The action of having your paycheck directly deposited into a bank has been called the holy grail for banks because they make money largely under an assets under management (AUM) model, where they monetize your deposits and receive interchange fees off transactions.
The Holy Grail: Direct Deposit Switching
The action of having your paycheck directly deposited into a bank has been called the holy grail for banks because they make money largely under an assets under management (AUM) model, where they monetize your deposits and receive interchange fees off transactions.