Discover Bank Ends Fees on All Deposit Products

Business Wire 17-Jun-2019 5:00 AM

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.

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