It absolutely is the reason, and was that way even before automatic transfers became common. I have left BoA three times, never having signed up as a customer.

It absolutely is the reason, and was that way even before automatic transfers became common. I have left BoA three times, never having signed up as a customer. Every time I would move to a new bank, NCNB/Nationsbank/Bank of America would buy them and raise the fees. A few customers like me would leave, but enough would stay for the process to be profitable. Read up on https://en.wikipedia.org/wiki/Hugh_McColl https://en.wikipedia.org/wiki/Hugh_McColl , the Genghis Khan of the US banking industry.