Discover Bank functions as an Internet bank with no retail branches. In addition to its trademark credit card offerings, it features a range of depository banking and loan products. Discover’s deposit rates are usually competitive with other Internet banks on Savings, Checking, Money Market, CD, and IRA CD accounts because of the lack of infrastructure costs associated with physical locations and branches.
Discover Bank offers checking, savings, CD, and Money Market accounts on its depository banking side. It offers three different types of personal checking accounts and one business checking account. Its personal checking accounts feature an interest-bearing account, a standard checking account, and a 55+ account. It offers a competitive online savings account that usually offers one of the top interest rates in the depository banking market. It offers Certificates of Deposit for terms ranging from 3 months to 10 years, which can be funded online from any existing bank account. It also offers a Money Market account that pays interest at rates similar to its savings account offerings.
Discover offers multiple web-based platforms to its customers that facilitate easy account management. Through the Discover smartphone app, customers can transfer funds, pay bills, deposit checks, and monitor account balances. Discover online banking offers a sophisticated platform through which customers can manage their accounts and get help from online banking specialists.
Discover Bank’s headquarters are located in Greenwood, Delaware, just blocks away from where it originally began as the Greenwood Trust Company. Since acquiring the Greenwood Trust Company in 1985, Discover has grown to be one of the largest financial services firms in the country. It provides its customers access to cash at over 750,000 ATMs worldwide through its Discover and PULSE ATM networks, including over 415,000 ATMs across the United States. The firm receives awards yearly for different aspects of its business from customer loyalty to workplace environment.
An electronic transfer should appear at the receiving bank in one day or at the most two days. I made a transfer and was told the funds were withdrawn on the requested day but not to expect the receiving bank to receive the funds for four days. A phone call was just bank gibberish and never fully explained the delay so where exactly are these funds after they are withdrawn could not be rationally explained? I think I could walk faster and deliver the funds in person and this is called as EFT?
I dislike the trouble in changing banks but it as of this moment I'm considering a change.
So, I typically do not write reviews. However, I felt like this was necessary because it could save someone in the future. I deposited my funds on Jan 19, 2021, Jan 22nd funds are with drawn from my account Jan 24 I can see the funds in my Discover account however I am not able to use the funds until (expected date) Jan 27. as I’m writing this I’m not sure if I will be able to use my funds on Jan 27, but this is what Discover has told me I would be able too and previous comments only stated 5 day holding period but for the account to show “current balance” and “available” are two different things! So beware! If you are transferring funds and need access to said funds quickly then this is not the bank for you. I’m still on the fence bc this is a saving account for me but I’m worried what if I needed access to the funds within a short period of time would I have access???
I have had savings and CD accounts with Discover Bank for more 12 years. I usually didn't check the APY when opening a CD online with Discover Bank. I completely trust the APY shown to me when I selected number of month for CD.
On 3/11/2020, I opened a 24-month CD with Discover Bank. The 2.00% APR was shown to me when I selected 24-month CD from online CD application. 35K was withdrawn from my checking account on 3/12/2020. When I logged in Discover Bank website to verify the money was deposited into the CD, I noticed the APY was reduced to 1.75%. I would not open a 24-month CD with Discover Bank if I saw 1.75% APY at the time I opened the CD since American Express Bank still offered 24-month CD at 2.00% APR. I emailed Discover Bank to tell them about 2.00% APY at the time I submitted my CD application online. I got reply from K, and she told me the APY was changed on 3/10/2020. She also told me I was responsible for checking the APY before opening the CD. I told her it was not a big deal since the account was already opened and funded. I told her that Discover Bank should update APY on online CD application right away every time APY is changed. Otherwise, Discover Bank misleads the customers. It's too bad I have to keep this CD for 2 years, but on 3/15/2020 I opened a 24-month CD at 2.00% APY with American Express Bank. This happened before the Fed lowered the interest rate to 0.00% due to COVID-19 pandemic.
Therefore, if you plan to open a CD with Discover Bank, just double check the APY on Discover website instead of completely relying on APY shown to you on the online CD application. It's also good idea to do a scene capture of APY so you can show Discover Bank. Otherwise, Discover Bank employees will think you just want to make things up in order to get a better rate.
Discover Bank always sent me a letter after the CD was opened. On 03/20/2020 I just received a letter from Discover Bank. I opened the CD on 03/11/2020, but the letter indicated the CD was opened on 03/13/2020. They withdrawn money from my checking account on 03/12/2020, but they didn't open the CD until 03/13/2020. Discover Bank actually lowered the rates on 03/12/2020 according "User-submitted Promotions & Notices" below.
|FDIC Certificate #||5649|
|Return on Assets - YTD||5.66%|
|Return on Equity - YTD||58.68%|
|Annual Interest Income||$2.73B|
|Assets and Liabilities|
|Assets||Q1 2021vs Q1 2020||$112.3B$111.1B|
|Loans||Q1 2021vs Q1 2020||$79.00B$86.05B|
|Deposits||Q1 2021vs Q1 2020||$79.42B$75.89B|
|Equity Capital||Q1 2021vs Q1 2020||$11.37B$9.16B|
|Loan Loss Allowance||Q1 2021vs Q1 2020||$7.35B$6.91B|
|Unbacked Noncurrent Loans||Q1 2021vs Q1 2020||$917.9MM$1.29B|
|Real Estate Owned||Q1 2021vs Q1 2020||$0$101.00K|
Rates for Discover Bank are currently being reviewed.
Discover Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 502 East Market Street - Greenwood, DE 19950