Low interest rates and government regulations that hamper lending and crimp bank profits have prompted many US banks to jack up fees that disproportionately hurt low-income consumers such as millennials, according to Aite Group analyst Christine Barry.

And in an echo of a widely held belief, Barry says more nimble, alternative high-tech platforms, so-called FinTechs, are grabbing the accounts of millennial-owned US businesses, stealing them away from traditional banks. Barry notes, in a study, that at least 48 percent of these millennial-owned businesses are gravitating to alternatives such as Square and Bill.com, and away from mainstream banks, for at least one financial product.

Still, the latest report from Wall & Broadcast cites excessive and hidden fees as the big driver in pushing millennials away from traditional banks, though many would rather have an FDIC-insured bank account — but with zero or bare-bones fees to take advantage of some new services like PopMoney, Venmo and PayPal, according to the report.