Discover Bank Ends Fees on All Deposit Products
June 17 2019 - 5:00AM
Business Wire
No More Fees for Insufficient Funds, No
Monthly Maintenance Fees
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.
“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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190617005145/en/
Media ContactSarah Grage
SilbermanDiscover224-405-6029sarahgragesilberman@discover.com@Discover_News
Discover Financial Servi... (NYSE:DFS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Discover Financial Servi... (NYSE:DFS)
Historical Stock Chart
From Sep 2023 to Sep 2024