A couple years ago, my strat group did a deep dive study of WaMu's strategy. It was interesting. Here was a bank that was advertising all these super consumer-friendly features, like free overdraft protection, free checks, free wiring, zero minimum balance, etc. But when you put all the pieces together, the real strat wasn't top convenience or customer service. That was just the pitch. In reality, every single consumer-friendly feature was secretly encouraging their customers to keep really low balances and increase the chance of penalties and fees. Their fee revenue as a percentage of overall revenue was off the charts.
--Anonymous bank executive