There is an old banking regulation that mandates this and limits the transfers. It is Reg. D if you're interested.
Part of the intent here is to better manage the money supply and this ties to a prohibition of paying interest on checking accounts. There are Negotiable Order of Withdrawal (NOW) accounts that allow interest but they have limited ownership restrictions. Most businesses couldn't own one of these and collect interest on its large cash deposits. When interest is paid on an account, a bank generally has less money in reserves to cover withdrawals, so this also relates to the financial stability of the banking system, in a broad perspective.
Suffice it to say, without going too deep into a banking lecture, that Congress has started to change these laws and regulations many, many times, but there has never been a solid agreement between both bodies of lawmakers as to how to do it, so your bank is left with the requirement that they restrict your transactions. To allow unlimited transactions is the same as allowing interest on a checking account.
What you may look at is getting a NOW account. This usually has a lower rate of interest, but more transactions are allowed.
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There is an old banking regulation that mandates this and limits the transfers. It is Reg. D if you're interested. 