New players are breaking onto the banking scene offering low-cost specialized services. Traditional banks try to be everything to everyone by offering a huge array of services including various types of loans, bank accounts, retirement investment accounts, and many more products. The new players are specializing in individual banking services.
By specializing, these new banks hope to offer the best service and lowest fees in their specialty. Initially, the so-called DOBA banks are offering bank accounts with no transaction fees, no minimum balances, and the highest interest rates in the industry.
For some reason, the first product that these new banks are specializing in is the DOBA (Deposit-Only Bank Account). In time perhaps banks specializing in the WOBA (Withdrawal-Only Bank Account) will enter the fray as well.