Banks offering direct deposit bonus promotions attract new customers by providing financial incentives for setting up direct deposits. These promotions typically include cash bonuses or higher interest rates on savings accounts, encouraging individuals to switch their payroll or government benefits to the bank. By capitalizing on the convenience of direct deposits, banks not only enhance customer loyalty but also streamline their operations. As competition increases, these enticing offers can significantly impact a consumer's choice of banking institution, making it essential to compare available promotions before making a decision.