This is clearly incorrect. Visit the UK some time. Bank accounts are free, interest bearing, often come with incentives (I get £5 a month from my bank for payin

This is clearly incorrect. Visit the UK some time. Bank accounts are free, interest bearing, often come with incentives (I get £5 a month from my bank for paying my salary into the account), and offer free online transfer to other UK bank accounts. Oh, and you can withdraw money from any cashpoint for free - not just those of your own bank Of course, this probably isn't something the bank makes money on. They make money on fees for overdrafts, and on the profit making products they can more easily sell to existing customers. But the same thing happens in the US, too. In short, don't assume that the massive flaws in US consumer banking are universal, or that they're fundamental to the nature of consumer banking.