but-you-are-paying-for-your-bank.html |archive-date=2022-01-12 |url-access=subscription |url-status=live |title=You may not know it, but you are paying for your bank |publisher=telegraph |website=telegraph.co.uk |date=3 January 2015|author=James Titcomb |access-date=12 November 2016}}{{cbignore}}</ref> It was so successful that all other banks had no choice but offer the same or continue losing customers. Free banking account holders are now charged only if they use an add-on service such as an [[overdraft]].<ref name=BBC18186363/>

Financial transaction fees may be charged either per item or for a [[flat rate]] covering a certain number of transactions. Often, [[youth]]s, [[student]]s, [[senior citizen]]s or high-valued customers do not pay fees for basic financial transactions. Some offer free transactions for maintaining a very high average balance in their account. Other service charges are applicable for [[overdraft]], [[non-sufficient funds]], the use of an external [[interbank network]], etc. In countries where there are no service charges for transaction fees, there are, on the other hand, other recurring service charges such as a [[debit card]] annual fee. In the United States, there are checking account options that do not require monthly maintenance fees and this can  keep costs down. While a majority of U.S. checking accounts do charge monthly maintenance fees, about one-third of accounts do not charge those fees. A survey of  monthly checking account maintenance fees shows the average cost to be $13.47 per month or $161.64 per year.<ref>{{Cite web|url=https://www.money-rates.com/checking/the-cost-of-sloppy-banking-habits.htm|title=Cost of sloppy banking habits {{!}} MoneyRates.com|website=money-rates.com|language=en|access-date=2020-02-13}}</ref>