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Discover bank atm deposit cash


discover bank atm deposit cash

Discover Bank: Cashback Debit Account – Best for earning cash back At some banks, both direct deposit and a minimum number of debit card. Find you nearest Commercial Bank of Dubai ATM or Branch. You can deposit cash in two ways at CBD ATMs, with a Debit card or without a card through the. Digital-only banks like Discover's only allow you to withdraw cash from ATMs;.

Discover bank atm deposit cash -

Discover Bank is well known for its cash back credit cards with no annual fees, but the company also offers arguably the best free checking account in America.

Three highlights of this account are no account fees, cash back on debit card purchases and free standard checks.

Discover Bank Checking Account Review Summary: Pros and Cons

Pros Cons
1% cash back on debit card purchasesNo physical branches
Free standard checksCan’t deposit cash, even at partner ATMs
No account fees $510 daily ATM withdrawal limit
60,000+ surcharge-free ATMsHarder to withdraw cash outside the U.S.
Simple to use mobile app and website

I’ve had a checking account with Discover Bank since 2014. More recently, I opened 10 online checking accounts (including a second with Discover) to evaluate the best options for free checking right now.

Discover remains a top contender, but is this the right checking account for you? Let me help you decide.


Table of Contents:


Cash Back Rewards

Officially named Discover Cashback Debit, this checking account features 1% cash back on up to $3,000 in purchases every month. That’s a maximum of $30 a month or $360 a year.

This is a valuable perk from Discover. Most checking accounts don’t offer any cash back and pay little or no interest.

Discover Cashback Debit card

You can use your Discover debit card wherever you see the Discover symbol. But keep in mind that some stores only take debit or credit cards with a Visa or Mastercard logo.

Personally, I put most purchases on a credit card so that I can earn more than 1% cash back. But if you’re in credit card debt or just prefer debit, Discover’s offer is hard to beat.

After you’ve earned cash back, you can collect it whenever you want. Discover has no minimum redemption amount.

Free Checks

If you write checks frequently or even just occasionally, you can save money by switching to an online bank like Discover that offers them free upon request.

With Discover, you can order and reorder free personal checks in batches of 100. Shipping is also free.

Quite a few online banks have eliminated paper checks, others will mail a check on your behalf and some will charge a small fee for a batch of checks. Few banks still provide truly free personal checks.

If you don’t request checks from Discover, you won’t get them. If you find that you need a check, they’ll mail a check for you at no charge if you contact customer service.

Account Fees

Discover Bank does not charge checking customers a monthly maintenance fee like most traditional banks.

If you’ve been hit with any type of bank fee from your current bank, consider moving your money to an online bank. Discover and other online banks typically don’t have minimum balance requirements.

In addition, Discover won’t even charge for insufficient funds or stop payment orders. That’s very rare.

Discover’s No-Fee List

  • Monthly maintenance
  • Withdrawals at partner ATMs
  • Replacement debit card
  • Standard checks
  • Official bank check
  • Online bill pay
  • Expedited delivery for debit card replacement
  • Expedited delivery for official bank checks
  • Deposited item returned
  • Stop payment order
  • Insufficient funds
  • Account closure

Discover will charge $30 for an outgoing wire transfer. This isn’t a feature that most customers will use often. I only requested a wire transfer from Discover during the homebuying process.

Also, using ATMs outside of the Discover partner networks may result in fees. More on that next.

Nationwide ATM Access

If you use your Discover debit card to withdraw cash at more than 60,000 participating ATMs, you won’t have to pay any fees. Discover partners with the Allpoint and MoneyPass networks.

There has always been a no-fee ATM within walking distance from my home at places like CVS, Target, Walgreens and Walmart.

If you withdraw cash from an ATM regularly, check Discover’s website before you sign up for an account to see if there are no-fee ATMs where you live, work and travel.

Here’s a link to the tool. Existing customers can search for nearby ATMs using the mobile app.

Discover ATM finder tool: Allpoint and MoneyPass networks

To be clear, Discover will never charge you to use your debit card at an ATM. However, owners of out-of-network ATMs do charge fees and Discover won’t reimburse you. That’s why you want to stay in-network.

For international travelers, withdrawing cash may be more difficult. I’ve been unable to use my Discover debit card in Europe because Discover cards aren’t widely accepted overseas.

If you frequently use ATMs outside of North America, this may not be the best checking account for you.

Deposits and Withdrawals

Deposits at Discover Bank are FDIC insured, just like regular banks. This protects your insured deposits in the unlikely event that a bank fails.

Here’s how to move money in and out of a Discover checking account:

Deposits

There are several ways to fund your Discover checking account: direct deposit, online transfers from another bank, mobile check deposit and mailing a check.

Unfortunately, there’s no easy way to deposit cash. Discover Bank has no branches and ATM cash deposits aren’t allowed.

There are a couple of workarounds if you need to deposit cash. You can get a cashier’s check from an in-person bank or credit union for a small fee and then use Discover’s mobile check deposit feature from the app.

The second option is to buy a money order and mail it to Discover. You can’t upload a money order using the app.

Withdrawals

To withdraw money from your Discover checking account, use an ATM, request cash back when paying with debit, transfer money to an external account, use bill pay, write a check or pay for a wire transfer.

When you need cash, one downside is Discover’s relatively low daily ATM withdrawal limit of $510. The limit cannot be raised, even temporarily.

I know from experience that the daily ATM withdrawal limit resets at midnight. So if you need $1,000 in cash, you could take out $500 at 11:58 p.m. and then another $500 at 12:01 a.m.

Some ATMs have lower withdrawal limits, so you may need to visit multiple ATMs to get up to $510 per day.

App and Website Experience

Discover Bank’s app and website are both user friendly. In addition to my two checking accounts with Discover, I have savings accounts and a credit card that I manage from the same login.

If you’re not great about remembering usernames and passwords, you can use your fingerprint to log in to the app.

The app is my preferred way to check balances, transfer money, deposit a check, pay bills and redeem cash back. I use the website when I need to download statements and tax documents.

Perhaps my favorite feature is Discover’s FICO Credit Scorecard, and it’s front and center.

Discover FICO Scorecard from mobile app

The FICO Credit Scorecard is the first thing that you see when you open the app. It’s a great way to track changes to your credit score over time.

Overall, Discover’s app and website really shine. Both experiences are simple and easy to navigate.

Customer Service

Although Discover Bank doesn’t have physical branches, it provides 24/7 customer support over the phone and by chat. When I’ve called, the U.S-based agents have been friendly and helpful.

Since Discover is an online bank, the only way to open a checking account is at Discover.com.

When I opened a second Discover checking account to document the signup process, I noted that it took only about five minutes. My debit card and checks arrived separately about a week later.

The customer service representatives are very knowledgeable about the Cashback Debit Account, including some of the limitations that I’ve outlined in this review.

If you have questions before signing up, call them and test drive the customer service. The number is 1-800-347-7000.

Final Thoughts

The Discover Cashback Debit Account helped me easily transition from a checking account with a traditional bank to an online bank. Here’s who I think Discover’s checking account is best for:

  • Someone who gets paid through direct deposit and doesn’t need to deposit cash
  • Those who don’t like to use credit cards but still want to earn rewards for debit card purchases
  • Anyone who doesn’t want to pay an account maintenance fee or other bank fees
  • People who want a checking account that offers free paper checks

If Discover’s checking account isn’t right for you, Capital One Bank and Ally Bank may be better alternatives.

Capital One Bank offers a lot of the same perks as Discover, but it also lets customers deposit cash from select Capital One ATMs across the country.

Meanwhile, Ally Bank reimburses customers for out-of-network ATM fees up to $10 per statement cycle.

Overall, I believe the Discover Cashback Debit Account is worth considering for its fee-free banking, debit card rewards, access to ATMs, free checks and a great mobile app.

Do you have a checking account with Discover Bank? Add your customer review in the comments below!


More Content From Michael Saves:

Источник: https://michaelsaves.com/banking/discover-bank-checking-review/

How to Deposit Cash to an Online Bank Account

Banking / Banks

cash

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Direct banks — also known as branchless banks or online-only banks — are gaining impressive favor among consumers, according to the J.D. Power 2017 U.S. Direct Banking Satisfaction Study. An online-only bank is a bank that conducts all business online — it has no physical branches.

Although only 6 percent of the total banking deposits in the U.S. are completed via internet banking, the study indicates rapid growth in this growing market. As more online-only accounts are opened, more people will need to make cash deposits — which might include ATM deposits — into their online accounts. Depositing cash into even the best online-only banks can be tricky, so keep reading to learn how.

Ways to Deposit Cash Into an Online Bank

If you use an online bank and anticipate making cash deposits, save time and avoid unnecessary fees by knowing your options in advance. Here are four ways to deposit cash into an online bank account:

1. Reloadable Prepaid Debit Card

If you make frequent cash deposits, using a reloadable prepaid debit card might make sense. You can link your card to your online bank account and deposit funds into your bank whenever you want. Here’s how to activate your card and link it to your bank account:

  1. Register your reloadable prepaid debit card online.
  2. Load funds onto your card at a retail store or bank.
  3. Search the card’s website to find out how to link an online bank account to your card.
  4. Follow instructions for linking your bank account to your card.
  5. Transfer the funds to your online bank account as needed.

Pros

  • Reloadable, prepaid debit cards are available at retail stores and online.
  • You can save money on fees if you shop around.

Cons

  • It might take several days for funds to transfer to your bank account. For example, it usually takes two to three business days for funds to be transferred, according to the Bluebird American Express website.

2. Put Cash in a Traditional Checking Account and Transfer It Online

If you choose to keep a traditional checking account, look for one with no monthly fees or very low monthly fees. For example, the Bank of America Core Checking Account is free if you maintain a monthly balance of $1,500 or make a monthly direct deposit of at least $250.

Using your traditional bank to deposit cash and move it to your online bank account might be an easy solution. To get started, go to your traditional bank’s branch or ATM and deposit cash, then move the money electronically from your traditional account to your online account. Wells Fargo, for example, allows bank-to-bank transfers after a verification process, which could take three to five days.

Pros

  • You can take advantage of in-person bank services from your brick-and-mortar bank.
  • You’ll have access to two different sets of bank promotions and offerings.

Cons

  • You’ll have to keep track of two bank accounts with two different financial institutions.
  • Going to a branch can be time-consuming.

3. Get a Money Order

Money orders are basically prepaid checks. You can purchase a money order through financial institutions, the U.S. Postal Service and some big-box stores like Walmart.

To purchase a money order, you must provide the payee’s name and address. When you want to deposit the money into your online account, use the online bank’s name and address.

You’ll typically pay a minimal fee for a money order. For example, USPS charges $1.20 for a money order of up to $500 and $1.60 for one from $500.01 to $1,000. You can also buy money orders from payday loan companies like Moneytree, which offers them for free if you cash a check or take out a loan with them.

Once you’ve filled out the money order, mail it to your bank. Or, if your bank offers a mobile banking app, just use your smartphone to snap a photo of the back and front of the money order and deposit it that way.

Bank policies on money orders, however, vary by financial institution. Ally Bank and Capital One 360, for example, don’t allow customers to deposit money orders remotely — but you can send them in the mail. Check with your online bank in advance to make sure it accepts money orders for deposit and keep the money order receipt until you confirm your bank has received and deposited the funds.

Pros

  • Money orders are available at banks, credit unions, stores and USPS.
  • You can find inexpensive money orders if you shop around.

Cons

  • Using money orders requires an extra step when you’re depositing cash.
  • The amount you can get a money order for is limited. USPS, for example, has a $1,000 limit for domestic money orders.

4. Make a Deposit at a Cash-Accepting ATM

Can you deposit cash at an ATM? Sure. Using an ATM is an easy way to deposit cash if your online bank allows it. Select ATMs — those connected to or that are part of an agreement with your banking institution — have the capability to accept cash and check deposits that will post to your account. Here’s how to deposit cash using an ATM:

  1. Insert your ATM card into the machine and enter your PIN.
  2. Look for a “Deposit” option on the screen. If there’s not a deposit option, the ATM doesn’t accept deposits.
  3. Choose the account to which you want to deposit your cash.
  4. Select the “deposit cash” option.
  5. Flatten out the bills and unfold the corners before inserting them into the machine.
  6. Some ATMs offer the option of printing an itemized list of the bills deposited — in addition to the total amount of cash deposited — on your receipt. Select the option if you wish.
  7. Take your receipt and card.

Some online banks participate in deposit sharing. State Farm Bank, for example, not only allows customers to make deposits at select, full-service State Farm Bank ATMs, but also lets customers make deposits at ATMs owned by financial institutions that participate in deposit sharing.

Some online banks, however — like Ally Bank and Discover Bank — do not accept ATM cash deposits. Others accept limited cash deposits, like SunTrust Bank, which allows customers only 40 bills per deposit.

Before heading to an ATM, check the ATM locator and information on your ATM provider’s website to see which ones do accept cash. Search for specific ATMs instead of searching the phrase, “ATM near me.” The best way to find out if your online bank offers an ATM cash deposit option or deposit sharing might be to call the bank directly and ask.

Pros:

  • Cash deposits to ATMs are typically credited instantly.
  • Some online banks don’t require deposit slips or envelopes to make ATM deposits.

Cons:

  • Most online banks do not process cash deposits via ATM.
  • Not all ATMs in a bank’s network accept cash deposits.

About the Author

Cynthia Measom is a personal finance writer and editor with over 12 years of collective experience. Her articles have been featured in MSN, Aol, Yahoo Finance, INSIDER, Houston Chronicle, The Seattle Times and The Network Journal. She attended the University of Texas at Austin and earned a Bachelor of Arts degree in English.

Источник: https://www.gobankingrates.com/banking/banks/deposit-cash-online-bank-account/

Can you deposit cash into a Discover ATM?

Can you deposit cash into a Discover ATM?

Electronic deposits that are automatically initiated outside the bank – like Direct Deposit or Social Security benefits – are generally available immediately. Cash deposited via one of our deposit taking ATMs and transfers between Capital One 360 and Capital One Bank accounts are also available immediately.

How do I withdraw money from my Discover Bank Account?

How can I withdraw money?

  1. No-fee cash withdrawals at over 60,000 Allpoint® and MoneyPass® ATMs.
  2. Use online and mobile ATM Locators to find a no-fee ATM near you.
  3. Use your debit card at 415,000 ATMs nationwide, anywhere you see the Discover®, Diners Club® International® or PULSE® symbols.

How can I withdraw money from Discover savings account?

You can withdraw money from your Savings Account in the following ways:

  1. Online transfer to another Discover Bank Account or to an external bank account.
  2. Domestic Wire Transfer (a service charge applies)
  3. International Wire Transfer.
  4. Request an Official Bank Check.

Are discover savings accounts safe?

One of the big draws of Discover Bank’s online savings account is that there are no monthly fees and no minimum balance. You can open an account with whatever amount of money you’d like. The account is a truly safe place to keep your money since you can be confident that Discover won’t be taking your savings with fees.

Does discover savings have a minimum balance?

Pros. High APY — Discover Online Savings has a 0.40% APY, which is better than most accounts on the market. No fees — There are no monthly fees associated with Discover’s Saving account. No minimum balance — There’s no minimum balance needed to start earning your 0.40% APY.

How much does it cost to open a Discover Bank Account?

Discover Online Savings AccountRemove Bank Bank of America Advantage Savings
Interest compounded/paidDaily/MonthlyMonthly/Monthly
Monthly fee Opens modal dialog In some cases, competitors assess or waive fees if certain conditions are met.$0$8
Insufficient funds fee$0$35
Minimum opening deposit$0$100

Is discover a good debit card?

The Discover Cashback Debit Account is best for those who use their debit cards often and don’t usually maintain a high checking account balance. The lack of minimum balance or activity requirements, plus the free checks and debit card replacements make this an affordable account.

How much is Discover ATM fee?

For starters, there’s the standard Discover cash advance fee: Either $10 or 5% of the amount of each cash advance, whichever is greater. All Discover credit cards have that. And the same is true of Discover’s cash advance APR: 24.99% Variable. That’s standard, too.

Can I pay my Discover card with a debit card?

You cannot pay a credit card with a debit card. But you can a pay a credit card with the bank account that a debit card is linked to, by doing an electronic transfer. You can also set up automatic bill payment, so that on the same date each month, money is withdrawn from your account to pay your credit card bill.

How long will it take to get my Discover debit card?

3 to 5 days

Can you use your Discover card before it arrives?

Current Discover cardmembers who need to replace a lost, stolen or damaged card can request overnight shipping to any U.S. street address for free. Once your card arrives (in 4-6 business days), you can activate your card online or via the phone and then you can use your credit card immediately.

Can you track your Discover card in the mail?

By phone: Call Discover customer service at 1-800-347-2683 and navigate the menu until you hear “check the status of a pending application”. Currently, you want to press “#” and then “4,” but that could change. After providing your first and last name, SSN and zip code, you’ll be able to hear your application status.

Is it hard to get Discover Card?

There aren’t any Discover cards that flat-out require excellent credit, currently. But we recommend a score of at least 700, which is toward the top of the good range, for the cards that require good credit for approval. So most Discover cards may be a tough get for the average person, who has a credit score of 669.

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Источник: https://boardgamestips.com/users-questions/can-you-deposit-cash-into-a-discover-atm/

Discover Bank Cashback Checking Account Review

Discover Bank iPhone AppDiscover Bank iPhone App

Though many people know Discover as a credit card issuer, the company also offers banking services. Among those services is a wide variety of checking accounts.

One account, the Discover Cashback Debit account lets you earn rewards when you use your debit card.

If you need to open a new checking account, in this review, learn what you need to know about the Discover Cashback Debit account.

Earn Up to $30 a Month in Cash Back Rewards

Most debit cards are relatively basic. You can use them to make withdrawals from your checking account or to make purchases.

They don’t offer much in the way of purchase protection or other benefits.

Credit cards, however, excel at offering these extras. Many credit cards offer significant consumer protections, benefits like extended warranty, and features like price protection.

One of the biggest benefits of credit cards is their rewards. You can earn cash back, airline miles, and other rewards for every dollar you spend using your credit card.

Because of their rewards, many consumers use their credit cards for making purchases rather than their debit card. The problem is that some people don’t want to use a credit card.

Whether it be because they don’t like using credit, or don’t trust themselves to make payments on time, there are many reasons to avoid credit cards. Plus, some people cannot qualify for cards that offer rewards.

Discover’s Cashback Debit account lets these people get the benefit of rewards without having to open a checking account.

When you use your debit card to make a purchase, you’ll earn 1% cash back.

The money will be deposited right back into your account.

The only catch is that you won’t earn rewards for purchases of cash equivalents like money orders.

You also won’t earn rewards for payments through services like Venmo.

Discover Cashback Debit Account Pros & Cons

ProsCons
  • No monthly fee
  • Earn cash back on your debit card purchases
  • Mobile apps available
  • No physical locations
  • Does not pay interest

You’ll earn rewards on up to $3,000 in purchases each month, meaning you can earn $30 per month. If you earn the maximum each month, you’ll earn $360 each year.

Award Winning Customer Service

Another benefit of the Discover Cashback Debit account is Discover’s award-winning customer service.

Discover has become known in the credit card industry for its great customer service.

It offers benefits like the ability to check your credit score, for free, even if you’re not a customer. That level of service and support has earned Discover the number one customer loyalty ranking eighteen years in a row.

If you need help with your account, you can call Discover’s helpline at any time of day.

If you’d rather avoid the phones, you can make contact online. Discover’s website offers the option to chat with a representative or send a secure message. If you like your correspondence to be physical, you can even mail a question to Discover.

Given that your entire banking experience with Discover will be online, knowing that a friendly and knowledgeable team is available to help can be a big draw.

Centralize Your Financial Life

People’s financial lives are more complicated than ever these days. You might have your savings at one bank, checking account at another, retirement accounts at a third, and your mortgage from a fourth.

While Discover doesn’t offer every banking service under the sun, you can consolidate a lot of your accounts with Discover. You can open a checking, savings, and credit card account all at one place. You can also get personal, home equity, or student loans.

Keeping more of your financial life in one place can make it much easier to manage.

ATM Access

Discover is part of two large ATM networks that span the United States: the Allpoint and MoneyPass networks.

You can use any of the more than 415,000 ATMs in the US to withdraw money from your account, but try to stay in-network to avoid fees. There are more than 60,000 surcharge-free ATMs available, so you’re unlikely to have trouble finding one nearby.

If you do use an ATM outside of the Discover network, you’ll never pay a fee charged by Discover.

You will have to cover any fee that is charged by the ATM owner, these fees can be a few dollars and add up over time. Take advantage of Discover’s large ATM network whenever you can.

Cash Back Instead of Interest

Many online checking accounts pay interest, but the Discover Cashback Debit account does not.

Instead of paying interest on the balance that sits in your account, Discover offers cash back on spending.

Whether you’d be better off with an account that pays interest depends on the balance you plan to maintain in the account.

With the paltry rates offered by most banks on their checking accounts, there’s a good chance you’ll earn more in cash back than you would earn in interest.

No Monthly Fees or Minimum Deposit

One great feature of the Discover Cashback Debit account is its lack of a monthly fee.

Many checking accounts with premium features like the ability to earn cash back would have hefty fees and strict requirements to open the account.

Discover has made it as easy as possible to open its checking account. There’s no minimum deposit required to open the account, you just need to make a deposit of any amount.

Likewise, there’s no minimum balance that you have to maintain. You won’t be charged a monthly fee, no matter how low your balance gets.

Few Other Fees

Online banks have a huge leg-up on their competition because they cost less to run. That means they can charge fewer fees and put more money in their customers’ pockets with interest and rewards.

Discover holds true to this, charging very few fees on its Cashback Debit account.

The most common fee you’ll face with a checking account is the insufficient fund fee or overdraft fee.

Discover does charge a $30 insufficient fund if you try to make a transaction that you don’t have money to cover. This is still cheaper than the median overdraft fee of $35 at the top 10 U.S. banks.

Unlike other banks, Discover does not stack fees on its customers. Instead, there is a limit of one insufficient-funds fee charged per day. Even if you make a mistake and try to overdraw the account a few times in one day, you’ll only have to pay the fee once.

Other fees for the account include:

Discover Cashback Debit Account Fees

TypeFee amount
Monthly Maintenance Fee$0
Out-of-Network ATM Fee$0 (ATM operator may charge fees)
Overdraft Fee$30
Overdraft Protection Transfer Fee$0
Returned Item$0
Deposit Item Returned$0
Stop Payment$0
Incoming Domestic Wire Transfer$0
Incoming International Wire Transfer$0
Cashiers Check$0

As you can see from the table, this is a very cheap account to use, making it great for the fee-conscious consumer.

Convenience

The Discover Cashback Debit account is highly convenient.

Because Discover is an online bank, it has heavily invested in its mobile banking experience. You can fully control your account from your phone, making it easy to do your banking from anywhere.

You can set up one-time or recurring transfers, pay your bills, deposit checks, and see your transaction history, all from the palm of your hand.

The fact that the debit card offers cash back rewards also means you can use it as your main spending card.

You don’t have to carry around extra credit cards to avoid passing up on rewards or worry about which card to use at which store. This will simplify your shopping trips.

Discover’s wide ATM network also makes getting cash when you need it a breeze. Just use Discover’s ATM locator to find the closest fee-free ATM.

How Does It Compare?

You have a lot of options when opening a checking account since it is the most common type of account in the U.S.

Though it might be tempting to go to the local branch of a national bank chain, consider your options first.

Online banks, like Discover, pay great interest, charge fewer fees, and offer innovative features like the ability to earn cash back.

No matter what type of bank you choose, you should compare the accounts that are available from that type of bank.

Other than the fees you’ll pay and how easy it is to access your money, you should consider these factors when choosing a checking account:

  • Minimum deposit
  • Fee waiver requirements
  • Interest rates
  • ATM access

The Final Verdict

The Discover Cashback Debit account is not going to yield the most rewards on your spending. It cannot match the potential rewards earnings from a top-notch cash back credit card.

As a checking account, however, it is a decent option because of its low fees with no stringent balance requirements. The ability to earn cash back is a small bonus for people who don't like to use credit cards.

If you’re a heavy cash user, you might want to choose another account that offers ATM fee reimbursements.

Similarly, if you already have a few rewards credit cards that offer more than 1% cash back, you're better off with a different checking account that might have more features.

More:Best Checking Accounts of the Year

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Источник: https://www.mybanktracker.com

Discover Bank Review

Discover is best known for its rewards credit cards, but that’s just a portion of its business. It’s a full-service online bank, as well as a payment services company. Discover offers banking and retirement solutions for individuals. Discover is also a lender, with personal, student and home equity loans available.

Because they are strictly an online bank, Discover doesn’t have local branches that customers can visit in person for banking needs. That doesn’t mean they aren’t accessible, though. Discover is known for its superb customer service, which is available 24 hours a day.

Here’s our review of Discover Bank and its personal banking options to see why it made our list of the Best Online Banks 2021. Discover also earns a spot on our Best Checking Accounts (best for cash back) and Best Online Savings Accounts (best for avoiding fees).

Account details and annual percentage yields (APYs) are accurate as of November 19, 2021.

Account Basics

Checking (Cashback Debit)*

Discover checking account are somewhat unusual in the banking world. That’s because—similar to many of its credit card offerings—Discover checking accounts earn cash back rewards. With the Discover Cashback Debit account, customers can earn 1% cash back on up to $3,000 in debit card purchases every month.

If you maxed out the $3,000 monthly limit, you would earn $30 cash back every month. Over a year, you would earn $360 cash back just by using your debit card for purchases. If you only spent $2,000 in debit card purchases monthly, that’s still $240 cash back over a year.

Another feature that Discover is known for with its checking accounts is not charging fees. There are no fees for account maintenance, ordering checks, in-network ATM use, online bill pay or replacement debit cards. Discover Cashback Debit accounts have no minimum balance requirements or activity requirements.

Savings

Discover Bank offers an online savings account with competitive rates that are five times higher than the national average. Discover savings accounts earn 0.40% APY. With $10,000 in your savings account, you would earn over $40 from interest annually. Interest compounds daily and pays out monthly.

There are no fees associated with online savings accounts through Discover. There’s also no minimum balance requirement. Compare that to Bank of America’s Advantage Savings account, which requires a $500 minimum balance to waive its $8 monthly fees.

Money Market

Money market accounts take the earning power of a savings account and also give access to checking features for a more versatile account. The Discover Bank money market account provides customers with ATM access, a debit card and check-writing capabilities.

Convenience isn’t the only high point for Discover’s money market accounts. These accounts offer high earning potential. Account balances under $100,000 earn 0.30% APY. Balances of $100,000 and higher earn 0.35% APY. An account balance of $20,000 saved for five years will earn $60 in the first year and $302 over five years of saving.

Discover’s money market accounts have no fees and no minimum balance requirements. Money market accounts allow you to earn more interest than you would with a traditional checking account.

CDs

Discover Bank certificates of deposit (CDs) are versatile high-yield accounts that offer guaranteed returns for customers. Discover CD terms range from three months to 10 years, depending on your needs.

Discover offers competitive returns on its CDs that are a bit lower than the best CD rates on the market. Here’s a look at the interest-earning potential of Discover’s CD accounts at different term lengths with an initial deposit of $15,000:

Discover offers a total of 12 CD term lengths. In addition to the five CDs shown above, Discover offers term lengths of six months, nine months, 18 months, 24 months, 30 months, four years and seven years.

CD accounts through Discover have a $2,500 minimum deposit. If for some reason you need to access your funds before they reach maturity, you can withdraw them, but you’ll have to pay a penalty. The early withdrawal penalty will depend on the specific length of the CD term. The penalty on a CD with a term under one year is three months’ simple interest.

Opening a CD account is generally considered to be a safe investment because you have FDIC insurance and a guaranteed return, no matter what the market does. Your CD rate is locked in for your term length. The longer your CD term, the higher the rate you’ll receive. You also can create a CD ladder, using Discover CDs with different maturity dates, to build in some flexibility specific to when you withdraw funds.

IRA CDs*

Another option available through Discover is IRA CDs. Customers can choose between Roth IRA CDs and Traditional IRA CDs, depending on their needs. Roth IRA CDs:

  • Are funded with after-tax dollars
  • Contributions aren’t tax-deductible
  • Earnings are tax-free
  • Contributions can be withdrawn at any time without IRS penalty

Traditional IRA CDs are set up differently. Traditional IRA CDs:

  • Are funded with pre-tax money
  • Have tax-deferred earnings
  • Contributions can be tax-deductible up to specific limits
  • Funds can’t be withdrawn without a penalty until age 59½

IRA CDs through Discover can be funded with money from other retirement accounts. Customers also can transfer an IRA from another financial institution into a Discover IRA CD.

Discover’s IRA CD terms range from three months to 10 years and they pay similar APYs to Discover’s regular CDs. Discover IRA CDs can be opened with as little as $2,500.

Access on the Go

Discover customers can access their accounts in several ways. Accounts are always accessible online.

Discover Mobile is the bank’s highly rated mobile app, available on iOS (4.9 stars out of 5 on the App Store) and Android (4.6 stars on Google Play). Not only can you access all of your Discover accounts through the app, but you also can take advantage of mobile check deposit by taking a photo with your phone or tablet.

Convenience is a huge aspect of Discover’s mobile app. You can easily log into your account through touch ID. iPhone users also can log in through face ID. People using the app can enable Quick View, which allows you to see your account balances without actually logging into your account. Discover ATMs can be located through the mobile app as well.

Discover has more than 60,000 ATMs available to customers. All of the ATMs in its network are fee-free ATMs. You may get charged a fee by other banks when using an out-of-network ATM.

Another nice feature is access to Zelle, a digital payment network. Discover and Zelle have partnered up, allowing customers to connect bank accounts to the service easily. Zelle lets you send and receive money between almost every U.S.-based bank account. There are no fees charged for this service.

Pros

  • 1% cash back on up to $3,000 per month of debit card purchases
  • No monthly fees, overdraft fees or minimum balances
  • Online bill pay feature
  • 60,000+ fee-free ATMs
  • U.S.-based customer service available 24/7 365 days a year
  • Highly rated mobile app 
  • Competitive APYs on savings accounts and CDs 
  • IRA CDs available for retirement investments 
  • Diverse range of accounts for different financial needs: checking, savings, CDs, credit cards, personal loans

Cons

  • No physical locations
  • No auto loans
  • No reimbursement for out-of-network ATM fees

How Discover Bank Stacks Up

Discover hits a home run with its online banking services. They offer competitive rates on most accounts while having no minimum balances or fees. Checking accounts earn 1% cash back, which isn’t very common in the banking world.

Discover stands by its accounts and even offers comparisons to other banks on its website so you can see the differences. Its transparency is great to see. Flexibility is one of Discover’s best traits, evident across all of its banking products.

If the thought of online-only banking scares you, then Discover Bank isn’t the best option for your next bank account. Customers who are okay without a local bank branch should take advantage of high-yield earning with Discover Bank.

Frequently Asked Questions (FAQs)

Does Discover offer any loans?

Yes. Besides its personal banking products, Discover also offers personal loans, student loans and home equity loans.

Personal loans can be taken out through Discover for up to $35,000. The loans have fixed interest rates and can be repaid over a time period ranging from 36 months to 84 months. Those with established credit will qualify for lower APRs than those with an average to poor credit profile. There are no origination fees or other loan fees so long as you pay on time.

Discover student loans cover up to 100% of school costs. Students also can earn a discount for getting good grades. Student loans carry either a variable or fixed interest rate. The specific APR will vary, depending on the creditworthiness of the applicant.

Flexible home equity loans are available through Discover, with terms ranging from 10 years to 30 years. Home equity loan amounts range from $35,000 to $200,000. These loans carry a fixed APR, which will vary based on loan amount and creditworthiness factors.

Is Discover Bank FDIC insured?

Yes, Discover Bank is FDIC insured (FDIC# 5649). The federal government protects your money up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.

Discover Bank takes account security seriously. They do this through the use of fraud monitoring, fraud protection, SSL encryption, bill pay protection, and other security measures. Discover customers will never be held responsible for unauthorized banking transactions.

How good a deal is the Discover 1% cash back debit card?

Discover Bank is one of the few banks that still offers significant cash back rewards for debit card purchases. You can earn 1% cash back on up to $3,000 in debit card purchases each month.

Cash back can be redeemed as an automatic monthly deposit into your Online Savings account, transferred to a Discover Credit Card Cashback Bonus Account or deposited into your Cashback Debit account, Online Savings account or Money Market account. Rewards do not expire so long as your account is kept in good standing.

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Источник: https://www.forbes.com/advisor/banking/discover-bank-review/

How do I get my money back after I discovered an unauthorized transaction or money missing from my bank account?

Tip

Report your lost or stolen card or PIN within two business days of when you discover it is missing so you limit your losses to $50 or less, no matter how much is charged to your card.

If someone steals the security code or PIN to your debit card or bank account, you should follow the same steps as you would if someone stole your card 

You should notify your bank or credit union within two business days of discovering the loss or theft of your security code or PIN. Never write your PIN on your debit card or keep it written down in your wallet, in case your card or wallet is lost or stolen. Although the protections for unauthorized transactions still apply, you will still have to go through the process of recovering your funds.

If you didn’t lose your card or PIN

If an unauthorized transaction appears on your statement, but you did not lose your card, security code, or PIN or had any of them stolen, you should still notify your bank or credit union right away. At the latest, you must notify your bank within 60 days after your bank or credit union sends your statement showing the unauthorized transaction. If you wait longer, you could have to pay the full amount of any transactions that occurred after the 60-day period and before you notify your bank. In order to hold you responsible for those transactions, your bank would have to show that if you notified them before the end of the 60-day period, the transactions would not have occurred.

In extenuating circumstances, like lengthy travel or hospitalization that keeps you from notifying the bank within the time allowed, the notification periods above must be extended.

What does the bank have to do once I report it? Can I get my money back?

Once you notify your bank or credit union, it generally has ten business days to investigate the issue (20 business days if the account has been open less than 30 days). The bank or credit union must correct an error within one business day after determining that an error has occurred. Your bank or credit union then has three business days to report its findings to you.

If the bank or credit union can’t complete its investigation within ten (or 20) business days as applicable, it must generally issue a temporary credit to your account for the amount of the disputed transaction, minus a maximum of $50, while it continues to investigate.

In certain circumstances, however, it does not have to issue a temporary credit. For example, the bank or credit union may require you to provide written confirmation of the error if you initially provided the information by telephone. If you are asked to follow up in writing and you do not do so within ten business days, the bank or credit union is not required to temporarily credit your account during the course of its investigation.

The bank or credit union must then resolve the issue in 45 days, unless the disputed transactions were conducted in a foreign country, were conducted within 30 days of account opening, or were debit card point-of-sale purchases. In those cases, you may have to wait as long as 90 days for the issue to be fully resolved.

If the bank or credit union determines that the transactions were in fact authorized, it must provide you with written notice before taking the money that was credited to you during the investigation out of your account.

Источник: https://www.consumerfinance.gov/ask-cfpb/how-do-i-get-my-money-back-after-i-discovered-an-unauthorized-transaction-or-money-missing-from-my-bank-account-en-1017/

Can you deposit cash into a Discover ATM?

Can you deposit cash into a Discover ATM?

Electronic deposits that are automatically initiated outside the bank – like Direct Deposit or Social Security benefits – are generally available immediately. Cash deposited via one of our deposit taking ATMs and transfers between Capital One 360 and Capital One Bank accounts are also available immediately.

How do I withdraw money from my Discover Bank Account?

How can I withdraw money?

  1. No-fee cash withdrawals at over 60,000 Allpoint® and MoneyPass® ATMs.
  2. Use online and mobile ATM Locators to find a no-fee ATM near you.
  3. Use your debit card at 415,000 ATMs nationwide, anywhere you see the Discover®, Diners Club® International® or PULSE® symbols.

How can I withdraw money from Discover savings account?

You can withdraw money from your Savings Account in the following ways:

  1. Online transfer to another Discover Bank Account or to an external bank account.
  2. Domestic Wire Transfer (a service charge applies)
  3. International Wire Transfer.
  4. Request an Official Bank Check.

Are discover savings accounts safe?

One of the big draws of Discover Bank’s online savings account is that there are no monthly fees and no minimum balance. You can open an account with whatever amount of money you’d like. The account is a truly safe place to keep your money since you can be confident that Discover won’t be taking your savings with fees.

Does discover savings have a minimum balance?

Pros. High APY — Discover Online Savings has a 0.40% APY, which is better than most accounts on the market. No fees — There are no monthly fees associated with Discover’s Saving account. No minimum balance — There’s no minimum balance needed to start earning your 0.40% APY.

How much does it cost to open a Discover Bank Account?

Discover Online Savings AccountRemove Bank Bank of America Advantage Savings
Interest compounded/paidDaily/MonthlyMonthly/Monthly
Monthly fee Opens modal dialog In some cases, competitors assess or waive fees if certain conditions are met.$0$8
Insufficient funds fee$0$35
Minimum opening deposit$0$100

Is discover a good debit card?

The Discover Cashback Debit Account is best for those who use their debit cards often and don’t usually maintain a high checking account balance. The lack of minimum balance or activity requirements, plus the free checks and debit card replacements make this an affordable account.

How much is Discover ATM fee?

For starters, there’s the standard Discover cash advance fee: Either $10 or 5% of the amount of each cash advance, whichever is greater. All Discover credit cards have that. And the same is true of Discover’s cash advance APR: 24.99% Variable. That’s standard, too.

Can I pay my Discover card with a debit card?

You cannot pay a credit card with a debit card. But you can a pay a credit card with the bank account that a debit card discover bank atm deposit cash linked to, by doing an electronic transfer. You can also set up automatic bill payment, so that on the same date each month, money is withdrawn from your account to pay your credit card bill.

How long will it take to get my Discover debit card?

3 to 5 days

Can you use your Discover card before it arrives?

Current Discover cardmembers who need to replace a lost, stolen or damaged card can request overnight shipping to any U.S. street address for free. Once your card arrives (in 4-6 business days), you can activate your card online or via the phone and then you can use your credit card immediately.

Can you track your Discover card in the mail?

By phone: Call Discover customer service at 1-800-347-2683 and navigate the menu until you hear “check the status of a pending application”. Currently, you want to press “#” and then “4,” but that could change. After providing your first and last name, SSN and zip code, you’ll be able to hear your application status.

Is it hard to get Discover Card?

There aren’t any Discover cards that flat-out require excellent credit, currently. But we recommend a score of at least 700, which is toward the top of the good range, for the cards that require good credit for approval. So most Discover cards may be a tough get for the average person, who has a credit discover bank atm deposit cash of 669.

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Источник: https://boardgamestips.com/users-questions/can-you-deposit-cash-into-a-discover-atm/

Pros Explained 

  • Cash-back bonus on debit card purchases.Cash back on credit cards is pretty standard, but Discover rather uniquely offers a 1% cash-back bonus on anything you buy with your debit card, up to $3,000 in purchases a month. You could potentially earn up to $360 annually. 
  • No fees. Discover Bank's checking account boasts no fees—no monthly minimum fees or fees for insufficient funds. Plus, you won’t get dinged with a charge for returned items, or should you close your account.
  • Large ATM network. The Discover debit card is accepted at 415,000 ATMs in the U.S overall. Account-holders can make withdrawals at no charge at some 60,000 ATMs belonging to the Allpoint and MoneyPass networks. Using a machine outside these networks might incur a surcharge imposed by the third-party ATM owner. Discover itself, however, never charges a fee for ATM use.

Cons Explained 

  • One brick-and-mortar location. True to its name, Discover Online Banking has but one actual branch, in Greenwood, Del. So if you like face-to-face contact, this isn't the institution for you.
  • High minimum CD deposits. While Discover Bank's interest rates for its certificate of deposit stack up nicely against the competition's, you'll need at least hotels near university at buffalo to get started. This sum skews a bit high: Other online banks allow you to open a CD with as little as $500 or $1,000.

Who Is Discover Online Banking Best For? 

Discover Online Banking should be a good fit for those seeking a digital bank that offers a suite of different services.

It might be a particularly good fit for those who:

  • Prefer paperless, digital transactions
  • Hate paying fees
  • Typically use their debit card for day-to-day transactions 
  • Prefer to bank with an established "name" financial institution 

What Does Discover Online Banking Offer? 

As you might expect from the banking division of a major financial services company, Discover Bank offers an array of products and services:

  • Checking account
  • Savings account
  • Money market account  
  • Certificates of Deposit
  • IRAs

Discover Checking Account

A major feature of the Discover Checking Account is its cash-back debit card. The 1% cash-back reward strictly applies to purchases, though. ATM transactions, money orders, loan payments made with your debit card, and payments using peer-to-peer platforms aren’t eligible for cash-back rewards. 

Besides cash-back on your cards, there are no monthly maintenance fees, insufficient funds, or a fee for returned items or stop payment orders. There’s no minimum to open an account, and there’s no monthly minimum balance to keep the account open. 

Other perks include free checks.

Digital-only banks like Discover's only allow you to withdraw cash from ATMs; you can't deposit cash or physical checks. Discover lets you deposit paper checks via its mobile banking app, or by mail to a Salt Lake City processing center.

Discover Savings Account

Like the checking account, Discover Savings Account doesn't require any minimum to open or maintain the account. As of September 20, 2021, the annual percentage yield (APY) is 0.40%, which is higher than the average national savings rate of 0.06%.

Discover Bank’s no-fees features apply here too: The account is free of no monthly maintenance or insufficient funds charges. While federal law Regulation D prohibits account holders from making more than six withdrawals or transfers per from a money market or savings account within a month, you won’t be dinged with a fee for excessive withdrawals, either. However, if it’s a recurring problem, your account might fall in danger of being closed.

Discover Money Market Account

While there’s no ongoing minimum required to maintain a Discover Money Market account, you’ll need at least $2,500 minimum to open it. There are two interest rates: If your balance is less than $100,000, you’ll earn an APY of 0.30%. If it’s more than $100,000, you’ll get a slight bump of 0.35%. 

Once opened, the account generates no monthly maintenance fees, no fees for insufficient discover bank atm deposit cash, or if you make more than six withdrawals or transfers in a given month.

Money market accounts are similar to savings accounts in that they’re a deposit account that generates interest on your money. However, you can typically withdraw funds more easily, usually via a linked debit card; the account may also come with check-writing privileges.

Discover Certificate of Deposit (CD)

Discover’s high-yield certificates of deposit (CD) give you the option of tucking away a sum of money for a set amount of time. CDs usually earn a higher interest rate than a standard savings or checking account. And the longer your term, the more you can earn. The minimum amount for an opening deposit is $2,500. Discover’s high-yield CDs range from three months to 10 years, and the interest rates are as follows:

Discover Bank CD Rates
TermAPY
3 Months0.20%
6 Months0.25%
9 Months0.30%
12 Months0.55%
18 Months0.60%
24 Months0.65%
30 Months0.70%
36 Months0.75%
48 Months0.80%
60 Months1.00%
7 Years1.00%
10 Years1.00%

Should you need to take your money out early, you’ll get hit with an early withdrawal penalty. How much you’ll get dinged depends on the term of the CD: 

Discover Bank CD Early Withdrawal Penalties
TermEarly Withdrawal Fee 
Less than 1 year3 months simple interest
1 year to less than 4 years6 months simple interest
4 years to less than 5 years9 months simple interest 
5 years to less than 7 years 18 months simple interest 
7 years to less than 10 years 24 months simple interest 

Your CD needs to be open for at least eight days before you can pull money.

Discover IRAs

Discover offers both an Individual Retirement Account CD and an IRA Savings Account. The IRA CD requires a $2,500 citibank student checking account review and offers APYs comparable to those of the regular CDs. The IRA Savings has no minimum and currently offers a 0.40% APY. The retirement accounts can be either traditional or Roth IRAs.

Discover Credit Cards

Discover has a handful of no-annual-fee credit cards in its network, including a travel card, student card, and gas and restaurant card. Technically speaking, though, these cards are not part of Online Banking but offered through another division of its parent, Discover Financial Services, rather confusingly known as Discover Bank. Home remedy for swollen face due to toothache don't need to be an Online Banking customer to apply for a Discover credit card; nor does being an Online Banking account-holder or grant you special access to these cards.

Cash-Back Cards

General Travel Rewards Cards

Secured Credit Cards 

Business Credit Cards 

Other Financial Services Offered by Discover

As with the credit discover bank atm deposit cash, the products listed below are technically offered not through Online Banking, but since they are part of Discover Financial Services, the parent company, we list them here as a service.

Discover Bank Customer Service 

Discover Online Banking offers 24/7 customer phone support, 365 days a year at 1-800-347-2683 —with reps based entirely in the U.S., as the company likes to emphasize. You can also reach out to customer support by chat. And like most banks, you can deposit a check and access your banking information and financial transactions through its mobile app. 

According to the J.D. Power 2021 U.S. Credit Card Satisfaction Study, among credit card issuers, Discover has the second highest ranking with a score of 837. And per the J.D. Power 2021 U.S. Banking Mobile App Satisfaction Study, Discover also ranked in second place in online credit card satisfaction.

In 2012, Discover Financial Services paid out $200 million to 3.5 million customers for deceptive practices—such as enrolling clients in products like its payment protection plans, without their permission. Discover also paid a civil fine of $7 million both to the Consumer Financial Protection Bureau's (CFPB) Civil Penalty Fund and to the U.S. Treasury.

How to Bank With Discover Online Banking 

Opening an Online Bank account is a simple and straightforward process. Whether you’re an existing Discover customer (a card-holder, loan borrower) or are a new one, you can open an account online in minutes. 

Verdict

Discover Online Banking is an excellent option for those who feel comfortable with a completely digital financial platform. The generous cash-back bonus on its debit card, lack of fees, and around-the-clock service make it a standout in many ways. The interest rates offered on its accounts are competitive. However, Discover Online Banking's options are limited to the bare bones of banks: checking, savings, certificates of deposits, and money market accounts. Beyond that, there are a few IRA account options available. If you're looking for a financial institution that offers a full suite of products and services (i.e., credit cards, mortgages, personal loans, and wealth management), you might be better off looking elsewhere. While other Discover divisions do offer some of these options, it's not bank account number on business check if there's much interaction among them—and if using one product benefits you with getting another. Likewise, if you like to do your banking in person, Discover Online Banking probably isn't for you. The company's customer reps are friendly and knowledgable, but it's not the same as developing a relationship with the personnel at a physical branch.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected more than 20 data points across more than 80 banks including products available, interest rates, fees, and accessibility to ensure that our content helps users make the right decision for their savings and banking needs.

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing fun summer activities for kids at home, unbiased content in our editorial policy .

Источник: https://www.investopedia.com/discover-bank-review-5069129

How to get a cash advance with Discover

When a financial emergency happens, and you need cash urgently, you may wonder if you can get it from your credit card. Indeed, there’s a way to receive cash from your credit line with a cash advance. It’s a costly option, but when your emergency fund is dried up, and you have no alternatives, it can be a quick solution.

If you have a Discover credit card, you’re in luck. The issuer makes it rather easy for cardholders to how to activate walmart prepaid debit card cash against their credit line. Read on to learn how to get a cash advance with Discover and what to keep in mind before you use this option.

Getting a cash advance with Discover

What is a cash advance?

A cash advance offers a way to use your credit card to get cash, whether from an ATM or bank branch, by transferring the money to your checking account or cashing a convenience check.

With a convenience check, you can use credit card funds in situations where you can’t charge your credit card – for instance, for paying your mortgage. However, this is generally not recommended, especially if you need funds for a large transaction.

A cash advance can be extremely expensive and turn into a dangerous kind of debt. It comes with its own terms, fees and APR that aren’t at all budget-friendly – to say the least. For that reason, it’s best to explore all other possible options first, such as personal loans or stores that sell baseball cards from family or friends.

How to get a cash advance with Discover

If you’ve exhausted other options and do need to get cash from your credit card, Discover makes it a simple process.

There are three ways you can get a cash advance with Discover.

Stop by a bank branch or ATM

First, you can find a participating ATM or bank. To get cash from an ATM, make sure to create a PIN by logging into your Discover account. If you choose to go to a bank, check if the location provides over-the-counter cash access – Discover recommends you call in before making the trip. At the bank, you’ll need to show your ID and Discover credit card to receive a cash advance.

Get an online direct deposit

If you can wait for a few days, you can transfer cash straight to your checking account. Go to Discover’s website and log in to your account. There, go to “Manage” on your dashboard and click “Cash Access” and then “Deposit cash into your checking account.”  You’ll be able to transfer cash advance funds to the bank account you’ve already used to make credit card payments.

Screenshot of Discover's website

Keep in mind that while this option is rather convenient, it can take between one and three days for cash to deposit into your checking account.

Request convenience checks

If you’re eligible, you can also request cash access checks. A convenience check is linked to your credit line and works similarly to a regular personal check. You can make this check in any amount up to your credit limit and pay it off on the terms your credit card issuer offers for cash advances.

To check if you’re eligible to receive convenience checks from Discover, log into your online account. Keep in mind that these checks will take a few days to be mailed to you.

What to consider before getting a cash advance

As we mentioned, cash advances can be extremely expensive. Let’s take a look at how the costs add up.

Cash advance fee

Discover credit cards charge a cash advance fee of either $10 or 5%, whichever is greater. Add it to other possible fees, discover bank atm deposit cash as an ATM fee, and the cost of your cash advance goes up rather quickly.

Higher interest rate

The main reason cash advances get so expensive is the higher interest rate. At the moment, Discover charges a 24.99% APR on cash advances. Unlike interest charged on purchases, cash advance interest is charged right away. If you don’t repay the balance immediately, these charges will start to add up, quickly putting you in accumulating debt.

As you can see, cash advances can become detrimental to your financial health. If you don’t have an emergency fund set up yet, it’s best to look into other options before borrowing cash against your credit line. Or, if a cash advance seems to be the only option, look into the credit cards with lower cash advance APRs.

For example, the PenFed Platinum Rewards Visa Signature® Card has a cash advance APR of 17.99%, which is still expensive, but lower than that of the majority of other cards. Additionally, the card charges no cash advance fee, as well as no annual fee, and earns 5 points per dollar on gas purchases at the pump and electric vehicle charging stations, 3 points per dollar on supermarket purchases, restaurants/dining, and cable, satellite and other pay television/radio/streaming services and 1 point per dollar on all other purchases.

Bottom line

A cash advance should be the last resort option, but if you do need to borrow cash against your Discover credit line, the issuer makes the process easy. Make sure to keep in mind fees and interest to make room for them in your budget.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

Ana Staples is a staff reporter and young credit expert reporter for CreditCards.com and covers product news and credit advice. She loves sharing financial expertise with her reader and believes that the right financial advice at the right time can make a real difference. In her free time, Anastasiia writes romance stories and plans a trip to the French Riviera she'll take one day—when she has enough points, that is.

Источник: https://www.creditcards.com/credit-card-news/discover-card-cash-advance/

Discover Bank Cashback Checking Account Review

Discover Bank iPhone AppDiscover Bank iPhone App

Though many people know Discover as a credit card issuer, the company also offers banking services. Among those services is a wide variety of checking accounts.

One account, the Discover Cashback Debit account lets you earn rewards when you use your debit card.

If you need to open a new checking account, in this review, learn what you need to know about the Discover Cashback Debit account.

Earn Up to $30 a Month in Cash Back Rewards

Most debit cards are relatively basic. You can use them to make withdrawals from your checking account or to make purchases.

They don’t offer much in the way of purchase protection or other benefits.

Credit cards, however, excel at offering these extras. Many credit cards offer significant consumer protections, benefits like extended warranty, and features like price protection.

One of the biggest benefits of credit cards is their rewards. You can earn cash back, airline miles, and other rewards for every dollar you spend using your credit card.

Because of their rewards, many consumers use their credit cards for making purchases rather than their debit card. The problem is that some people don’t want to use a credit card.

Whether it be because they don’t like using credit, or don’t trust themselves to make payments on time, there are many reasons to avoid credit cards. Plus, some people cannot qualify for cards that offer rewards.

Discover’s Cashback Debit account lets these people get the benefit of rewards without having to open a checking account.

When you use your debit card to make a purchase, you’ll earn 1% cash back.

The money will be deposited right back into your account.

The only catch is that you won’t earn rewards for purchases of cash equivalents like money orders.

You also won’t earn rewards for payments through services like Venmo.

Discover Cashback First market bank richmond Account Pros & Cons

ProsCons
  • No monthly fee
  • Earn cash back on your debit card purchases
  • Mobile apps available
  • No physical locations
  • Does not pay interest

You’ll earn rewards on up to $3,000 in purchases each month, meaning you can earn $30 per month. If you earn the maximum each month, you’ll earn $360 each year.

Award Winning Customer Victorias secret pink chicago cubs shirt benefit of the Discover Cashback Debit account is Discover’s award-winning customer service.

Discover has become known in the credit card industry for its great customer service.

It offers benefits like the ability to check your credit score, for cedar rapids bank and trust mortgage rates, even if you’re not a customer. That level of service and support has earned Discover the number one customer loyalty ranking eighteen years in a row.

If you need help with your account, you can call Discover’s helpline at any time of day.

If you’d rather avoid the phones, you can make contact online. Discover’s website offers the option to chat with a representative or send a secure message. Discover bank atm deposit cash you like your correspondence to be physical, you can even mail a question to Discover.

Given that your entire banking experience with Discover will be online, knowing that a friendly and knowledgeable team is available to help can be a big draw.

Centralize Your Financial Life

People’s financial lives are more complicated than ever these days. You might have your savings at one bank, checking account at another, retirement accounts at a third, and your mortgage from a fourth.

While Discover doesn’t offer usaa mobile app deposit limit banking service under hotels near university at buffalo sun, you can consolidate a lot of your accounts with Discover. You can open a checking, savings, and credit card account all at one place. You can also get personal, home equity, or student loans.

Keeping members 1st mobile login of your financial life in one place can make it much easier to manage.

ATM Access

Discover is part of two large ATM networks that span the United States: the Allpoint and MoneyPass networks.

You can use any of the more than 415,000 ATMs in the US to withdraw money from your account, but try to stay in-network to avoid fees. There are more than 60,000 surcharge-free ATMs available, so you’re unlikely to have trouble finding one nearby.

If you do use an ATM outside of the Discover network, you’ll never pay a fee charged by Discover.

You will have to cover any fee that is charged by the ATM owner, these fees can be a few dollars and add up over time. Take advantage of Discover’s large ATM network whenever you can.

Cash Back Instead of Interest

Many online checking accounts pay interest, but the Discover Cashback Debit account does not.

Instead of paying interest on the balance that sits in your account, Discover offers cash back on spending.

Whether you’d discover online banking bonus better off with an account that pays interest depends on the balance you plan to maintain in the account.

With the paltry rates offered by most banks on their checking accounts, there’s a good chance you’ll earn more in cash back than you would earn in interest.

No Monthly Fees or Minimum Deposit

One great feature of the Discover Cashback Debit account is its lack of a monthly fee.

Many checking accounts with premium features like the ability to earn cash back would have hefty fees and strict requirements to open the account.

Discover has made it as easy as possible to open its checking account. There’s no minimum deposit required to discover bank atm deposit cash the account, you just need to make a deposit of any amount.

Likewise, there’s no minimum balance that you have to maintain. You won’t be charged a monthly fee, no matter how low your balance gets.

Few Other Fees

Online banks have a huge leg-up on their competition because they cost less to run. That means they can charge fewer fees and put more money in their customers’ pockets with interest and rewards.

Discover holds true to this, charging very few fees on its Cashback Debit account.

The most common fee you’ll face with a checking account is the insufficient fund fee or overdraft fee.

Discover does charge a $30 insufficient fund if you try to make a transaction that you don’t have money to cover. This is still cheaper than the median overdraft fee of $35 at the top 10 U.S. banks.

Unlike other banks, Discover does not stack fees on its customers. Instead, there is a limit of one insufficient-funds fee charged per day. Even if you make a mistake and try to overdraw the account a few times in one day, you’ll only have to pay the fee once.

Other fees for the account include:

Discover Cashback Debit Account Fees

TypeFee amount
Monthly Maintenance Fee$0
Out-of-Network ATM Fee$0 (ATM operator may charge fees)
Overdraft Fee$30
Overdraft Protection Transfer Fee$0
Returned Item$0
Deposit Item Returned$0
Stop Payment$0
Incoming Domestic Wire Transfer$0
Incoming International Wire Transfer$0
Cashiers Check$0

As you can see from the table, this is a very cheap account to use, making it great for the fee-conscious consumer.

Convenience

The Discover Cashback Debit account is highly convenient.

Because Discover is an online bank, it has hotels near university at buffalo invested in its mobile banking experience. You can fully control tracey edmonds mother and father account from your phone, making it easy to do your banking from anywhere.

You can set up one-time or recurring transfers, pay your bills, deposit checks, and see your transaction history, all from the palm of your hand.

The fact that the debit card offers cash back rewards also means you can use it as your main spending card.

You don’t have to carry around extra credit cards to avoid passing up on rewards or worry about which card to use at which store. This will simplify your shopping trips.

Discover’s wide ATM network also makes getting cash when you need it a breeze. Just use Discover’s ATM locator to find the closest fee-free ATM.

How Does It Compare?

You have a lot of options when opening a checking account since it is the most common type of account in the U.S.

Though it might be tempting to go to the local branch of a national bank chain, consider your options first.

Online banks, like Discover, pay great interest, charge fewer fees, and offer innovative features like the ability to earn cash back.

No matter what type of bank you choose, you the skeleton key in hindi download compare the accounts that are available from that type of bank.

Other than the fees you’ll pay and how easy it is to access your money, you should consider these factors when choosing a checking account:

  • Minimum deposit
  • Fee waiver requirements
  • Interest rates
  • ATM access

The Final Verdict

The Discover Cashback Debit account is discover bank atm deposit cash going to yield the most rewards on your spending. It cannot match the potential rewards earnings from a top-notch cash back usps office open today card.

As a checking account, however, it is a decent option because of its low fees with no stringent balance requirements. The ability to earn cash back is a small bonus for people who don't like to use credit cards.

If you’re a heavy cash user, you might want to choose another account that offers ATM fee reimbursements.

Similarly, if you already have a few rewards credit cards that offer more than 1% cash back, you're better off with a different checking account that might have more features.

More:Best Checking Accounts of the Year

Continue Reading

Источник: https://www.mybanktracker.com

Discover Card

Credit card

Discover is a credit card brand issued primarily in the United States. It was introduced by Sears in 1985. When launched, Discover did not charge an annual fee and offered a higher-than-normal credit limit, features that were disruptive to the existing credit card industry.[citation needed] A subsequent innovation was "Cashback Bonus" on purchases.[1]

Most cards with the Discover brand are issued by Discover Bank, formerly the Greenwood Trust Company. Discover transactions are processed through the Discover Network payment network. In 2005, Discover Financial Services acquired Pulse, an electronic funds transfer network, allowing it to market and issue debit and ATM cards. In February 2006, Discover Financial Services announced that it would begin offering Discover debit cards to other financial institutions, made possible by the acquisition of Pulse.[2]

Discover is the third largest credit card brand in the U.S. based on the number of cards in circulation, behind Visa and MasterCard, with 57 million cardholders.[3]

History[edit]

At the time Discover was introduced, Sears was the largest retailer in the United States. It had purchased the Dean Witter Reynolds brokerage organization and Coldwell, Banker & Company (real estate) in 1981[4] as an attempt to add financial services to its portfolio of customer services. Ray Kennedy, Sr, father of country singer Ray Kennedy and the credit manager for Sears, conceived the card.[5] After a trial period in 1985, starting with a $26.77 purchase at an Atlanta Sears on September 17,[6] the actual launch was pushed through by Philip J. Purcell and Mitchell M. Merin, the company's senior vice president for corporate administration and manager of financial analysis, respectively.[7] Together with the Discover Card (and its issuing bank, the Greenwood Trust Company, owned by Sears), this was named the Sears Financial Network. Early Discover Cards bore a small embossed symbol representing the Sears Tower, then the company's headquarters.

Discover was part of Dean Witter, and then Morgan Stanley, until 2007, when Discover Find student loan account number for irs Services became an independent company.[8]Novus was once the major processing center that partnered with the company. The Novus logo was retired, replaced by the Discover Network logo.

Discover and Novus retired acceptance mark (still seen in many places)

Unlike other attempts at creating a credit card to rival MasterCard and Visa, such as Citibank's Choice card, Discover gained a large national consumer base. It carried no annual fee, which was uncommon at the time, and offered a typically higher credit limit than similar cards. Cardholders could also earn a "Cashback Bonus", in which a percentage of the amount spent would be refunded to the account (from 1% to 5%), depending on how much the card was used.[9] Discover was also noteworthy for being the only credit card accepted by the U.S. Customs Service to pay customs duty, effective February 19, 1987.[10] Since it did not charge a percentage fee to retailers, unlike Visa, MasterCard, and American Express, Discover was also the only credit card accepted at Sam's Club; the retailer has since started to accept MasterCard and American Express (see below). A 1989 study found that Discover had strong consumer adoption in the U.S.; the number of households with Discover cards increased by 2.1 million, or 14 percent, in 1989.[11] In this same year, Discover also signed a restaurant in Delaware as its 1 millionth merchant in its payment network.[12]

The plan to create a one-stop financial-services center in Sears stores was not as successful as Sears had hoped, and its promotion of Discover was thought both to hurt Sears turnover and to restrict the card's potential. Other retailers resisted it, as they were developing their own credit products and they believed they would be helping their competitor. Sears began to face difficulties in the late 1980s in light of these developments, and with strong competition both from Walmart and from so-called category killers such as Toys "R" Us. Discover's introduction was costly; Sears's Discover credit card operations accounted for a loss of $22 million in the fourth quarter of 1986, and a loss of $25.8 million in the first quarter of 1987.[13] Sears sold its financial businesses in 1993 and began to accept MasterCard and Visa in addition to its store credit card and Discover. Discover became part of the Dean Witter financial services firm, and the new company was called Dean Witter, Discover & Co. In 1997, this company merged with Morgan Stanley to become Morgan Stanley Dean Witter, Discover & Co. In 1999, this company rebranded itself as Discover Financial Services, Inc.[14]

Discover Bank[edit]

The Greenwood Trust Company was founded in 1911 and is based in Greenwood, Delaware. It was acquired by Discover Financial Services in 1985 and renamed Discover Bank in 2000.[15] The first and original location of Greenwood Trust Co. on East Market Street is now the town hall and police station.[16]

Global alliance[edit]

Further information: Card reciprocal agreements

Starting around 2005, to increase acceptance around the world, Discover has formed several agreements with other payment networks internationally. This allows Discover cardholders to perform transactions while traveling abroad. Vice versa, cardholders of other countries may utilize their cards at U.S. merchants that accept Discover.[17] Some major examples include:

In 2015, due to the growth of UnionPay, Discover became the world's most widely accepted card.[19] Currently, Discover is accepted in 185 countries.[20]

Business developments[edit]

In October 2004, the Supreme Court upheld a ruling in Discover's favor that challenged exclusionary policies of Visa and MasterCard, stating that Mastercard and Visa were violating antitrust regulations. Before this ruling, Visa and MasterCard would not allow banks to issue a Discover or American Discover bank atm deposit cash card if they issued a Visa or MasterCard. Within days of the court ruling, Discover filed a lawsuit in federal court seeking damages from Visa and MasterCard.

Shortly after the 2004 Supreme Court ruling, Discover struck its first deal to have its cards issued by another financial institution, GE Consumer Finance, which began to issue credit cards for retailer Walmart and its wholesale warehouse stores, Sam's Club.[21] Transactions were processed on the Discover Network. Sam's Club exclusively accepted Discover for many years; since November 2006, it has also accepted MasterCard for purchases. In April 2014, Walmart announced that they were ending their relationship with Discover and would begin converting all Discover-branded cards to Mastercard beginning in June 2014.[22]

HSBC has issued Discover-branded credit cards processed through the Discover Network since its acquisition of card issuer Metris in late 2005. Metris had originally signed an agreement with Discover in September 2005, three months prior to the HSBC acquisition.

In September 2012, Discover was ordered to pay over $200 million in fines and customer reimbursements to settle accusations by U.S. federal regulators that it had engaged in deceptive telemarketing tactics.[23]

Advertising[edit]

From 1998 to 2007, Can you order online with a cash app card Card owned a billboard at One Times Square, just above the flagpole where the Times Square Ball is placed, until Toshiba bought the space. As a result, its logo could be seen on national television during New Year's Eve, while the ball dropped. Discover also sponsored the ball drop itself.[24][25]

From its opening in 2001 to 2012, Sugarloaf Mills Mall in Lawrenceville, Georgia, was named Discover Mills in a naming rights partnership with Discover Card. The slogan for the mall was "Where Discover Card is the Smart Choice." It was the first shopping mall to have granted naming rights to interested companies.[26][27]

Since 2008, Discover has been the official credit-card partner of the National Hockey League. As part of this deal, Discover offers team- and league-branded credit cards as well as a 10% discount on purchases made from the NHL's online store using Discover.

See also[edit]

Industry5.svg Companies portal

References[edit]

  1. ^Vasquez, Jose. “History of Discover Card”. January 8, 2009. Retrieved 2016-11-28.
  2. ^"Merger of Discover Financial Services and Pulse EFT Association closes following Pulse member approval" (Press release). Discover Financial Services. January 12, 2005. Archived from the original on December 8, 2012. Retrieved October 22, 2007.
  3. ^Peter, Bianca. ["Market share by credit card network"]. September 2, 2019. Retrieved 2020-09-18.
  4. ^"A Brief Chronology of Sears History". Sears Brands, LLC. Retrieved August 12, 2009.
  5. ^Whitburn, Joel (1996). The Billboard Book of Top 40 Country Hits, p.173. ISBN 0-8230-7632-6.
  6. ^Kagan, Julia (June 27, 2018). "Discover Card". Investopedia. Retrieved August 1, ace hardware edmond, Rich (November 1, 2002). "Blue discover bank atm deposit cash. Institutional Investor. Retrieved August 9, 2018.
  7. ^“Discover flying solo”. The Green Sheet, July 9, 2007. Retrieved 2016-12-04.
  8. ^Simon, Jeremy M. Credit card reward programs: a short history. CreditCards.com, November 14, 2006. Retrieved 2016-12-04.
  9. ^Customs Service Rules on Credit Cards. Journal of Commerce. Retrieved December 5, 2016.
  10. ^Aguilar, Linda. Banks and nonbanks at the end of the ‘80s. Federal Reserve Bank of Chicago, March 1, 1990.
  11. ^Harkness, Brendan. [1]. CreditCardInsider.com, April 7, 2020.
  12. ^Barmash, Isadore. "Sears Net Rises 47.4% in Quarter", The New York Times, April 22, 1987.
  13. ^Kagan, Julia. [2]. Investopedia.com, June 27, 2018.
  14. ^"Greenwood Trust Company Renamed Discover Bank" (Press release). Discover Financial Services. August 1, 2000. Archived from the original on January 21, 2014.
  15. ^"Discover Bank".
  16. ^"Reach and Acceptance | Discover Global Network".
  17. ^"Card Acceptance – Troy – Turkey's Payment Method".
  18. ^"Discover tops Mastercard, Visa as planet's most-accepted payment card". September 28, 2016. Archived from the original on November 17, 2016.
  19. ^"International Credit Card Acceptance | Discover".
  20. ^Kingson, Jennifer A. "Credit Card Issuers Adjust to Open Field", The New York Times, March 26, 2005.
  21. ^Lee Enterprises. "Wal-Mart taps MasterCard for store-branded credit card". stltoday.com.
  22. ^"Federal Deposit Insurance Corporation and Consumer Financial Protection Bureau Order Discover to Pay $200 Million Consumer Refund for Deceptive Marketing". Consumer Financial Protection Bureau.
  23. ^Metro Business; Discover Is Sponsor For Year 2000 Event
  24. ^Back in Times Square, Toshiba Stands Tall
  25. ^"The Mills Corporation Announces the Grand Opening of Discover Mills". PR Newswire. Retrieved March 9, 2016.
  26. ^Sawicki, Beth (September 21, 2012). "Discover Mills renamed Sugarloaf Mills". Gannett. 11 Alive News. Archived from the original on January 16, 2013. Retrieved March 9, 2016.

External links[edit]

Media related to Discover Card at Wikimedia Commons

Источник: https://en.wikipedia.org/wiki/Discover_Card

Discover Bank is well known for its cash back credit cards with no annual fees, but the company also offers arguably the best free checking account in America.

Three highlights of this account are no account fees, cash back on debit card purchases and free standard checks.

Discover Bank Checking Account Review Summary: Pros and Cons

Pros Cons
1% cash back on debit card purchasesNo physical branches
Free standard checksCan’t deposit cash, even at partner ATMs
No account fees $510 daily ATM withdrawal limit
60,000+ surcharge-free ATMsHarder to withdraw cash outside the U.S.
Simple to use mobile app and website

I’ve had a checking account with Discover Bank since 2014. More recently, I opened 10 online checking accounts (including a second with Discover) to evaluate the best options for free checking right now.

Discover remains a top contender, but is this the right checking account for you? Let me help you decide.


Table of Contents:


Cash Back Rewards

Officially named Discover Cashback Debit, this checking account features 1% cash back on up to $3,000 in purchases every month. That’s a maximum of $30 a month or $360 a year.

This is a valuable perk from Discover. Most checking accounts don’t offer any cash back and pay little or no interest.

Discover Cashback Debit card

You can use your Discover debit card wherever you see the Discover symbol. But keep in mind that some stores only take debit or credit cards with a Visa or Mastercard logo.

Personally, I put most purchases on a credit card so that I can earn more than 1% cash back. But if you’re in credit card debt or just prefer debit, Discover’s offer is hard to beat.

After you’ve earned cash back, you can collect it whenever you want. Discover has no minimum redemption amount.

Free Checks

If you write checks frequently or even just occasionally, you can save money by switching to an online bank like Discover that offers them free upon request.

With Discover, you can order and reorder free personal checks in batches of 100. Shipping is also free.

Quite a few online banks have eliminated paper checks, others will mail a check on your behalf and some will charge a small fee for a batch of checks. Few banks still provide truly free personal checks.

If you don’t request checks from Discover, you won’t get them. If you find that you need a check, they’ll mail a check for you at no charge if you contact customer service.

Account Fees

Discover Bank does not charge checking customers a monthly maintenance fee like most traditional banks.

If you’ve been hit with any type of bank fee from your current bank, consider moving your money to an online bank. Discover and other online banks typically don’t have minimum balance requirements.

In addition, Discover won’t even charge for insufficient funds or stop payment orders. That’s very rare.

Discover’s No-Fee List

  • Monthly maintenance
  • Withdrawals at partner ATMs
  • Replacement debit card
  • Standard checks
  • Official bank check
  • Online bill pay
  • Expedited delivery for debit card replacement
  • Expedited delivery for official bank checks
  • Deposited item returned
  • Stop payment order
  • Insufficient funds
  • Account closure

Discover will charge $30 for an outgoing wire transfer. This isn’t a feature that most customers will use often. I only requested a wire transfer from Discover during the homebuying process.

Also, using ATMs outside of the Discover partner networks may result in fees. More on that next.

Nationwide ATM Access

If you use your Discover debit card to withdraw cash at more than 60,000 participating ATMs, you won’t have to pay any fees. Discover partners with the Allpoint and MoneyPass networks.

There has always been a no-fee ATM within walking distance from my home at places like CVS, Target, Walgreens and Walmart.

If you withdraw cash from an ATM discover bank atm deposit cash, check Discover’s website before you sign up for an account to see if there are no-fee ATMs where you live, work and travel.

Here’s a link to the tool. Existing customers can search for nearby ATMs using the mobile app.

Discover ATM finder tool: Allpoint and MoneyPass networks

To be clear, Discover will never charge you to use your debit card at an ATM. However, owners of out-of-network ATMs do charge fees and Discover won’t reimburse you. That’s why you want to stay in-network.

For international travelers, withdrawing cash may be more difficult. I’ve been unable to use my Discover debit card in Europe because Discover cards aren’t widely accepted overseas.

If you frequently use ATMs outside of North America, this may not be the best checking account for you.

Deposits and Withdrawals

Deposits at Discover Bank are FDIC insured, just like regular banks. This protects your insured deposits in the unlikely event that a bank fails.

Here’s how to move money in and out of a Discover checking account:

Deposits

There are several ways to fund your Discover checking account: direct deposit, online transfers from another bank, mobile check discover bank atm deposit cash and mailing a check.

Unfortunately, there’s no easy way to deposit cash. Discover Bank has no branches and ATM cash deposits aren’t allowed.

There are a couple of workarounds if you need to deposit cash. You can get a cashier’s check from an in-person bank or credit union for a small fee and then use Discover’s mobile check deposit feature from the app.

The second option is to buy a money order and mail it to Discover. You can’t upload a money order using the app.

Withdrawals

To withdraw money from your Discover checking account, use an ATM, request cash back when paying with debit, transfer money to an external account, use bill pay, write a check or pay for a wire transfer.

When you need capital one 360 mobile app, one downside is Discover’s relatively low daily ATM withdrawal limit of $510. The limit cannot be raised, even temporarily.

I know from experience that the daily ATM withdrawal limit resets at midnight. So if you need $1,000 in cash, you could take out $500 at 11:58 p.m. and then another $500 at 12:01 a.m.

Some ATMs have lower withdrawal limits, so you may need to visit multiple ATMs to get up to $510 per day.

App and Website Experience

Discover Bank’s app and website are both user friendly. In addition to my two checking accounts with Discover, I have savings accounts and a credit card that I manage from the same login.

If you’re not great about remembering usernames and passwords, you can use your fingerprint to log in to the app.

The app is my preferred way to check balances, transfer money, deposit a check, pay bills and redeem cash back. I use the website when I need to download statements and tax documents.

Perhaps my favorite feature is Discover’s FICO Credit Scorecard, and it’s front and center.

Discover FICO Scorecard from mobile app

The FICO Credit Scorecard is the first thing that you see when you open the app. It’s a great way to track changes to your credit score over time.

Overall, Discover’s app and website really shine. Both experiences are simple and easy to navigate.

Customer Service

Although Discover Bank doesn’t have physical branches, it provides 24/7 customer support over the phone and by chat. When I’ve called, the U.S-based agents have been friendly and helpful.

Since Discover is an online bank, the only way to open a checking account is at Discover.com.

When I opened a second Discover checking account to document the signup process, I noted that it took only about five minutes. My debit card and checks arrived separately about a week later.

The customer service representatives are very knowledgeable about the Cashback Debit Account, including some of the limitations that I’ve outlined in this review.

If you have questions before signing up, call them and test drive the customer service. The number is 1-800-347-7000.

Final Thoughts

The Discover Cashback Debit Account helped me easily transition from a checking account with a traditional bank to an online bank. Here’s who I think Discover’s checking account is best for:

  • Someone who gets paid through direct deposit and doesn’t need to deposit cash
  • Those who don’t like to use credit cards but still want to earn rewards for debit card purchases
  • Anyone who doesn’t want to pay an account maintenance fee or other bank fees
  • People who want a checking account that offers free paper checks

If Discover’s checking account isn’t right for you, Capital One Bank and Ally Bank may be better alternatives.

Capital One Bank offers a lot of the same perks as Discover, but it also lets customers deposit cash from select Capital One ATMs across the country.

Meanwhile, Ally Bank reimburses customers for out-of-network ATM fees up to $10 per statement cycle.

Overall, I believe the Discover Cashback Debit Account is worth considering for its fee-free banking, debit card rewards, access to ATMs, free checks and a great mobile app.

Do you have a checking account with Discover Bank? Add your customer review in the comments below!


More Content From Michael Saves:

Источник: https://michaelsaves.com/banking/discover-bank-checking-review/
discover bank atm deposit cash

Comments

  1. Sir, waise to aap avoid kre to jyada better hai because interest jyada dena hoga loa par..but agar liquidty ka issue hai to le skte hai

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