Here's a weird hobby bit of information: why the US doesn't have "basic bank accounts" like many countries, which are fee-free accounts meant to increase access.
1) The check payment method inevitably exposes banks to credit risk and this makes free a tough anchor *but it is doable* and banks do do it in certain markets where it is de rigeur.
2) Community banks.
The continued existence of community banks is a policy goal of the United States.
One is that it has a broad footprint.
FNBONO has structurally worse economics than BoA due to cost of capital, worse IT, and BoA's scale. So they need to charge more.
Theoretical because state bank charters are a thing and the market solves a bit for this.
But there are ~40 year old millennials now, so...