People seem to forget processing cash isn't free. If you're small, it's a trip to the bank. If you're large, it's an armored truck. Employee theft is a problem. Counterfeit money is a problem. If we pretend it's 1% instead of 3% (since you can get 2% cash back), 1% for not dealing with the downsides of cash sounds ok.
The closest I can think of is when a bank tried to charge my son for using their coin counting machine because he didn't have an account there (he's a minor, but I had an account).
https://www.bankofamerica.com/salesservices/smallbusiness/re...
https://www08.wellsfargomedia.com/assets/pdf/small-business/...
While I think it's ridiculous, a 0.3% fee for over $20k in deposited cash per month doesn't sound unreasonable for handling risk.
Personally, I wouldn't be banking with either of those companies because I think they just exist as parasites. Find a good credit union.
Consumer banking is a very different beast to business banking.