Discover Bank Ends Fees on All Deposit Products

By Staff 5 years ago

No More Fees for Insufficient Funds, No Monthly Maintenance Fees

RIVERWOODS, Ill.–(BUSINESS WIRE)–Discover announced today the elimination of deposit account fees,
promising to help customers keep more of what they earn and save.
Customers with a checking, savings, money market or CD account from
Discover Bank now can rest easy knowing their money will stay where they
put it without fees for an occasional oversight or pressing need.

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“Helping our customers lead better financial lives, is at the heart of
everything we do, whether that’s removing fees, offering
industry-leading rewards or consistently delivering distinctive customer
experience,” said Arijit Roy, vice president of deposits at Discover.
“Removing all deposit account fees was an easy decision for us based on
our commitment to offer the most rewarding banking products in the
industry.”

In addition to offering deposit accounts with no fees for monthly
maintenance, checkbook orders or replacement debit cards, going forward,
Discover is eliminating fees for insufficient funds, excessive
withdrawals, falling below minimum balances and stop-payment requests.
Discover banking customers also have access to 60,000 fee-free ATMs
across the country.

“We consider it a privilege when customers trust us with their money,
which is why we put them first by eliminating fees,” Roy said. “We’re
promising that if you bank with us, we’re committed to finding you ways
to save more of your money. Very few large or direct banks can make that
same promise.”

Discover continues to offer industry-leading benefits across its
products:

  • Discover Cashback Debit offers customers 1% cash back on up to $3,000
    in debit card purchases each month1.
  • Discover offers the option to automatically deposit customer’s Debit
    Card Cashback Bonus into an eligible Discover Online Savings
    account each month,2 allowing them to grow their savings
    with a high interest rate
  • All Discover Deposits products are accessible via an award winning
    mobile app and come with 24/7, 100% U.S.-based customer service
  • Discover Online Savings Accounts have an interest rate over 5x the
    national savings average3

About Discover

Discover Financial Services (NYSE: DFS) is a direct banking and payment
services company with one of the most recognized brands in U.S.
financial services. Since its inception in 1986, the company has become
one of the largest card issuers in the United States. The company issues
the Discover card, America’s cash rewards pioneer, and offers private
student loans, personal loans, home equity loans, checking and savings
accounts and certificates of deposit through its direct banking
business. It operates the Discover Global Network comprised of Discover
Network, with millions of merchant and cash access locations; PULSE, one
of the nation’s leading ATM/debit networks; and Diners Club
International, a global payments network with acceptance around the
world. For more information, visit www.discover.com/company.

1ATM transactions, the purchase of money orders or other cash
equivalents, cash over portions of point-of-sale transactions,
Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments
or account funding made with your debit card are not eligible for cash
back rewards. In addition, purchases made using third-party payment
accounts (services such as Venmo® and PayPal™, who also provide P2P
payments) may not be eligible for cash back rewards. Apple, the Apple
logo and Apple Pay are trademarks of Apple Inc., registered in the U.S.
and other countries.

2 Customers must enroll to obtain Discover’s Auto Redemption
of Cashback Bonus to Savings.

3The Annual Percentage Yield (APY) for the Online Savings
Account as of 06/17/2019 is more than five times the national average
APY for interest-bearing savings accounts with balances over $500 as
reported by Informa Research Services, Inc. as of 06/17/2019. Interest
rates and APYs are subject to change at any time. Although the
information provided by Informa Research Services has been obtained from
the various institutions, accuracy cannot be guaranteed.

Contacts

Media Contact
Sarah Grage Silberman
Discover
224-405-6029
sarahgragesilberman@discover.com
@Discover_News

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