It appears Discover Bank is no longer offering new enrollment into Zelle, presumably due to disagreements on fees with Zelle. Too bad, Zelle is a great service which they touted when launched just last fall. Almost feels like a bait and switch.
Been with them for years.
ACH transfers are easy and if I need to write a check I get 1% cashback.
I can transfer the money from savings to checking for immediate availability.
I use it for direct deposits, and a clearing house to transfer money to my rewards checking accounts.
My family and I are moving soon and our regional credit union will no longer be a banking option. We decided to give Discover Bank/Cashback Debit a try after seeing frequent ads for the service. To their credit, setting up an account was easy and we had our debit cards in four days. Everything after that has been a nightmare.
Since we can't deposit cash, I had to find a way to put money into the account. My wife and I had a combined $400 in Paypal balance so we tried to link our account to Paypal. No dice. Linking as a checking account generated errors, linking the debit card generated errors. Paypal support said it was an issue with Discover Bank, Discover Bank said it was an issue with Paypal.
After a week of runaround, Discover Bank support suggested I find an alternate means of depositing funds to the account. They suggested I write a personal check out to cash and deposit it via the mobile app, but that would take between 7-10 business days to clear. Or, alternatively, I could set up my existing credit union account as an external transfer, but that would take 5 business days to link and transfers would take up to 10 business days to clear.
Most other online banks list external ACH transfer times as THREE business days. Discover Bank takes three times as long. Who has 7-15 BUSINESS DAYS to wait for their money? Certainly not me. Looking at the reviews around here and other sites, it seems direct deposit with Discover Bank also has lengthy hold times.
Then there was the travel issue. Because we are soon to be moving I contacted support to ask what we would need to do to prevent the card from being flagged as potential fraud. The support rep told me that only one of our cards could be notated and we'd have to call support every day while traveling. EVERY DAY?
Their program sounds nice, the card looks nice, but it's not ready for prime time. Maybe great as a second account if you don't mind having to wait two or three times as long as everyone else to have access to your money.
Before opening a Discover checking account, I asked how long an ACH transfer would take. I was told 4 business days. In reality, it takes 10 calendar days or more for your transferred funds to become available.
On the third business day after the transfer, I received an email stating that Discover had received the funds from the external bank and the funds would be available the next day. So one day later, I looked at my account and saw that the funds were only shown as "pending". I called and was told that in one more day, the funds would be available. So the next day, I checked again. This time the funds showed up but were NOT available and the notice said they would not be available for 5 more days. In other words, it would take 10 calendar days for an ACH payment to clear. They are holding your funds, lending them, paying their bills with them for this period of time.
Who can afford to have their funds in limbo for 10 days? Certainly not me. Because they lied and misled me during the initial interview and afterwards, I am going to file a complaint with the CFPA and the California Division of Financial Institutions to see if this conduct is allowed. In any case, caveat emptor. Do not fall for this rogue bank's advertising and propaganda. Avoid it and look elsewhere.
I heard about all the wonderful savings and no fee perks of Discover Bank and decided to join. I was offered a credit card with a decently large limit and a no-fee savings account. However, I was denied a checking account and told that I had failed based on Checksystems. So I contacted Checksystems with Discover Bank representatives. Checksystems has no negative information on file for me and Discover Bank won’t identify the problem. The representative was unable to offer an explanation but advised me to apply again; I was still denied. The only thing he came up with was that I had recently moved to Illinois from California. I have never before been denied a checking account because I moved. I would love Discover Bank if it were not for this unexplained issue. I am very annoyed because even though I can use my savings account like a checking account since there are no fees, I don’t have any way of quickly removing funds from my account. There is no debit card or atm card. Ultimately, I feel like I am being played by the bank.
I had a Discover credit card as my first credit card and still have it to this day. Everything about their online checking and savings account seemed appealing but it just isn't working out for me. For someone who lives paycheck to paycheck some weeks, Discover doesn't do a great job of clearing paycheck deposits in a timely manner. I deposit my checks on Thursday morning and it will not clear until Monday morning. Great concept, poor execution for folks like me.
I recently moved, and realized that discover possibly sent my new debit card to the older address. I updated my address and requested a new one. The agent did not explain to me the current card would be deactivated. I called to speak with a representative and they said it was policy to deactivate the old one. However, the new one is in the mail. I am stuck with no access to my funds. I really need access to it (yesterday). But everyone keeps telling me it is policy. I request to see the policy in writing, they said no because its "internal" policy. I find this policy strange. Usually, the old card gets deactivated when the new card gets activated. Now I am stuck waiting on the mail, which I am told it will take 2-3 days. And I have no access to my own funds.
As others have experienced, we had a duplicate transfer. Requested a large transfer from another bank, and it was duplicated. Resulted in an overdrawn account, and luckily the overdrawn bank refused the transfer, but did charge us an overdraft fee. We likely would not immediately have known but for the alerts we have set up from the overdrawn bank. Discover was slow to acknowledge a problem, but after complaining did cover the overdraft fee. Worried what that will do to our reputation at the overdrawn bank, and long term to our credit rating.
We signed up for a Discover Bank cash back checking account after reading NerdWallet's great reviews. The cash back option is great, but what they don't tell you -and this is also nowhere in the small print, despite my multiple requests to Discover to provide it in writing- is that they do not pay cash back on bill payments. We opened the account strictly to pay bills, so that one great feature doesn't apply to us. Transactions take an abnormally long time to clear (several DAYS longer than all our other accounts). Additionally, the website is constantly either down or times out or gives you errors when you try to make transactions. The customer service is laughable at best. Not to mention my biggest peeve, you can't even export a transaction history report that includes all information (only dates and amounts, no descriptions). I have to manually fill in information when balancing our accounts in Excel or Quickbooks; although every other bank or credit agency we use has a simple export option that gives us what we need. So basically this account is a complete waste for us. If you want a cash back option for every day purchases, don't care about getting useful reports for your account, and don't mind waiting an ungodly amount of time for transactions to clear, go for it.
I opened a Discover Checking account in late 2016 and have used it as a second account since then. A customer service rep explained to me in 2017 that they are still “new and evolving” to meet customer needs and used the example that they don’t participate in Zelle yet and a few other features but that they recommend customers keep their traditional brick and mortar checking account as a backup!
In June 2018 they put a hold on my Discover Debit Card after the Vdara hotel in Las Vegas charged me a $300 deposit hold and a beer purchase of $23 from a vendor on the strip. I called customer service and was told that their security fraud prevention department would have to verify the transactions however they were closed for the night and I would have to call back in the morning! The next day it took two long calls on hold to get the hold removed due to the first representative not doing it correctly. I learned later that they now allow regular customer service reps to handle that 24/7. Thankfully I had credit cards to use the remainder of that night.
Their picture mobile check deposit cutoff time is 1pm PST which is ridiculous and not comparable to other banks mobile deposit cutoff times of 8pm PST. Outside of that, the mobile deposit generally allows $200 available the following business day and the rest on the second business day. Some checks require an 8-10 day hold! Having direct deposit is always best when banking with an online bank. ATM access is easy since Discover participates in the AllPoint ATM network which has machines in many stores like CVS, Target, and so on. The daily withdrawal limit of only $400 needs to be increased to at least $800 since there is not in person branches to request more cash from a teller.
Their bill pay service won’t allow me to sign up claiming that I have some sort of collection that they won’t elaborate on, however my father has used it with his account, and when it comes to places or individuals that require them to mail a paper check, it’s not debited from your account until they cash the check which has your same routing and account number at the bottom! That to me is crazy since most paper checks issued by other banks bill pay services are issued under the service account which doesn’t disclose your info and they debit your account right away.
The fact that Discover has eliminated most banking fees, the account is free, and they offer 1% cash back on card purchases up to 3K a month is what makes it attractable to people who don’t mind an online account and primarily use direct deposit. It’s FDIC insured and allows government benefits to be deposited with no issue. Just remember that not everywhere accepts Discover yet including the debit feature with pin. Some ARCO AM/PM gas stations accept it and others don’t inside the store yet work at the pump. Some cash based services online like MoneyGram and certain inmate phone and commissary don’t allow Discover yet.
Overall, Discover checking and savings accounts are evolving and offer a lot of perks with almost no fees. If you live in larger towns or cities with AllPoint network ATM’s nearby and primarily use direct deposit then this is great account.
My first experience with discover was as a student with their credit card. I was happy with their service and started a savings account with them because of their high APY and smooth experience. The mobile app is all I use and it is easy to transfer funds, see the interest I'm making each month, and see the interest rate that I currently have. It's been about 2 years now and the interest rate I have hasn't changed (2.05%). I'll admit I am looking for another savings account with a higher APY, but discover seems to be the best overall bank in regards to their savings account. I have never had an issue with discover and customer service is friendly whenever I have questions. It's true that after depositing money, it takes about a week to have access to it, but it's a savings account. I wouldn't have deposited it if I were planning on using it anytime soon anyway. Overall, I have been happy with my service here.
One thing Discover Bank does when you do a transfer is hold your money for about 5 days. They take it from your account the day you initiate the transfer and then do something with it for 4 or 5 business days before depositing it in the receiving account. American Express savings has it in the receiving account the next day. Every time!
With Discover Bank I deposited my Payroll check and these guys have put three holds on that check because they said they want to make sure there is no fraud, then told me the would clear my check in three weeks then hold 200 of that to make sure I'm still not committing fraud for a additional 5 days.I'm a Military Member US Navy Corpsman
I been a long term customer over 15 yrs. I had no problems before and now the quality of services had gone out the window...
1. most important. I open an IRA with them on 4/4/19 and it is for contribution yr 2018. I was on the phone with them. completed the application and account setup. I have the funds available in the saving set to fund the new IRA. all good until 4/16/19 I received a package with forms to sign. I call them up to confirm and send back any form of signature needed. They told me they can not found my account for 2018 with docs but more than happy to fund my 2019 IRA. AND I HAD FILED MY TAX RETURN ALREADY! The guy on the phone 4/4/19 didn't tell me that process.
2. I requested transfer money from my savings account from Discover to my local bank account. I got emails stating they can't process it until 4/22/19. I call them up. The girl on the phone give me an excuse "it has to get federal approval". So, when does "FEDERAL" need approval for me to transfer money between my own accounts.
Please do not bank with Discover especially if you are in a hurry. They will screw you over!
I opened a new account and ran into some of the same issue others mentioned on this site.
I first opened the a savings, via their website. No issues, but the transfer has yet to be available and I am going into the 10th day. Discover took five days to update any information concerning the transfer, and at one point the app said it would be available in one month. At this point, it shows the balance, but I am still waiting for it to be available.
When opening the savings, I used an offer code and I did receive the funds from that in a matter of a few days (less than one week).
Second, I opened a debit account. The filled out the application immediately after completing the savings application and it did not appear to complete. After entering all the information, I abruptly received a screen that said something about it being completed, but it eluded to an error and mentioned something about hearing from them (at some point). Several days later, I still had not received any communication so I called their customer service.
Customer service found the application and said I needed to complete the verification (upload my ID). I had previously did this and they stated it was not accepted because it was not in color and all four corners had to be shown - something I do not recall seeing in the instructions on the website. I uploaded new docs (with them on the phone) and they approved them however...when the rep pushed through the application, there was an error and could not be processed. So guess what...I had to start the application process over.
I kept them on the phone and submitted another application which was successful this time. They matched it with my ID submission and the account was finally opened.
Lastly, their bill pay setup does not allow you to enter payees if the account does not have a positive balance. I could understand not allowing any bill pay transactions, but until an account is funded you are unable to get your payees and e-bill accounts prepared for use. With the amount of time it takes for money to be available, this is frustrating.
Overall, I have been unimpressed and have an uneasy feeling about their systems (due to the errors I encountered). I have no complaints about customer service. Although I was not happy about having to sitting on the phone for about one hour with them, they did solve my problem.
I was an Ally customer for many years and had a very positive experience with them. I had change because they cancelled my savings account for excessive transactions (transfers) over multiple statement periods. I didn't want separate checking/savings banks so I am trying Discover.
10 days and my funds are still not available. 10 days and I still do not have a debit card (although its useless until the funds are available). I will see if it gets better once my account is not new, but this will be the reason I will not stay with Discover. Ally was always about three days with a portion available within one business day. Large deposits would take about one week, which is understandable.
Opened a savings account with 200 dollar bonus offer. transfered 20000 dollars from my bank account. 40000 dollars was pulled from my bank account. Discover Bank has a glitch on the website. They could not account for the lost 20000 dollars.No one in customer service could tell me where my missing money they stole from my account. I'm still waiting for a week now to resolve this. I don't think Discover actually runs their own online banking, it seems to be branded on another bank that has shady operations. Tread carefully.
In the short 3 months of opening a regular checking account and savings, I have had my account frozen until I could prove my identity (understandable at first), a normal payroll check issued from my business was placed on hold for so many days it's crazy after told that no more holds would be placed because the account is established now for over 60 or even 90 days (and again, I understand holding and verifying funds on a check if it was my first one being deposited but this wasn't), my card over the weekend was deactivated and again account frozen because I used the HANDY app (well known and used) and Discover said that Handy's debit card security measures did not meet their security standards so they cut my card and my funds off completely and lastly, I just had to take the entire day off because yesterday at 5:02 p.m. they issued an email advising a hold on my normal bi-weekly paycheck AGAIN which had the same salaried amount as always BUT this time they made a bigger issue. They paid 2 checks (my mechanic and my rent) when the funds were available after the normal 2 day hold at 8:00 yesterday morning to turn around and issue an extended hold on my entire funds for 5 additional days AND the two checks they paid that same morning were retracted, decline as insufficient and charged me NSF fees for both. ALL WITHIN THE SAME DAY!! I called them the minute after I received the email advising of the hold and after looking at my identity verification (previously sent in and resolved) because I didn't send in the back of my Driver's License, the first time they froze my account, they turned around and froze it again. By the time I got home to send them a color copy of my DL and both front and back, which was 2 hours, they for whatever reason closed both my checking and savings and to this hour cannot provide any explanation to any reason why except to say because they realized I didn't send in the back of my DL at the beginning and shouldn't have been approved. I have never bounced a check, never have had a bad rap in any way and have a perfect financial record, so anyone reading this don't think there is more to the story because there isn't at all!!! The only way I could possibly get my funds today (the day after this has all occurred) was to have my employer put a stop payment on the check they are holding and to reissue another check so I am able to turn around and pay the 2 companies that Discover decided to pay and then retract the funds from. I thought I would have a great relationship with a bank that has good benefits but this bank just today has cost me so much money (NSF fees and wages), embarrassment and mental exhaustion that it is not even funny and I hope, hope, hope you do not have this type of experience if you decide to move forward with Discover.
What a pain. I responded to an offer for Discover online banking that was advertised widely, tried to get it, and they refused to work with me. They said I didn't fill in the right box at the right place and although it just happened and i called them for help, they refused to help. Who wants to deal with a bank that has no person willing to help you. They remind me of dealing with robots.
I have tried their checking account twice now. Both times I am attracted by the quality product and U.S. based customer service. However, both times I feel their system runs short. What they make up for in customer service and flashy cards, they lack in overall system performance (online/mobile banking). One thing that I have come to LOVE with USAA (my current bank) is that they show me when a transaction was authorized and the date it is posted. Discover does not do this. Which makes it really hard to track purchases, especially multiple ones at the same locations/shops etc. Not to mention it takes days for Discover transactions to clear. Not sure why. It only takes a day or so with Visa. While some might not be bothered by these things, it's a deal breaker for me. However, this account is a good product for those who are less involved in their day to day banking.
Discover Bank is clearly not ready for prime time. I opened an online savings account with a promotion offer, but they refused to honor the promotion even though the delays in transaction posting were their fault which they acknowledged. They may very well count on such "failures" to ensure they don't actually have to honor their promotional offers.
Totally disgusted by this corrupt organization and would never consider doing business with them again.
There's a reason why Discover has won the JD reward for best customer service for consecutive years. I am a Discover cardholder and received a promotional offer of $50 if I opened a savings account with them. They are a strictly online only banking institution, but their website is very easy to use and everything can be managed online. The benefit of online-only banks is that I think their websites are the easiest to use so you don't waste any time waiting at the bank or having to dial customer service. The rates are extremely competitive and the best part is that they have no monthly fees and requires no minimum fees for account maintenance. They also have a spending analyzer that helps you keep track of your expenses and keeps you financially organized. I think Discover Bank would be a great bank to open as a savings account where you automatically sweep some money into the account and forget about it. You'd be surprised at how much interest you accumulate at the end of the year.
This online bank is awesome and famous for their high rates that they pay for customer deposits. The rates offered here on their checking and savings accounts are even higher than the long term CD rates offered by their competitors. This is the place to store some cash and earn some money risk free. I am a big fan of their deposit accounts too as they don't really charge and fees or anything like that. This is a great online only bank.
I opened a savings account with Discover a little over a year ago. I was searching for an account that had a comparatively high interest rate to other savings account options. We have an account with Capital One that was initially opened when it was ING. At the time we opened the ING account, their rates were among the highest around for savings accounts but Capital One's rates are not very competitive. Discover's rates were among the highest i could find and since we already had a relationship with the bank with our credit card, I thought this would be a good choice. It was incredibly easy to set up the account and to transfer and withdraw money. Customer service is always pleasant and helpful, but mainly, I'm in it for the interest rates.
Discover Bank is a premium online banking option. They have outstanding competitive rates for all of their banking products, including CDs IRSs, savings, checking, and money market accounts. The website provides online tools to check their rates against the most popular online banking alternatives. I compared CD rates from Discover Bank against Wells Fargo, Bank of America, and Chase. Additionally, there is an option to compare rates from US Bank, Citibank, and Capital One. Discover offered far better rates than each of the alternative online banking options. I was also able to enter an initial deposit amount, view interest rates, and see the amount of earned interest for terms from 10 years to 3 months. The website is clean and easy to navigate. Discover customer service is outstanding. I have reached out to them on several occasions with questions about their products and was very impressed. No long wait times and minimal automated interactions. The customer service reps were knowledgeable and friendly. I highly recommend Discover Bank for online banking.
I have had a checking account and cd account from Discover Bank online. I had no issues opening either bank and the process was fairly painless. When I had my checking account, I had it set up so I could transfer money to an external bank as well as an auto pay come out. I received rewards for writing checks. When I went to close the account, they did not try and persuade me to stay, simply said we are sorry to see you go and will mail you a check with your balance. I have had a cd for a few years now. I can look online and see how much money is in it. Also they send out quarterly statements so I know when I check the mail. I got a very good rate from Discover CD.
I have an emergency savings (money market) account for emergencies, looking for the best interest rate, I turned to online banks. First I was with Synchrony Bank for several years, and they were fine, but then I saw that Discover Bank was among several that offered much higher interest rates - 1.50% to be exact. The most difficult part of the experience is the initial setting up of the account and transfer of money into that new account, but after that, everything's fine. I'm very happy with the website, it's easy to navigate and user-friendly. I was even able to combine online my Discover card credit account with this new savings account, so I can see everything together at once. All in all I'm very happy with Discover Bank!
I opened an on-line saving account on Discover.com about 3 years ago. I was attracted to the interest rate of 1.0% which is now increased to 1.50% currently. This was much better than the 0.1% that I was getting at my bank. I found it very easy to set up and use. I am able to easily about to move money from my bank to the on-line account freely and at anytime. I can deposit money through the mobile app by using the camera to take a picture of the check or depositing to my bank and transferring the money to my on-line account. I can use either my mobile app on my phone (or tablet) or the website. Both are easy to use and work similarly. I have been very happy with my on-line banking experience. Although, I have on-line banking at my current bank, using Discover.com does have very attractive interest rates.
My family has had our emergency fund at Discover Bank for over five years without a complaint. It is nice to have an emergency savings account in an online bank as it will be there when we need it, but it also is just a little more inconvenient to draw from it for everyday expenses or needs. The account offers competitive rates of return, far outperforming my brick and mortar banks, and allows easy transactions to and from the account though these usually take 1-3 business days to transfer. There online interface is user friendly without too many bells and whistles to confuse the customer. We have also held CDs in the past with Discover Bank without a major issue or incident and are considering utilizing the service again in the near future.
I have had a great experience over the last couple of years using Discover Bank. Their interest rates are higher than any other bank that I have heard of. In the time that I have been a customer with Discover Bank, the interest rate has gone from .85% up to 1%. My other bank accounts only have a .1% interest rate. The mobile app is user friendly and makes managing your accounts and transferring money a piece of cake. I have also started some high interest CDs with Discover, which have been performing just as advertised with nearly a 2.3% interest rate for a five year CD. I have had some issue using their website to open additional savings accounts. This has been fixed by placing a phone call to their customer service desk. The agents on the other end of the line have been really friendly and helpful. Two thumbs up for service and products offered!
My experience with Discover's Online Banking has been very positive. At the time I opened my account Discover had a few substantial benefits over physical competitors. The first was that there is no minimum balance in order to avoid fees. I have often had a low balance in the account due to it being an intermediary account to facilitate transactions, and not having to pay a fee when the account has a low balance is an absolute requirement. The other benefit is that the savings account had a much higher interest rate than any other competitive banks. The interest rate was on par with accounts that had five-figure minimums. The website was also on par with other large financial institutions and was very user friendly. I have not had any interaction with customer service, as the processes have all been automatic or I have been able to do them myself.
I recently opened a retirement account, IRA, with Discover Online Banking. Their over the phone service with questions I had about contributions was incredible. I was on the phone with a representative for nearly an hour and they answered all my questions about frequency of trading, withdrawal strategies (after retirement) and different types of investment accounts. Upon opening the account and beginning to invest, I only receive paper documents that I definitely want to have in my personal files, but the rest is handled in a green, responsible, and paperless way. The online interface lets me stay connected from wherever I am and gives me peace of mind to have control over my finances.
I have been using this bank for the past year and so far am satisfied with their online service and user friendliness of the website, but overall I am not happy. I had an unauthorized purchase that I called in to open a chargeback fraud claim on and it took many more steps and explaining than past experiences with brick and mortar banks. The representative was accusatory and it offended me that they would show the level of incompetence with such a well-known company. I told them repeatedly it's not hard to look at the charge description to see it was accessed by someone in China which then obviously proves it's not me, and this is the job for their investigative team and not the person opening the claim. Based solely on this experience I am looking to change banks.
i was skeptical when I try to open an online bank account. I had credit card with them and really love the credit card. I then got an invitation to open a free checking account. I was kind of worry at first because I always do business with a local bank. However I would like to have a online bank account for my other income. I decided to give this a try.
The steps involve in opening the account was pretty easy except I'm still worry about putting personal information through a web site. I got my account setup within an hour. I got my first box of free checks within a week.
I love being able to login to my bank account with my cell phone and check my transaction. I have overdraft protection with this account.
The only draw back I have is when you do online bill payment is you could only link to account with your name only. I am the one responsible to the light bill at home but it was not under my name and they wouldn't find it. I ended up have to use the energy company website to do the payment but it still work out.
I also seriously consider to open a saving account with them because they are offering real good interest rate compared to most bank.
I chose to use this bank for a savings account because I have a student loan with them and they had a very good interest rate (1.5%) compared to the traditional bank that I currently have accounts with (.03%). The online application took multiple tries to complete properly including calling the customer service several times. Eventually, I had to fill out the application by phone because of all the problems. During the calls, the customer service representatives were friendly and very helpful and solved the problems that I had been having. Once the account was finally set up, I haven't had any problems using the website. It is a simple website and it is easy to transfer money to the bank account from my other accounts.
I started using Discover for online banking about two years ago. I started with just an online savings account. I was drawn to Discover because of their high APY rate, which is 1.50%. They also offer no account minimum balance requirements, which is great for avoiding fees if you have to use your funds for an emergency. After about a year I decided to switch my checking account over as well. No monthly fees was nice. I also like that I get 1% cash back on debit card purchases. It's not much, but way better than nothing from my previous bank. They're customer service is also really great. When you call you actually talk to people instead of going through an automated service. They are super friendly and always willing to help. It's been a pretty great experience banking with Discover online and I plan on continuing to use them for quite some time.
I used to bank with Ally as an online bank. However, upon doing more research, I found that Discover was a better choice. Discover has a higher interest rate for savings accounts, at 1.5%, and they offer 1% cash back for checking account transactions, something that I have not found with other online banks. Overall, there are banks that offer better interest rates for savings accounts, but the cash back for checking is something that cannot be beat. I have not had much experience with Discover's customer service because I have not had any major problems with them so far. I would highly recommend Discover Bank if someone is looking to open a new checking account that provides them with more benefits than other national banks.
I opened up an online savings account with Discover bank about two to three years ago. I chose to open the savings online with them as I was comparing interest rates and their's was the highest of the credible banks I had narrowed my selection down to. I had been making deposits to constantly build up my savings and take advantage of their interest rate, I believe was about 1.15% when i signed up. About one and a half years in I made a few withdrawals for personal reasons, leading me to withdraw 8 times in one month and exceeding the maximum withdrawal limit, which at the time was 6 withdrawals per month. I received penalties of $15 per excessive withdrawal that i noticed on my next statement. I contacted discover and they immediately took back the penalties and waived me of any fees. The customer service rep was very helpful and understanding. I have no complaints with Discover and will continue to use them in the future.
I am currently using Discover Online bank. I previously was using a credit union, then a local Chase bank after a move, and while I still have that savings account at the brick and mortar bank, I decided to move a substantial amount of my savings to Discover Online bank after I saw that they offer a higher savings interest rate. While the interest rate is still comparitively low to what savings interest rates were 10 years ago, it is still much higher than my savings rate at Chase (something like 0.005% or something ridiculous). It was actually very easy to transfer the funds over. The only drawback is that I can not deposit cash into the account, but I can wire funds directly. Customer service has been good the one time that I had to contact them (for checkbooks). As time goes on, I will deposit more and more of my funds directly into Discover. Right now I have my paycheck going to my Chase account and things like Ebay and paypal going to Discover.
I have had only excellent experiences with Discover Bank. They are only available online, so you can never walk into a branch, but that hasn't been an issue for me. I've been working with them for at least 7 years, I've opened numerous CD's and have had a checking account with them. They have higher rates than I can get at any brick bank. They are very competitive among the online banks out there as well. They have a simple offering of CDs, you just type in how much you were thinking of depositing, and for how long, and a rate pops up on the website. To open one you can just fill out an online form or you can call and 800 number and speak to someone. They will take your funds electronically or you can send them a check but that kind of wastes time while the money's in the postal trail. Overall I am very happy with this bank and I will continue to bank with them.
I opened an online checking account with Discover 4.5 years ago. The application process was not difficult though I did have to send identity documentation via snail mail even though I already had a credit card with the bank. The account is great as far as fees are concerned. The main issue I had at first was the amount of time it took to transfer funds to the account. It would sometimes take over a week for deposits to be credited. I have noticed that the wait time does decrease when you make regular transfers from the same bank. Cashing a paper check can be quite a hassle since you have to mail it unless you have their phone app. There have also been instances when I could not access my account online due to scheduled maintenance, notice of which they only post online if you happen to check your account. Customer service isn't stellar as it usually takes more than one contact to accomplish a task, but I have never had to take the time to call in order to address my concern. Overall the value makes it worth some small inconveniences.
I was familiar with Discover card and when they decided to offer checking and savings accounts I was sent an offer. I really like this online bank as it ties to my credit card. I love how convenient and mobile this is. I do not need to visit any branches when I have issues I just call them directly. I get a real person who listens and assists with any questions. I really enjoy the mobile deposit feature. You use the app and take a picture of the front and back of the check to deposit. The app has a feature where it recognizes you have the check in view and auto takes the picture. Then it makes sure everything is correct before submitting for deposit. This is so handy as I work odd hours so I can make a deposit at midnight and I know it will be taken care of. Also, this account offers a good and competitive interest rate and no fees. I definitely recommend.
I've used Discover as my primary bank for three years and I'm very satisfied with it. The interest rates on my savings and CD accounts are above-average. Customer service has been excellent every time I've called, with pick-up times under 2 minutes, and they even did a one-time fee waiver when I made a mistake transferring funds. The web site and app are easier to use than other banks I've tried. They also integrate easily with the Discover IT credit card, if you have one. Mobile check deposit from the app works pretty well, but non-standard checks (like rebates sent on a postcard) may need to be mailed in, if the app doesn't like how the back of the check looks. Has fee-free use of tons of ATMs.
I signed up for Discover banking services a few years ago when I came across a bonus for opening a bank account there. They were offering a $50 bonus to anyone who opens the a bank account with $25. So I took the offer. I hadn't planned to use it that much but it turned out to be very useful since they offer an option with no monthly fees, as well as no transfer fees which I find very useful. I often transfer money Discover and other financial institutions and I've always had an easy, quick, pleasant experience using Discover. Despite offering only online banking services, I've had a great experience dealing with them. The customer service is excellent, the website clean, modern and easy to navigate and I've had no issues transferring between Discover and other banks. Overall, I highly recommend Discover bank.
I have opened an online savings account with Discover within the last year and have only good things to say about them. I exceeded the maximum withdrawals (which for them is 6 per month) during one of the first few months of opening an account and incurred a $30 fee that after being notified i would receive this fee I gave them a call and they reversed it for me. The customer service here is great and what i recommend most about this online savings account is the associated interest rate. This bank offered me a 1.35% interest rate on my savings which compared to some of my other banks (TD bank i believe is 0.10% or somewhere trivial around there). This allows me to safely put money away and know it is making some interest that is worth while.
I have recently started getting into financial know-how about how to control my money. I realized that keeping money in a savings account at my own bank (brick and mortar bank) was netting less than a percent or two return. I started looking at other online options and found that Discover Bank was a great fit. They had an incentive to invest my hard earned cash into CDs and to put it into a high interest yielding account. There was no required minimum balance needed to open a checking account as well as having over 60,000 different locations for surcharge free ATM use. Discover Bank, in general, had easy online banking that allowed for fast, non-complicated transfers at my leisure. I would definitely recommend others looking for easy online banking to check out Discover Bank as an option.
Discoverbank's website seems to be down a lot for maintenance. They says it's only until Monday morning but at time writing this review it's Thursday. If this is a regular occurrence than it would be really disappointing. I had just opened this account but didn't take into consideration maintenance times. I'll wait another year if this continues than I would consider switching to American Express or Synchrony.
I recently searched for a new bank online and stumbled across Discover Bank. I was kind of weary at first because I looked at Discover as a credit card company solely. After further investigation I decided to give it a try and I was not disappointed. I love the way they operate and have way less fees than other banks, especially my last. Even the fees they do have thats standard with every bank, is still cheaper than all the other options. They dont make you pay for debit cards and little things like that. I love this bank and will continue to grow with them.
First of all there are NO FEES with my savings account, I do NOT pay a monthly service fee which is amazing because the banks that Used bank with did. Also the interest rate is 1.3 precent so much higher then my previous bank, Chase and even higher then my credit union bank! They also disnt require me to put in a certain dollar amount like other banks did when i was shopping around for a bank. All i wanted was to put a set amount of money into a account every pay period, any where form 20-50 dollars, and i earned money off of it. Not only that but every time I called the customer service department, I was greeted and spoke to with respect as if I was contributing 1000 of dollars. They treated me kindly and made sure I got what I needed from my account. I can't say any more good things about this bank.
I Love this company because they helped me to build my credit. This company is where I started to get my first credit card and they offered a free pass on late fees the first month. Even though I didn't need it, i liked knowing it was there. The customer service is always available over text which is great because I hate calling customer service lines.
I have been banking with Discover Bank for over 10 years. It is one of the most competitive interest rate banks for savings accounts in my area. In the time i have been with them the service has been great. I enjoy the convince of direct deposit and my debit/checking account. The staff is always friendly and helpful. Over the years very few errors have happened. One thing in particular is a over draft that was caused by a company that did not cancel a recurring monthly payment. I went into the bank and spoke to them about it and the fee was waved with no issues after explaining what happened.
I do banking similar to the average person. I have my check direct deposited into my checking account and use this money to pay bills. I also have a credit card through this bank because it was the best interest rate I could find at the time I got it. I have used this bank for a little over 12 years and have not had any issues. The one thing that I do wish is that they didn't have so many fees. It takes a little work to get around some of the fees for example making sure there is a certain amount of money in my checking or savings account etc. But overall I would say that I have enjoyed banking with this bank.
I started with joining Discover bank for a checking account when I was invited after having a credit card from Discover company. Discover offered me a great incentive to join the bank. They offered me a free checking account. As well they had no annual or monthly fees. No minimum balance was required nor is required several years later. I also was given free checks for my account and a credit of money for my account. I am not charged any fees ever. I can easily check my balances online. As well they offer a convenient toll free access number to ask any questions about my account. The only disadvantage is it is not a brick and mortar bank around me so I have to do all my banking online. However, this can have some advantages because I save on gas money going to a bank, I can easily access my accounts and Discover is trustworthy and well known for its good reputation. I was also given a debit card for free and can use in most places. Some places don't take Discover, but I'm finding more places to take my debit card today than in years past. Overall, the checking account is easy to use and reliable.
I used to have a savings and checking account with Discover Bank. But I left due to issues with customer service. While they had a reliable website and good mobile app, it was very difficult to get someone on the phone to discuss issues with my account. The wait times were far too long. I did find the service was better than Nationwide because they did not have unreasonable fees. But it would be nice to be able to talk to a human when needed within a reasonable wait time. I now use a credit union which is nice because I don't have to talk to a machine when I call for customer service. Overall, Discover Bank is OK but they need to work on being friendly and available to their customers.
All in all banking with Discover Bank has been a good experience for me. It's kind of like a long drive, if it's uneventful, its a good drive. I have had no real problems with Discover Bank. It was easy to apply and get an account. There are no fees for all the basic services and you get free checks. The interest rate is pretty good, the mobile banking is easy and convenient to use. I can't really comment about the customer service since I have never had any real problems and have not had to use it. I like this bank enough that I would recommend it to my friends and family.
I recently opened up a high interest savings account with Discover Bank. I wanted a savings account with a better interest rate than my savings account at my regular bank, and in my research, Discover Bank seemed to be one of the best options for me. I already had experience with Discover before, so I already trusted Discover and knew they were great. Applying to open up the savings account was simple, easy, and quick - if I could, I would do it again! Even my initial deposit options were great - all I had to do was do a quick transfer from my regular savings account to this one, and I was done. Overall, my experience so far with Discover Bank has been nothing but positive, and I would recommend them to anyone.
I have the Cashback Checking Account and a savings account through Discover because they do not charge monthly fees, regardless of my account balance. One of the biggest reasons for me to choose to bank with Discover is the 1% I get back on up to $3,000 in debit card purchases per month. That is something you don't see very often with a checking account. I still use paper checks for rent and utilities because it is easier and cheaper where I live now. I also pay other bills online through Discover and there aren't any fees for online bill pay. Discover doesn't charge to reorder checks or a debit card. I have lost my debit card before, and was able to order a new one and it was rushed to me at no extra charge. I had it in the mail 2 days later. I am overall satisfied with my experience with Discover.
I opened my discover savings account two years ago because the interest rates at my former bank were very low. My current interest rate is 1.30% (which has gone up from 0.95% since account opening), which is comparable to other online banks. I only needed to contact customer service after account opening. The wait time was relatively quick and they gave me the information I needed to add my wife to the account. The website has an easy to use interface, and I like how the interest year to date (earned interest) and current interest rate can be seen on the main page. Transferring money from my discover savings to my checking account typically takes 2-3 days. I'd prefer it to be less and an ATM card (with no fees) would be useful to have for emergency cash situations. One of the most important features for me when deciding whether to open a bank account is the monthly fees. My discover savings account has no monthly fees, which earns it top points.
I have been banking with Discover for a few years now. Discover is an online back that offers multiple account types. I have both a checking and savings account. The account opening process is simple, easy, and straightforward. Discover also regularly has promotions offering up to $200 for new account openings. They also have 24/7 customer service available. Every time I have needed their help, they have been extremely accommodating. While they are on online only bank, it is good to know you can speak to actual well-informed humans if you need to. Discover also offers extremely competitive interest rates on their savings account products. You will find that they are hard to beat. Discover also allows easy transfers between external accounts. Bill pay is also a great future. In short, if having a physical branch is not important to you, you won't go wrong with Discover.
I have been banking with Discover for over a year now and it has been an excellent experience. I trust Discover because of the Brand name recognition and also the fact that I have had a Discover credit card for many years. I use both their online checking and savings features. I can get cash back on my checking account for spending enough money monthly. It is easy to access from my phone and they have thousands of ATM's that have no service charge located everywhere. Their checking also has no monthly fee or minimum balance requirement, which is great. The savings is great, too. It has no minimum balance or monthly fees either. It also has a good interest rate. As long as you do not need a physical bank this is a great choice. I did all of banking online before I used Discover anyway so it was a easy transition.
I do not have any complain to them at all. Anytime you call the customer services, you always get a person that speaks without an accent. It is hard to find nowadays.
I love their mobile app that you could check on your balance anytime, anywhere.
I also like the 10 cents cash back for item you purchase on debit card or writing a check to another entity.
My checking account is a free checking account so I do not even have to keep a balance and enjoy the services they provided.
You could also pay bills online and deposit online and that does not cost you a dime.
To open the account was easy and once you get things setup, you could just use the mobile app to do all your businesses.
I really could not ask something better than this.
My experience with Discover Bank was great. They made it easy to create an account for a young kid. They were my first banking experience. With the help of this bank I was able to develop budgeting skills that have helped me be a responsible adult. Discover Bank was quick to send alerts when my account dropped too low and they were great when I had fraudulent charges. Banking with Discover Bank has given me the confidence to open credit cards responsibly. I know that with my budgeting skills I don't have to worry about not paying my card.
I recently opened up a new savings account with Discover Bank when I received a promotional email that said you can get $150 for opening a new account with a $15,000 deposit. It was very simple to open the account online. It only took me about 20 minutes from start to end. I gave basic personal info, arranged the account settings and set up the deposit from another account. All in all, very simple. After my funds cleared, the promotional balance was put into my account fairly quickly. Over all, a very easy process to get an extra $150 and the APR was 1.3%, which was very competitive for a basic savings account.
In an effort to open a new savings account, I came across Discover's Online Banking. As a holder of a credit card from their institution, I found the sign-up process very straightforward. There was no minimum balance required to open the account (initially opened with $0) and transferring funds to the account was very simple. They also offer one of the higher yearly interest rates for a savings account, drastically beating my physical bank. I have not yet withdrawn any funds from their account, however I have linked my checking account to it during the initial funds transfer and expect it to me simple and quick. There is no on-going balance requirement. In addition, there are no fees for maintaining the account, including low activity fees. Interest is compounded daily/monthly for the account and I generated interest within the first few weeks of opening the account. Recently, their online tool managed to combine my online accounts for the savings account and credit account into one account. The mobile application also supports switching between the accounts simply.
Discover Bank was not what I expected it to be. First off, I intended to only apply for a credit card and possibly a personal loan through this institution. However, upon getting the credit card I asked about their rates for checking and savings accounts. Mostly I wanted to compare their monthly fees (if any) with the bank that I was currently using. After talking to an associate I realized that I qualified for a free checking account and a linked savings account. The linked savings account is for the event of an overdraft. I appreciated that the associate explained all of this to me, and didn't just wait for me to overdraw and then charge me a fee. I trust this bank for the above reasons, and also because they have handled my personal loan very well. Meaning, whenever I feel there is a discrepancy with my funds, I am able to call in and receive help immediately. I no longer have to wait for 30 minutes to an hour for someone to tell me what I already know. Overall, I am very satisfied.
I have a certificate of deposit account with Discover Bank actively and have also had this type of account with them in the past. I was drawn to the account because the interest rates are significantly higher than all of their competitors. The account was easy to open and I was able to complete the entire process and make my deposit online. The process was straight forward from start to finish and help was available at every step of the way. Since then I have been pleased with the communication and online interface from Discover. Previously I found it very easy to withdraw the funds from the account when they matured. This experience makes me much more likely to open other types of accounts with them in the future.
I have been with Discover bank since I can remember and have had a great relationship with them so far. I have a savings and checkings account with them there are a few reasons I will never leave them. For one unlike most banks that send me ads in the mail they have zero monthly fees! I could not imagine getting my hard earned money taken out just for banking with them. Another similar reason is there's always a Discover ATM nearby no matter if i'm on vacation in another state or in town needing quick cash, but there's also no 3$ fee like most ATMs charge! Also on my personal savings account my APY is amazing and I thats rare to find. As a student banking is important. Getting hit with fees here and there just doesn't fit my budget so banking with Discover long term is a must and keeps me stress free!
Initially, I thought it was a good idea to join Discover's online bank, especially as I already had a credit card from the company. As I recall, I was offered $25 just for signing up. But I soon found I had little need for the bank's services, as they were little different from my local bank's options. ATM access wasn't great either, especially where I live. The interest rate offered for banking with Discover was no better than my local bank. Plus, I started to get inundated with Discover mailings. Canceling the service also was not a pleasant experience, as I was invited to keep trying the bank and also offered other services. When I want to cancel the service, I just want to cancel the service. This turned me off from Discover completely.
I've had a pretty neutral experience with Discover. I have a small checking account with them that I opened after I got a car loan with them. When I opened the checking account I went to the bank in person and all my experiences were fine. The lobby was clean and well lit. The people I worked with were competent. After that first day I only ever worked with Discover online. Their web and mobile experience is really easy to use. I like that I can access it basically anywhere. The app has also been really helpful to have. I feel like I'm not wasting as much paper. I don't really like the fees I had to open the checking account, and I wish my rates were a bit better. I had one time when I had a statement come in the mail, and it had some incorrect information about how much my interest rate was, so I had to be on the phone for a while with Customer service. It turns out I had written down incorrectly in my books what the rate was. But I felt a little dead inside after being on hold for so long.
I have an online savings account with Discover bank. If you have a balance of over $500 than you qualify for a percentage rate of 1.30. There is no minimum deposit and there are no fees. It's great. I am easily able to save money this way as I don't have access to an actual bank, I am not tempted to make unnecessary withdrawals.
As a customer of discover.com for a few years I can personally say, don't waste your time or money depositing into accounts here. It is nearly impossible to do any transactions with them. I currently have a cashback checking account and a CD with discover that I have been unable to access for 2 years because they keep giving me the runaround. I have tried to pull the CD and take the fee, and the customer service department told me that they would give me a better rate to keep it with discover. I agreed and then my rate NEVER CHANGED and another year came around. I logged into my online banking and my CD WAS NOT EVEN SHOWING on my account. Another call and the runaround continued. Conveniently as soon as the renewal window for the CD was over, it was again showing on my online account dashboard. The CD is up again for the third time next month. If I can't get access to the money this time I will demand to speak to the highest level person I can. I expected better from this bank.
Discover bank was entirely adequate when I banked with them. Their fees and rates were comparable with others in the area at the time. The only issue I had with them was that transactions were not always easy to view online. On more than one occasion I waited over 24 hours for a transaction to appear. Once, it was more than three days, and the transaction was a very important one to me, so I called to try to talk to a person rather than a website. I was then given a long runaround and no satisfactory answers, so I spent a very stressful few days until the transaction did appear. I don't think anyone working there actually did anything wrong in this instance; and other than stress, I suffered no damage. However, I remember the experience negatively, and when I moved to another city for my job, I also changed banks to another one with similar rates and fees.
I recently changed from the traditional community bank experience to the larger, Discover Bank. I was tentative to move to the larger institution; however, I thought it may simplify my banking experience having all my products in one place. I opened the Discover card Cash-back Demand Deposit account and an online savings account. The Demand deposit checking works similar to my community bank experience. I have access to my account list, transaction history and transfer capabilities. The only difference has been the 1% cash back incentive, which is reminiscent of my credit card experience with this institution.
I enjoy the bill pay experience; however, I wish it integrated more closely with the credit side of the organization. The fees (or lack of) have been expectable and I have not experienced any "gotcha" moments. I only use a desktop computer to access my accounts at this bank. The online experience is well done and I have not encountered any issues. In many ways, the checking experience is more feature-rich than my previous online banking experiences.
The Demand deposits account has renewed my interest in using ATMs, as Discover Bank has access to many no-fee ATMs in my area. I stopped using the ATMs because of fees and am extremely pleased by this feature. Overall, I have no complaints with this transition and trust Discover Bank at this time.
I love Discover for many different reasons. I feel like their website is fantastic and their customer service is great. I have always been helped in a timely fashion and have always had luck applying for different products. Unlike other services I have used before their rates are excellent and they are the most affordable bank I know. You can use Discover for so much and I like that everything I might need is in one spot. My direct deposit is in at midnight and my savings return is excelling. It was such an easy account to use and I know someone will always help when I have questions. When I had a dispute issue they helped me out all of the way. My only complaint is for joint accounts they need to speak to both people on the account for anything and that can be pretty annoying especially if the other person is not available.
I was already a Discover credit card user and they sent me invitation to get a free checking account. I decided to get one since it does not have any fee at all. I also like the fact that they give you 10 cents for every purchase with debit card or a check written to third party.
It does not take much time for me to open the bank account online. It only takes about 30 minutes. I love their mobile app that you could check your account anytime anywhere.
The customer services are always great with Discover. You don't have to talk with someone you could hardly understand what they say. I am seriously consider to open a saving account as well because they give great interest rate.
Last year, sick of fees from my local bank, I learned about and switched to Discover Bank. I opened a savings account and a checking account. Both are pretty much fee-free and there is no minimum balance! I even opened the savings account with no money. Checks are free and were automatically shipped to me when I opened the checking account. Through the phone app I can take a picture of any physical checks I receive and those checks are deposited into my account. Of course, setting up direct deposit for a paycheck is very easy as well. The checking account I have is a Cashback Checking account, which used to actually give you money (10 cents) every time you wrote a physical check and it cleared (this has recently changed to cash back for using your debit card). Any time I have questions or something isn't working properly with the website I just call their customer service, which is available 24 hours a day, 7 days a week and is based in the U.S. not in an overseas call center. With Discover Bank, banking is super easy and there are no hidden fees!
I was laid off because my company was sold. I received a letter from my 401 K that told me to transfer my 401 K. I called discover bank to ask how I can transfer my 401 K to an IRA. They told me they can do the whole process over the phone. I emailed them the form my 401K company sent me. I signed using a digital signature and was given digital copies of all documents. Process was quick. When I had changes to be made they were very helpful. I needed the money and they were able to send me a check when i withdrew the amount from my IRA account. I was having trouble finding a job and they were very helpful.
I opened this account when a friend told me that their checking and savings accounts are both there. I looked at their site and decided to try a simple savings for my children's college fund. I like the bank, there are no monthly fees and easy online access 24/7, which I really like. I have a checking account at a small local bank and I am seriously considering opening my checking at Discover as well. There is no minimum balance needed to go fee free, which is the main reason I decided to sign up. My local bank charges fees monthly for balances under 500.00. I am also very pleased that the interest rate is twice what I had at the old bank. I have found their site to be user friendly and easy to navigate. I have only contacted customer service once and found them very helpful in answering my questions. I have had no problems whatsoever and I highly recommend them to frinds and family. So many banks charge unnecessary fees that they do not, that is the main reason why I like them so much. The account was easy to open, all done online. What more could you ask for? I have been really satisfied so far. Try it!
Discover savings account has one of the best interest rates around! I recently opened up an account with them after doing my research, and by being an online bank, they are able to offer competitive interest rates compared to brick and mortar banks such as Chase or Bank of America. I deposited a couple of hundred just to try it out before I fully trust it with all my money. The transfer time was probably around 3 days for it to settle into the account from my Chase savings. Afterwards, the interest is compounded daily and paid monthly. At the end of the month, I was surprised how much interest I accumulated. It was miles above what I was earning previously, and I could see how putting my money there could help me tremendously overtime. Since then, the majority of my money is in their savings, and there has not been a single issue.
Takes way too long to transfer money into this account. I submitted a transfer on the 16th and it will not be available until the 22nd. I have transferred between chase and bofa without having to wait this long. Considering closing due to the inconvenience.
When I first started a savings account with Discover Bank, the interest rate was higher than it is now. It still is much higher than at my other bank though, so I keep my main savings account there at Discover Bank online. It is easy to transfer money and pay bills online from the account as well. I opened my online savings account with Discover Bank six years ago. I chose to do a savings account rather than to open up a certificate of deposit. I chose this because the interest rates were pretty comparable based on if you were opening up a CD or opening a savings account. I figured this way I would have access to my money at all times, whereas with a certificate of deposit I might have to wait months or even years to have access to my money with the interest. The percentage of interest has dropped slightly since I opened the account, but it is still worth it to have money there instead of getting a ridiculously low interest rate on your savings account with a different bank.
I opened a checking and savings account with Discover to keep all of my business funds separate from my personal funds. I had done quite a bit of research and I really liked what Discover had to offer. Their process to sign up was extremely efficient and there were no start up costs, which was a big plus in my book! Dealing with the customer service has always been a pleasure as they are always helpful and courteous. I have never incurred any hidden fees or have had issues accessing my funds. I did have a miscommunication once about a debit card that they were replacing and I had never received, but the customer service representative was very helpful and sent me a new card right away. Whenever I talk to others about opening a checking or savings account, I always recommend Discover. I really could not say enough nice things about the brand. It is always easy to get a hold of someone if I need to speak with them, but almost all of the time everything works perfectly.
I opened a Discover Savings account because the APY (1.3%) is over ten times that of most banks (about .01-.06%). Each year I can actually see multiple dollars that I've saved when in at previous banks, like Wells Fargo or Chase Bank, I'd make only a few cents a year. Because of the high APY I also opened a CD to save even faster. I was hesitant to initially open a CD because the APY of a CD was only slightly higher than the savings rate which was so much greater than other banks.
We have had a good experience with Discover Cash Back Checking. We use this often for purchasing items online and paying directly from our account. We have had good results from customer service whenever we have had questions, although there have been occasions when there have been long waits to actually get a human representative to contact us. The online experience has been easy to navigate and without any difficulties. It has been a convenient way to handle our banking and we do not miss much about not having a local brick and mortar banking facility to deal with directly. Taking cash from ATMs has been a fairly easy process and the fees associated are relatively reasonable. We do not use any other services with this bank such as savings accounts or other types of financial instruments.
I opened a Savings Account with Discover Bank approximately eight months ago. It was a fairly smooth process and the reason I did it because their interest rate was well above anything i could find at a local bank in my area. I had some extra cash that I would not be using for awhile so I decided to give it a try. It has been a good experience. They have kept their promises on the rates and web transaction is fairly straight-forward. The only dis-advantage I've found is that it takes a couple of days to complete transacations. I perform deposit from my local checking account-- once I transmit a transfer it usually takes a couple of days to complete. The same thing occurs if you want to get money out of your account. You request a withdrawal, and again it is usually a couple of days until it's completed. This doesn't really cause me any issues because I don't need to have immediate access to my money. But, if I needed that I wouldn't have it through my Discover Savings Account. This is the only negative I've experienced, and again, it doesn't create much of a problem for me. Overall, I've been very pleased with my experience with the institution.
I have had nothing but positive experiences with Discover Bank. Not only are the interest rates high, but anytime I have had an issue I can call and they respond quickly. When I initially was setting up my account I was having issues connecting to my other bank and they helped me thoroughly. I try to tell others to use discover bank as it is a well-known company and it has amazing interest rates! The fact that they helped me immediately resolve my connection issue made me think very highly of them because sometimes it takes forever to even get through to a person when calling a bank or company. It made me realize that I never would try to bank with another online bank as long as Discover bank continues to provide this type of service to their customers.
Discover Bank, specifically their savings account, offers one of the top interest rates amongst other savings accounts. This is what initially attracted me to bank with Discover. I had already registered a credit card with them, so this choice was seamless. They integrate with their other products very well. I only need to use one login to access all of my Discover accounts. The sign up bonus was also extremely generous. Just by having a certain amount in my savings account, I was able to earn an extra $150. When I ran into an issue, I was able to connect with their support service almost immediately. I was not routed to some machine that was trying to automate my problem. I had quick, efficient help and I really appreciated that. This savings account is top notch so far, and it has also been extremely easy to transfer money back and forth. However, I don't like the wait time to have the money available. I definitely would not be able to access the money in an emergency since it takes at least 2-3 days to populate into my account. Besides that, everything about this savings account has met and exceeded my expectations.
I have had a account with Discover Bank since 2015 and have been pleased with the service I have been provided. To cite one instance I had just moved to a new address in a different state and was attempting to make a large purchase of furniture at around 9 pm. Discover noticing this was a different state locked my card so I wasn't able to purchase and sent me a text alert that my card might have been stolen. Although it was inconvenient I really appreciated the level of monitoring because it could have been very easily a thief who had my card. Anyways so I called the number and was greeted with a customer service representative that spoke excellent English and was very helpful in removing the hold on my account and walking me through on how to change my address. Overall I appreciated the level of service I have with this bank and how much is invested into making sure the consumer is happy with their service.
Discover bank has some great benefits for it's customers. A lot of banks offer you free checking services, but only Discover bank pays you 10 cent per debit card purchase, bill pay or check deposit. Up to $10 of cashback can be earned each month. Every other feature that you expect of an online bank including quick ACH transfers, a debit card, and mobile check deposit is available too.
Having a bank pay me for change is fantastic after dealing with high fee banks in the past. For me this pushed me into opening a savings account with them too and I'm very happy with it. The savings rate is competitive and they constantly raise it to compete with other online banks. Overall I would recommend this bank to someone looking to get away from high fees and dealing with actual bankers and their upsales.
I opened my Discover Bank account when I wanted to link my account to PayPal and did not want to put my regular bank account online. Everything about the set up was simple. The Checking account, like the credit card, offers cash back! And No fees. Iv'e loved all the online features. The transfers between my regular bank and Discover have been seamless. I've even decided to set up automatic transfers between them and use the account for other online purchases.
We have credit cards with Discover and decided to give their bank accounts a try. They offer accounts through their online only bank. Access to my money is simple. I haven't had to use customer service for anything, yet. Their online banking works well and easy to find navigate to find the information I need. Overall, it has been a good experience with no issues. I would recommend anyone looking for an online bank to look at Discover!
I have both a checking and savings account with Discover Bank and have had both accounts for several years now. I generally enjoy the cash back I receive from using my debit card, 10 cents back per transaction, and I feel that it's a good rate compared to that of similar financial institutions. I tend to use my debit card on more inexpensive purchases that I don't want to put on my credit card in order to maximize the rewards I receive from using it. The percent APY for my Savings account is 1.15% which puts it near the top of the list for highest APY of all of the financial institutions I've researched. Because I have both my Checking and Savings accounts through Discover, it is extremely simple to transfer money back and forth between the accounts online or using their app. The fact that I can redeem my cashback from my Checking account at any time for any amount is another plus, as I know other financial institutions have minimum amounts you must reach before you redeem.
I did have an issue several months back where my debit card was suspected of fraud and deactivated without my knowledge or any prior alert. I went to use my debit card at a store and got denied, despite having funds in my account. After calling Customer Service I was alerted that a new card was on its way to me, but I would have preferred advance notice to avoid the experience of going to use my card and having it declined. With that said, anytime I have ever contacted Customer Service at Discover they have been extremely helpful and have even Overnighted cards to me in the past.
I currently have a high interest savings account through discover bank. My high interest bank account accrues 1.1% interest which is pretty good these days, and it's where I save my emergency fund. Compared to other banks, this rate is nearly unbeatable. They allow 6 transfers out of this account per month, which is more than reasonable for a savings account. Transfers are also quite quick into and out of the savings account. I also looked into a checking account through Discover Bank, but was disappointed with the free ATM options. Overall, my interactions with this bank's customer service have been very smooth and the staff has been very helpful. I would definitely recommend this bank to anybody who is looking for an online bank with good features and good customer service.
I signed up for a savings account with Discover Bank this summer, after receiving a flyer in the mail. It advertised a $100 reward when you deposited $15,000 into a new savings account by a certain date. I did some research and decided to give it a try. Not only did I receive my bonus reward, but I have found that I am earning the highest interest rate possible compared to other financial institutions. I had previously kept my savings in an account with a credit union, and with Discover I am earning at least four times more per month. I also find their website very easy to navigate which I find important. The ease of use for their customer service department is another plus. You can easily contact them through an online chat and they are always very pleasant and helpful. I highly recommend looking into using Discover Bank to earn more interest on your savings, while also having the option to withdraw money without penalty should an emergency arise.
I have been a member of brick and mortar banks but they hardly provide any interest on money. So, I tried capital 360 account. It has a good interest but not as much as the discover savings account. I have discover credit card and they sent me an offer for savings account with a bonus. So, I saw the requirements and interest rate which was very good. So, I opened the account in it. I contacted the discover customer care and they were very helpful in telling me the details of the account. They also mentioned if the interest increases, I will automatically earn it. This is very helpful. The online website is very good too. It has all the required details and information readily available. The statements are online and can be easily seen. This is the bank I highly recommend.
I have a local bank, but wanted to use an online bank for convenience sakes. I think my choice of Discover Bank was validated by the fact that I know have had an account there for OVER 6 months and use it as much (if not MORE frequently) as my local bank (Huntington.) I know the people at Huntington, at least at the local office, and you can't beat that personal touch. But, if you just need quick on-the-go online banking services (and that's all I need 80%+ of the time) then Discover Bank was fine. The one down side- they will not reimburse you for ATM fees outside of their network. But, let's be honest. Neither does Huntington. But, so far as making deposits and getting cash transfers go, not a complaint from me!
When I signed up with Discover Bank, I did so because of a promotional rate they were offering to open an account. Signing up for the account was easy and seamless. After using the account for a couple months, I was able to learn that I got exactly what I expected from Discover Bank, but nothing more. I did have to contact customer service on one occasion, as an electronic deposit that I was expecting to be deposited was not. The conversation with customer service was great, the woman was extremely helpful and friendly, and solved my problem in a few minutes. It really is too bad that brick and mortar banks often do not have the same level of customer service. All in all, I am very pleased with Discover Bank as it gives me exactly what I need, it is easy to use, and they took care of the one problem I did have.
I had a very negative experience with Discover Bank. I opened a savings account, and the next day received an email message asking me to call the bank. When I did, I was told that my account had been closed "due to human error". I was offered the opportunity to start over and open another account, but I declined. The day after that, I tried to open an account with another bank, but near the end of the process I found out that the funds for my initial deposit for my Discover account were missing. When I called Discover to find out where my money was, they said it would take "up to 5 business days" for my funds to be restored.
I definitely recommend Discover bank for both checking and savings accounts since both offer very competitive services that I have not seen with any other bank. For the savings account, the interest rate is at or above 1% APY which is comparable to many CDs offered today, though with the accessibility of a savings account. Through the checking account, every time you use the debit card, you get $0.10 in cash back rewards up to a cap of $10.00. This oftentimes provides a better rate of return than most credit cards if your transaction is under $10.00.
I wasn't specifically looking for a new bank let alone a bank that is strictly an online bank. In fact, I didn't understand how a bank could be a bank and offer a checking account if there wasn't a bricks and mortar location near me that I could use. Honestly, I signed up only to get a cash bonus and assumed I'd never use the account because....who uses online banks? What I didn't understand or know at the time was that this bank has perks my bricks and mortar bank doesn't. They're easy to use. In fact, the process for depositing checks into my account is easier than it is with my bricks and mortar bank! They offer an interest bearing checking account without having a huge balance too. That's something else my bricks and mortar bank does do. So if you're thinking that an online only bank isn't for you, give it a chance. You might be surprised.
Discover Savings is a great savings account for emergency expenses or short term savings. They have the one of the best APR's for savings accounts and can have next business day transfers to your main bank without any fees. It has been very easy to use and I enjoy seeing my money increase in actual dollars amounts instead of just cents like most banks' savings accounts.
They have no way to quickly add funds.
Very hard to use while travelling as they block you account and releasing the account can take 30 to 60 minutes.
The card is not accept outside the usa.
Mobile app opens up when it times out, dispite and foces a manual close.
Customer Service have very limited ability to help with problems.
Like how the card is Orange from side on when i look in my wallet.
Getting cash is no problem.
Biggest wish is that i could deposit cash via atms.
And that they were faster a releasing the card while at airport out of town.
We've used Discover Bank for years. We set up the account for several reasons. We planned to move and this bank would travel anywhere in the country and still have the same access. We also liked the cash back rewards for using the checking account. We get $0.10 each time we do a direct to payee transaction whether it's bill pay, writing a physical check, or using the debit card. We don't get rewards for transfering money, atm withdrawls, or things like that. Their savings accounts also make almost 1% interest (which is still terribly low, but considerably better than 0.1% at a brick and mortar bank). Our only major problem was that I changed our address information through the website when we moved on the profile page. For some reason that didn't change the address for everything on the accounts. My husband had to call at least twice to have his information changed, even though I had been the one to authorize him on the accounts. Although my debit cards had the change, my husbands were still registering the old address. Also, the bill pay system didn't figure out the address change either and listed our old address on the payments that we sent to businesses. It took us about a year to figure out all the things that hadn't changed with the profile change and like four different phone calls. Other than that headache, we've had smooth sailing.
I opened an account with Discover Bank because they pay better interest than my current bank, Wells Fargo. Before I opened the account, I checked with a friend who had used Discover, and he said he liked it, so I felt confident opening my account. Opening the account was easy and I was able to use the online banking web site with no problems. A little while later, Discover advertised a better interest rate for a CD, so I transferred some money to a CD. Again, the whole process was easy. I would recommend Discover Bank Online to anyone looking for a better interest rate on their savings.
If there's 0 star, I must give 0. It's so disappointing when you ask Discover bank to solve problem. what you can get is "no solution".
If you just save money in a bank, and never use it, then Discover bank is good choice. If you try to transfer money from/to discover bank, please be careful their policy you never know in advance. Your money could get stuck for some days. You could get a totally wrong ETA when you submit request online. The problem is not in other bank when you transfer money because other bank confirm it's clear in their side. Nothing to do from your side either. The only problem is in discover bank. why do discover bank hold your money for some days without good explanation? and no one in the whole Discover bank can solve the problem. Isn't it strange? When you want to cancel the transfer, you will be told you can not cancel and you can not unlock and you can not do anything except wait.......
I have an online discover bank account. When I tried to take money out, they flagged it as "suspicious activity". They blocked my account - I couldn't even log on to see my accounts. I had to spend an hour on the phone with them getting transferred to different people. Now the money I was withdrawing is stuck in limbo - not in my account and not in the account I was transferring to. I have to wait for what they are telling me will be a week for them to get the money back into my discover bank account, then I have to re-initiate the original withdrawal.. Then another week for that to get to my local bank. Bottom line is it might take you a few weeks to get your money when you need it. Back to the brick and mortar banks for me.
I opened a savings account with an online bank back in early 2016. I chose Discover for this account as at the time they were offering a better APY on their savings accounts then I was receiving with my long time bank of choice. I also wanted an online back account where I just deposited my work from home money earned. I am now teaching and tutoring some students with online classes. I wanted this money in a separate account and I thought having it online would be a good option. Setting up the account was fairly easy, but it took them several weeks to verify my information and finally activate my account. I tried to get a hold of them several times via a phone call to find out why it was taking so long and was forwarded to a voice command system. Very frustrating! They did contact me personally and apologize for the delay they said it was a glitch in their system. The other issue I had is I receive payments for my online teaching with pay pal. I linked the pay pal account to this online banking account and again had a long delay in getting money deposited. It was after this last issue that I just transferred the money to my current and old account and closed out this account. I guess my feeling is if I have a banking issue I can get in my car and drive over to talk to a real person. That gives me peace of mind.
We bank with Discover Bank primarily because of their rewards and interest rates. In general online banks seem to pay better rates, although they are still not super fantastic. I mean making 0.98% on your savings isn't great, but it beats 0.3% at a brick and mortar bank. Discover Bank also has a cash back program with their checking account transactions. They give customers $0.10 for most transactions. Basically, the rules seem to be that the transaction has to be reasonably direct, like a check to a person, bill pay to a business, or debit transaction at a shop. A cash withdrawl from an ATM doesn't count, and I think that's the only transaction that doesn't count. It's probably so they can track activity better, but I'm not concerned about them tracking what I do with my money. I like that I earn more on checking account transactions over the month (or that I earn anything at all for checking transactions) than I do on the savings account.
I've had a Discover account for almost a year now, and I'm very satisfied! Any issue I've had, their customer service has been quick to handle. I have both a checking and savings account, and both work flawlessly. The transfers between both are instant. The savings account has one of the highest interest rates I have seen, and the checking has cashback for purchases. Overall, I'm pretty happy with Discover, despite it being an online-only bank!
I have been with discover bank since the beta testing phase some years ago. I have not regretted any of this even now. When there were a few problems to work out the help desk both in online chat and over the phone was superior to any bank I have ever dealt with before. I started out with the checking account which must be linked to a brick and mortar bank someplace so you can easily transfer money around, however you can also send a check by mail to them too. After a year or two I added CD's and a savings account. All offer much higher rates than other banks. (eg better than 1% annual return.) You can also link your discover credit card to your discover bank if you want to. This adds even more functionality to your financial doings. Online bill pay works well and you can have as many payees as you wish, all for free! They also pay YOU 10 cents for each online bill pay you do. Also I use the debit card at the dollar stores for little purchases and get what amounts to a 10 percent rebate on a dollar purchase. So many little perks it is hard to recall them all here. Check it out for yourself.
My experience with this bank has been a true pleasure. I've been able to move around to different ATMs that are supported by this branch and pull money out of my account easily. You can visit just about any major banking branch to go to the ATM. I also have had a lot of success transferring money and depositing money online through them. It's gone through very quickly and easily. I have had zero fees and even can order new checks for free. I get a great savings account interest rate through them too! I have the ability to deposit pay checks directly to my account. I upload pictures of checks I receive from family or friends that are authorized by myself and after a period of time the money is deposited to that account. I have spoken with the customer service representatives on occasion for account questions and they have been pleasant to deal with!
We set up accounts with Discover Bank for a few reasons. First, we planned to move across country and none of the banks near us had corresponding branches where we were going. An online bank meant that we could bank from anywhere, sort of, but I'll get to that. Second reason for using Discover Bank was that they had a much better interest rate on savings accounts than physical banks, and they have a cash back program on any market transaction through the checking accounts. Let me define what I mean by a "market" transaction. It means any transaction that directly pays the recepient, so debit purchases, handwritten checks, or even automatic bill pay payments. (Free bill pay was another reason to go with them, but not completely specific to Discover Bank.) You can make deposits through the mail or with their app, but they don't accept cash (either through the mail or taking a picture of it with their app, imagine that). That's one of the big hang ups with online banking, you have to find a physical bank to deposit cash at and then transfer it to the online bank. Also, although Discover Bank says that they have tens of thousands of free atms to access nation wide, we haven't found one of those through their website near our new home. The last hang up that we had was address changing. It took four or five calls to finally change every aspect of our accounts for both people to change our address, instead of just being able to update it through the profile online (which we also did). Over all, the benefits out way the disadvantages for us, and I would recommend Discover Bank to others.
I have been a customer of Discover Bank since the mid 2000s. When I was looking to move some savings from an investment account with Fidelity to a safer environment I went to Bankrate.com to see what interest rates were being offered. From a fairly comprehensive list of banks I found that Discover Bank was among the top institutions offering the best rates for savers. Discover Bank was also given the highest rating for solvency at the time as well. I moved the bulk of my available funds to Discover Bank and began receiving an exceptional interest rate with their Premium Savings account. Of course, in the years since, interest rates across the board have steadily declined. The interest now for the Premium Savings account is .95%, a drop under 1%, but still among the top rates offered by a major bank for a savings account.
With no physical branches, online access is easy. The website is very user friendly. As with the Discover tradition, friendly agents are always available to help with questions or assistance over the phone as well. It should be noted, however, that at the present time, it is not possible to link a Discover credit card account directly to a Discover Bank account.
It is very simple and straightforward, however, to link a Discover Bank account with accounts at other institutions in order to move funds in and out. I have also set up an accompanying Discover Bank checking account, linked to the Premium Savings account, to allow for making direct payments. Moving funds between the Discover Bank accounts takes just a few seconds online. I do not think the checking account pays interest, though, so keeping a minimal amount in the checking account is advisable.
In the years I have been with Discover Bank online it has been a positive experience.
This would be an awesome Bank that pays you to do transactions if only the web sight would work more. They are constantly doing upgrades and can only get limited information on both the App and the web sight. Because of this I am thinking of closing my account. It is extremely annoying.
I've used Discover Bank for several years now. I opened up my account after being very impressed with the customer support and service for the credit cards. I must say I've been incredibly happy. I like the fact that I can deposit my Cashback bonuses directly into my account, and my ATM/debit card works everywhere I need it to. It works seamlessly with other online services I use regularly, like Paypal. Transfers between accounts are fast, and I like being able to move funds from those vendors to a location where I can pay or withdraw the money, just like a traditional bank.
For a no frills, no fees checking account, I must say I'm pretty impressed.
Lastly, I'd also add that I've not encountered a single problem or had a single issue in the entire time I've had the account.
I have had an online savings account with Discover Bank since 2009. The interest rate is fair, but typical for an online bank. I use the account purely as a place to park cash, so I do almost no transacting with this account. However I recently initiated an ACH transfer with Discover Bank out of my account to another bank. There was a 3 BUSINESS DAY LAG (5 calendar days in my case) between when Discover removed the money from my account (and I ceased earning interest) and it was delivered to the receiving bank. Now in fairness they do disclose this fact in their transfer narrative. But this strikes me as an intentional act to maximize their financial benefit. Every other bank I utilize has a maximum GAP of 1 business day where the funds are in no mans land (i.e. out of my sending account and into my receiving account). Many times its zero days. And keep in mind....I am referring to the gap, not the length of time to complete the transfer. For example on the same day I entered this transaction, I also arranged for a transfer from Citi to the same receiving bank. The funds were delivered the following day. My advice....if you do bank with Discover Bank, do not utilize their transfer out services. You would be better served having your receiving bank 'pull' the funds out of Discover. Then they cant do this.
I have been banking with Discover Online Banking for almost two years. I believe that you must first have a Discover Credit Card before they will allow you to open a checking or savings account with them, but opening the accounts was very simple. I love that the checking account will pay you a small amount every time you write a check, use your debit card or pay a bill through their online bill pay. If I ever need to switch money between accounts it is always instant and very easy. The savings account also has the best interest rate I have seen with no minimum balance required. The app is simple to navigate. The website is also fairly simple to navigate and will show me all my accounts side by side. The only downside is that the service will go down completely with no warning, however, this is very rare and has never been down for a prolonged amount of time. Very glad I chose to bank with Discover and will probably be even closing my other checking account because of how easy Discover is to use.
I have been using Discover Bank for approximately 3 years. In this time, I have had a satisfactory experience and would recommend the bank to others. In particular, the savings and money market accounts offer attractive rates that cannot be matched by brick-and-mortar banks. Currently, a Discover savings account pays .95%, incredibly high given the generally low interest rates given elsewhere.
However, I have found that transactions with the bank can be somewhat slow. Transfers to, and from, Discover Bank accounts may take 4-5 days to fully process. This can be a limiting factor if you need money quickly, but if you plan ahead, it should not be a big inconvenience.
The website and user interface is effective. While it doesnt offer any amazing features, it provides sufficient functionality to be effective and satisfy customers. It does a good job at providing an overview page that shows a snapshot of all accounts under a user's profile. It is also helpful for Discover Card customers that one can link their banking and credit accounts under one umbrella.
Overall, I would recommend the bank to others. The high interest rates, coupled with an effective user interface and a well-known, reputable brand, makes this bank appealing. The only downside for me is the lengthy transfer process, but this is not something I would consider a deal-breaker.
I originally opened a savings account with Chase because I have banked with them for eight years. However, I was disappointed when I saw that the Discover savings account was offering a higher interest rate. As a result, I decided to open a savings account with Discover and was greatly impressed with their customer service. The representative answered all of my questions honestly by providing details about Discover's strengthens and weaknesses. Furthermore, I received a welcome package in the mail that provided more details about the account. Another positive about Discover's product is that their website and mobile application is very user friendly. I am able to conduct wire transfers and deposits thru my phone. I currently have the account open for almost 6 months and do not have any plans of closing it.
I think most people who open with this bank do not read the full terms and disclosure packet when it comes in the mail. This is not like a normal bank its a ONLINE ONE.
I can only vouch for the saving account as that is what I have opened. For a discover savings one can only do 6 withdrawals within a MONTH. If you do more they will charge. I don't understand why someone would want to its a SAVINGS. Your suppose to save the MONEY not use it. One can only withdraw 2500 at a time...( limited to the 6 withdrawals). So it takes planning. Deposits have a hold a 5 day hold at that. If you need access to the money immediately do not bank here. They take 5 days to transfer, deposit, or POST. Its your responsibility to remember that. When making a transfer via online the deposit does show in your Discover Savings Account the NEXT DAY but its not available for use till 5 days. ( again this is a disadvantage..)
I have called a couple of times and an actual person does pick up the phone. But people need to realize this is a online service. If you are expecting its going to be like walking into or talking with Wells Fargo its not.
The constant login access number required is annoying but we get what we pay for. I bear it. I am trying to save so this works for me. I cannot speak for the checking, IRA's, or CD's as I do not have it. For my savings account I have been satisfied. I have never been over charged, had money taken out, or any such thing. I always check my account. So far so good.
We've been with Discover Bank for a few years now. Originally, I set up accounts with them for two reasons: they had the best rates, and we were planning to move, and I wanted to simplify the transferring funds process. I also love that they offer cash back on most transactions through the checking account, including bill pay, writing checks, or buying with a debit card. I don't think they give the cash back on atm transactions. The one hang up with working with this bank was when we moved I updated our contact/address information on the profile page, but it didn't update that information across the board. We ended up having to call them three of four times to get everything updated for both people on the accounts. That was obnoxious, but that's the only problem we've had. The interest rate paid on the savings/money market accounts isn't super fantastic, but it's better than the ones paid at physical banks, so that's a plus. Since I don't believe any experience on earth dealing with other people will be perfect, I think this bank does a great job.
I've used Discover Bank since 2013. Its burdensome to open a new cd when you want to ad a co-owner, have to mail you a form! On-line banking indeed!
I take out stair-stepped cd's for various savings goals, so I have 8 accounts including savings. When you click around your accounts to view information on them it gives you mixed account info! Want to see when you opened cd X? it gives you info on random cd Y! Even closed cd info gets in the mix! Scary! Who knows how long this problem has been around - or when or if they will ever fix it! I notified them a week ago and its still messed up. I'm looking for a new on-line bank now.
Required me to call up after filling out online app. Then wait 5 minutes while the verified me through public records. Then came back saying I had to upload a photo of my driver's licence. At that point, I was fed up. Wasn't worth the $100 bonus.
We had money in an online savings account with another company for years. This account was hard to access and got bought out or the name change several times. We decided to switch to Discover Savings and have loved it. They give a better interest rate and the website is much easier to access. Transferring money to and from the account is very easy as well. The "manage external accounts" and "schedule transaction" feature are very quick and easy to understand. We find using Discover savings preferable to using our past in-town banking institution accounts. The website is laid out much nicer than our current bank and is more intuitive for the user. We also have online statements that are very accessible. This saves us from having to deal with paper statements and also saves us time.
I have had both savings and checking with discover for a few years and Discover is great. The savings account has a very high, though not the highest online bank. The checking account pays $0.10 for every bill pay. I pay all my bills through my Discover checking. While this is a small amount for bill pay, no other bank gives cash back for online bill pay, so I see this as free money. Customer service is always great, and the online and mobile apps are great. I especially like how my savings and checking accounts are now linked to my Discover card account with single log in. Overall, Discover is a great bank, and probably my most preferred of all the banks I am banking with.
Working with Discover Bank has always been a pleasure. It has among the highest interest rates for CDs and savings that I could find online--far higher than conventional brick and mortar banks. It was convenient for me to start an account at Discover as I already had a credit card with them so all my personal information was with them already without needing to reenter all that information. Their customer service is excellent too. I once had to make an early withdrawal on a CD and their customer service representatives were very knowledgeable and helped guide me through the process without any problems. The only complaint I would have with them is that their fees for certain products such as early withdrawals are not the best in the industry, but even those match most other banks. All in all, Discover Bank is a good company to do your banking with.
I invested in Discover Bank's online CDs when their rates are or were competitive. There is a nasty outgoing stinkbomb that Discover applies when your CDs mature. They will electronically transfer funds at maturity to another bank with a $30 wire fee charge or they will mail you a paper check, which may or may not reach you for 10 days or so after maturity. What stinkers! Stay away from these crooks!
Any customer has right to use her/his fund right after a CD account is mature. But Discover will take long as they want.
This is not a first experience for me with Discover Bank. Recently I requested to mail the fund matured on Oct. 23, 2016 but I still have not received the check that Discover Bank said it was issued on Oct. 24 and mailed out right away.
Are they cover my surcharge for the delayed payment to another party while they take advantage of the interest accrued by holding my money??
I have a service connected disability and every bank I have ever used except Discover has made funds from the VA available by 1 AM on the date of deposit. I depend on these funds to buy food, pay bills and pay for transportation. Discover may hold these funds until just before the end of the business day on the day of deposit. I talked to customer service and they will only say a deposit is pending. No funds are available at this time. Funds will be available by the end of the business day. Now how will that pay for food this morning? (Now about 9 am) I like their Discover IT credit card but the bank is very slow to post items and funds take longer than my other bank. I am moving my direct deposit out of this bank today and plan on closing this account after drawing it down.
I use the online-only bank of Discover. I have been with them since they were beta testing and have never been happier with a bank of any kind like I am with Discover Bank. Here are a few examples of what they did that I never expected: I had an over draft problem once, and they covered it for me without charging a fee. I also had some problems opening a CD online with them, and the person at Discover Bank stayed with me on the phone until the CD was in the system and looking good. Some other nice things they do for every customer is pay into a rebate account associated with Discover credit card, 10 cents for every online banking transaction. I then convert this rebate into merchant gift cards like for Home Depot but with a 5% bump-up in value. That means a $50 gift card only costs me $45 in rebate points. This is an awesome bank by any measure.
I recently had a troubling experience with Discover bank involving transactions being made with my account that were unauthorized. While I have always been very neutral of this bank in the past and have been looking to switch to a new one, the way to customer service team assisted me with getting my account on track was exceptional. The representative that assisted me put me at ease, and reviewed the transactions in question. I advised that they were made at locations I had not even been to before, as well as one that was made at an online site. The representative put in a ticket to have those transactions reviewed and disputed for me and as of today they have all been removed from my account. The representative also started the track of having my debit card cancelled and is having a new one sent to me. She was extremely helpful and has helped to change my opinion of the bank.
I'm one person who tries to find the best ways to maximize money. In this day and age of low interest rates, the interest rates on savings accounts form the traditional brick and mortar banks are minuscule. I admit that the only reason why I started banking with Discover bank was because of the interest rate. Traditional banks still pay only 0.01% while Discover currently pays 0.95%.
But as I got used to the online banking only aspect, I grew to love it. However, it's not without its flaws. First the positives: Discover's website is very easy to use. The ability to transfer money from one account to the other is quick and easy. Customer service is top notch. I love their chat function. Help is always quick and they do go the extra mile to answer and fix whatever questions you may have. I also love how simple the website is. No clutter and nothing confusing. It's not overbearing. It's also organized. They group accounts into account types to make finding multiple accounts easier.
Now the negative. Since it's an online only operation, they do not take cash. They're essentially a cashless bank. The only way to deposit money is either direct deposit or mobile check deposit. Mobile check deposit works for the most part but it's very finicky. On multiple occasions I had trouble with the app not accepting pictures of my check despite me very best efforts to follow their directions.
I am a very new business owner and I have never been this stressed in my life. I knew coming in that the stress levels would be high but Discover has helped me out so much and has made my journey so much easier. I recently opened a business checking and savings accounts under them and have made everything involved easy. Their web applications are always running smooth and very easy to navigate. Whether it's on the web or my mobile phone the system is always up so I can check on the business whenever I need. And the teller that helped me when I first went in was one of the friendliest people I have ever met and I can even say that they are a friend! Discover is great!
Ive had a discover checking for several years now and unlike others, I have never been hit with a fee. I got my sign up bonus although it was delayed.
They are down more than I would like and I have also noticed their ACH transfers are slow so I don't initiate them from discover.
But overall, I find the cashback I earn far exceeds what interest I might earn elsewhere in a checking account.
I haven't had a savings account with them but I plan on opening one now that I found a sign up bonus for it. Their rate is a little less than I normally get .95% versus 1% at Ally and a local credit union. But the $100 sign up bonus should make up for it.
I don't use their debit card for anything except small purchases because I have a cashback card that pays me 2% on everything so it really only makes sense to use the discover debit card for transactions under $5. And I have a number of them every month both at Aldi and the dollar store.
Overall, I don't see any huge negative with this bank. I don't incur fees anywhere so I tend to think the people that whine about fees just don't know how to handle bank accounts.
I do wish their site wouldn't go down as much as it does in the wee hours seemingly everyday. And they need to fix their ACH issues. But I'm not going to give them 1 or 2 stars for those things.
I give them a 3.5 stars rounded up to 4.
Oh and I don't keep a lot of extra money laying around my discover checking because it doesn't earn interest. But like I mentioned above, the cashback from billpay and debit card transactions exceeds any interest I would be getting if they paid interest.
And I plan to open a savings account which I hope will make transfers to the checking account quicker than their slow as Moses ACH.
Discover offers a checking account with no fees and no minimum balance or other requirements. Most people know Discover from their credit cards, but they also offer checking and savings accounts. These accounts don't require a credit check so don't worry if you have less than great credit. They operate like a normal bank, separate from their credit cards. However, Discover Bank has taken a cue from their credit cards and offers rewards for using your checking account. You earn ten cents per transaction, whether it's a debit card purchase, check or online bill pay. There is a maximum of 100 transactions per month that earn a bonus. I don't know of any other bank that offers rewards for using your debit card, much less writing a check. For people who many not be able to qualify for a credit card, Discover Bank lets you earn rewards on your purchases like you would with a credit card.
Discover card is top notch so I figured the bank must be the same. I was very wrong. The concept behind it all is great. No fees really, free checks, cash back for using account (checks, bill pay, debit, etc.),
The downsides for me and what finally convinced me that I needed a new primary account was that the website seems to always be down for maintenance, at least whenever i want to log in, also and more importantly the ACH push takes FOREVER! It routinely takes 3 to 4 business days to certain banks, and my last ach to another bank took 5 business days just to show up in the other account.
Also, once you schedule an ACH push you can't cancel after it tells you it will take X business days. How is that possible in this day and age to take so long for an ACH transfer. All my other online banks take a maximum of 2 business days between all my accounts.
I have a bank account with discover. I've had this account with them for the past 4 years. So far using this bank it's been an overall pleasant experience. At times I do have certain complaints, but for the most part I am content. I like the customer service that my bank has as well as responding to me in timely manners. I took out a loan with discover two years ago, and it was an overall easy process and the manager was extremely helpful in providing me with all of the necessary information, so that I would be certain as to what I was dealing with. There was also extremely helpful when my checking account with them had fraudulent charges done by a scammer/hacker. The person literally stole 2,000 dollars from me, but discover reimbursed me almost immediately after it happened. I was incredibly happy for that because I think most places typically make you wait until the investigation is complete. I also enjoy the cash back services that they grant you for using them, I think it's extremely hard for any company to compete with that stellar product. One of my main drawbacks is the fact that I wish they would more aware of random charges, especially if the charges are happening in a different cost. When my account was comprised, the thief made purchases all the way in California, but if you review the same day and previous days charges that I actually did, you would know that I was in North Carolina at the time. Overall I enjoy having a checking account and Money Market account with them.
I have been using the Discover Bank for a little over 3 months now and I couldn't be happier. I before I came to this bank I was with a brick and mortar bank and now I have a checking and savings account with Discover. So far I have had nothing but positive things to say about my experience. First of all I love the mobile app and full website. They both have easy to navigate tabs and all the content is easy for me to understand. I especially like the mobile app because I haven't had loading/lag problems like ive had with other mobile banking sites in the past. The interface on the app and full website makes my statements easy to find and understand. I have called the customer service line twice and both times the representatives have been very easy to deal with. They spoke clear English, listened to my issue thoroughly, and were educated on the questions that I had. Overall I would highly recommend this bank because its very easy to use.
I have had accounts with several different banks, and this one was nearly the worst in every aspect. The fees are too high, too frequent, and too hard to dodge. Some banks will let you save on fees if you have a minimum balance, but my Discover bank savings does not offer anything like that. The fees are flat and cannot be changed. I have had numerous occasions where an unexpected fee cost me over $100 after being hit with overdraft penalties. I think that a bank should focus on what customers need and how to help people rather than just focusing on how to get every penny possible, everyday. I think banks are going to cripple this country, and are well on the way already. Aside from the ethics, the customer service is awful. Waiting on hold is just the beginning of you ordeal....the staff seems to enjoy telling you that you are wrong. Or that you are obliged to pay some nonsense fee. Writing checks is also a nightmare, since personal checks from you are impossible to cash quickly. People always complained that my check took too long to clear. Not my fault. Hope you are enjoying the thrills of providing the worst financial service I can imagine.
I am trying to think of good things to say, but I seem to be at a loss for words in that department. Do not open an account here. You will regret that day for a long time. Long after you are done paying for your mistakes, they will haunt your credit score.
On the same day, 15 minutes apart I moved money from my Discover mm acct and from my CapOne30 mm acct. The CapOne money was rec'd by the recipient bank the next morning. It is 2 days later, and I am still waiting for the Discover Bank money. despite their message that they have sent it. Discover is hanging on to the money too long. I am going to cancel that acct.
I have been a discover customer for over 3 years and about a year and about a year and a half ago they extended an offer to me to join their cash back checking program and $50 free to join. So I figured I had nothing to lose and took the plunge. I quickly received my new cash back debit card which pays me 5 cents every single time I swipe my card, and next I set up my direct deposit through my work. Everything was well organized and maintained. I was a little worried about now having access to a physical bank and although that bugs me a little it's not all that bad because they give me a list direct through the discover app that has the closest ATM if I ever need to pull out cash. I know discover isn't accepted everywhere but I have yet to find a store that has turned me down while using my discover card, but just in case I have a backup bank account with a visa checking. Overall a great bank, not perfect but very close in my opinion.
I opened a discover saving account because of their competitive rate and I made several deposits into my account. Things are ok until when I need to WITHDRAW some of the fund to my US checking account. Not only discover bank interupted the transfer of 1700$. they procceed to freeze my account. I have provided personal identification to validate the transaction but their decision was to close the account due to "fraud". Ironically the one comitting fraud here is discover. Fine, I can take my business somewhere else. I then waited a whole month for my closing balance return to me and after several phone calls they claim they are working on it. The sad part is discover doesn't have a physical branch where you can walk in and force them to return the money. I hope I can get my money back in a small claim court case in saltlake city. at least they will have to appear in court.
I have both savings and checking accounts at Discover. Also I had an IRA, which is now closed. The interest rate on savings, currently 0.95%, is very competitive. Customer service is excellent. Over three years, I had to call them several times. Every time the bank representative was extremely helpful. The website is a little difficult to navigate. I had trouble finding the forms I was looking for until I got directions from customer service. My savings account is linked to my local bank. I can transfer money back and forth very easily. I also have automatic mortgage payments out of my savings account at Discover. The checking account I use occasionally to pay bills. It was easy to open an IRA at Discover and when I took a distribution, that too was easy. I am very satisfied with Discover Bank and would highly recommend it.
I do not use them as my primary bank as I feel you still need a bank with a brick and mortar office. I keep a safety deposit box and checking at a local bank.
Their online savings account rates are very competitive and I only use them for savings I don't make very many withdrawals or deposit cash so I can't say much about their transfer time, I like to keep my savings a little difficult to reach so I don't spend it. I do have a Discover Credit Card and find the cash back rewards to be some of the best. Customer service is very good and US Based. This bank is not for the people why use their smart phones to do all their banking. Square would probably be best for the instant everything crowd. But than their rates are not that good.
Discover banking stands apart based on it's low cost fees and no account minimums for checking accounts. Unlike other banks that require direct deposit, or a certain level of activity (debit card transactions per month) or an average minimum balance, Discover does not require anything.
Opening the account if quick and simple. ACH transfers in and out our fast , free, and painless. Customer service is friendly, competent and get's things done quickly. Even without an introductory bonus offer or compensation, I found Discover online banking to be compelling service and product offering just based what it does and how well it does it. All in all, I am a very happy customer, having dealt for years with all the other major brand name banks, its nice to see someone putting the free back into "free" checking.
I initially joined Discover Bank online because they had a special offer and I received a bonus of $100 deposited into my account. At first, it was just an account that I created in order to receive the initial bonus of $100. Discover Bank turned out to be one of the best banking products I ever used. The fees are very low and customer service is superb. I made a error and there was a charge that came through my account and it over drafted my account. I called the customer service toll free number and the customer representative immediately helped me waive the fee. The interest rate is extremely competitive. I love seeing the extra money that I get deposited into my account as interest payments. Discover Bank also offer a very generous rewards system. I get $.10 for everything transaction I make with my debit card, bill payment, and check payments. Sometimes the reward will be doubled and I get twice the reward amounts. This is one of the best banks out there. Highly recommended.
I have been a Discover Card Member since 1987. I love my Discover Card. I received a Promotional Mailing to open an Online Savings Account. OMG What a Nightmare. I attempted to open the Online Savings Account on Monday 02/22/16. Something went wrong with the online application. After multiple calls to there Customer Service. (Useless) It is now Thursday 02/25/16. No calls from Customer Service? My Application was in there Quote "Back Office" No one ever made an attempt to call me back. I finally called the Corporate Office and told them to cancel anything they were doing. I opened an Account with another Online Bank in 8 minutes at a better Interest Rate....1%. This group does not know what they are doing! Very Disappointing.
I had a bad experience with discover bank , I transferred funds to my discover checking account from another bank account , money was withdrawn and received by discover , as per there way of doing business they held the money for 4 days and within the 4 days a check got posted to my account and returned for insufficient amount while they had the funds on hold ,.. I spoke to a supervisor called Jesse and he explained even thou they got the funds but they have a legal right to return any payment posted to the account while they have funds on hold and cause customer extreme embarrassment and frustration .
Now that's not a friendly banking , that's a bad banking .
I've been with them for about 2 years now. I'm leaving. Seemed OK until now. Had a warning that the app would be intermittently working due to system maintenance. Figured no big deal, I could go online to see the balance/transactions/etc. We keep a fair amount here so we want access. No problem if down a few hours here and there but come to find out they will be COMPLETELY down for 4 DAYS! No app, no online access & customer service unable to help with anything. I can't believe this isn't illegal? Going to contact the OCC on that & also headed to Capital One 360 who NEVER showed this level of incompetence & contempt for their customers over the previous 3 years we had them. May cancel our credit card too.
I used discover for about 6 months because I was hoping to earn above average interest. I did earn about 25 dollars in interest, but that was not nearly enough to justify the misery this bank put me through. First, it takes a full 5 business days to complete a transfer to or from an other financial institution. It takes about 3 days for a check to clear and become available. Once they locked me out of my account because they thought that a check I had written was fraudulent (it wasn't), and since the team in charge of fraud was out of town for the holidays, I was locked out of my entire account for THREE days. That's three days I had absolutely no access to my money. I stuck with them, however until this week. I had scheduled a transfer from my university scholarship account, and they withdrew that amount TWICE. This of course resulted in an overdraft fee of 29 dollars, and when I called they insisted that I had set up the two transfers when I know 100% sure that I DID NOT. While in the process of moving my money out of this account, they then did double the bill pay for my cell phone bill, again WITHOUT MY AUTHORITY. This is a very poor financial institution, I encourage you to avoid discover bank at all costs.
I opened a checking account with Discover Bank after they sent me a solicitation promising a $50 credit to my account within 30 days of opening my account if I deposited money into my account. The reason I decided to follow through on opening one more account was the amount of perks they offer. Although it is an online only bank, you still have access to your money through certain ATMs across America. They sent me a debit card and free checks within a very quick time frame. I earn .10 for every debit card purchase I make, and I am charged no fees to have the account. I don't really use the tellers at the bank, so banking with Discover is just a natural fit into how I already handle my finances, shop and live my life as far as technology goes. Additionally I think that their online layout is clean and easy to understand.
Like another reviewer, I also opened a savings account under an offer that I would receive a bonus. However, the bonus never came, and I was also told it would take 8 weeks to research the issue. I did everything I was supposed to, but they cannot follow through on their end.
It should also be noted that it takes funds over a WEEK to appear in your account when you transfer funds between banks. So the funds disappear from one bank, are in limbo for at least 7 days, and then it shows up in your Discover account. Note that during that time, you are not earning any interest.
I am closing my account. This bank is terrible.
I received an email that my Discover Bank account, less than one year old, was overdrawn and charged $30 for it. Alarmed, I checked online and found that an electronic payment (ACH) made to my insurance company was deducted 2x. The Discover Bak rep told me to contact the insurance co. immediately and have them return the extra payment, they would then remove the $30 overdraft charge. Since I’ve made online payments to many creditors over the last 12 years, this was a first and was certain I didn’t make an error. On contacting the insurance company, they informed me that they had a record of only one payment received on the designated date - to verify their claim I downloaded the recent payment history and it did show only one payment received and no others. After several phone calls and emails, I insisted that Discover Bank expedite resolution to the error. They gave me a “provisional credit” while they proceed with a “dispute investigation” that could take up to ten days. Ironically, one ACH payment bounced because of this error - to Discover credit card! They told me the payment would be resubmitted to Discover Bank during their “dispute investigation” period. Someone at Discover has my money or the account has been hacked or their system is seriously compromised. Whatever it is, no bank that makes these kinds of errors should be patronized by responsible customers. Back to the credit union for me.
Had a very bad experience with a rep with paperwork related to a trust account. If the account application instructions were more complete there would be less confusion.
There are other banks with easier trust app requirements. Too much work to deal with Discover. Never returned paperwork and check after declining to jump through more hoops. Don't seem to care about alienating depositors with substantial account balances.
I've had numerous accounts with Discover Bank, both regular CDs & IRAs. Their interest rates far exceed almost all other financial institutions & they're super easy to work with. I have another IRA maturing from another bank, who will be offering .02% for a 2 yr term if I renew with them. Discover Bank is offering 1.30% for the same term.
On another note, I was able to get a credit card with them over the phone, no application necessary - they're just great -
I have really enjoyed my experience with Discover Bank and my IT card. First of all, I have a year worth of zero Interest so that is ideal for me as a college student. I have experience in using the mobile app on my iPhone, and the app has its ups and some downs. First off the good news, all of the info is there for me. I easily know how much credit i have left, I known my minimum payment, its due date, and when I will be charged. Also Discover does a great job of not flooding me with emails even when my payment is due. This is something that multiple websites lack to due. I do not need a notification from the app and an email from the company. One or the other will suffice. Another great addition for the app is the ability to check your balance without the process of logging in to the app. Also the well advertised ability of being able to freeze my account if i misplace my card is one of my favorites since i tend to forget things here and there. Negatively, as someone with OCD (not really), it bothers me that i cannot clear my notifications without making several clicks into the app. Hopefully with the iOS 9 they will give me a new way to clear notifications without entering the app.
I opened a discover savings account two years after opening a credit card with them. They have been a great bank for a savings account because of their larger than normal interest percentage of approximately 1%. My old savings account with 5/3 bank was a fraction of that percentage. Discover has made it easy to manage my money on my mobile device. They have a secure mobile app that is very user friendly. It has a touch ID for easy login and many other user friendly features. I have never really needed any in depth customer service because I have not ran into any problems. I would highly recommend this bank to people looking to open a savings account.
I moved my savings to Discover Bank several years ago when my bricks & mortar bank was paying only a very tiny interest rate on savings accounts. After doing some research, I found that the interest rate on savings at Discover was one of the highest available. It was also extremely easy to set up an account and to move my money between my bricks & mortar bank and Discover. Transfers are easy to schedule and are usually accomplished in 2-4 days. I usually only get quarterly statements from them, but can login at any time and check my balance. Recently, I moved part of my savings into a year-long CD at Discover. It pays a slightly higher rate than the savings accounts. It was very easy to set this up and take care of all of the paperwork online. So far, I have had no negative experiences using Discover Bank online.
Discover is one of the best banks out there! I have a Discover Cashback checking account. It is great because the checks are free, there are no fees, and I earn money every time I pay a bill or use my debit card. Every time I write a check or make a purchase with my bank card, I earn 10 cents. Certain months, I get 20 cents each time I use the card instead of 10 cents. Discover offers up to $10 a month just for using their account. No other account comes close to paying as much for using their product. I don't even get this much from interest in my other bank accounts. I also have a savings account with Discover. I get around .9% interest which, again, is much higher than any of my other bank accounts which pay .0 something percent interest, which is next to nothing. I really love my Discover accounts!
Stay away from Discover Bank. I did this offer 35 days ago and took screen shots to show everything went thru. 30 days later no bonus. Wrote to their customer service folks and the reply was:
“I am sorry to say, it appears your account was disqualified from the promotion. However, I have reviewed your account and I cannot find a reason for that disqualification. That being said, I have escalated this matter to our Promotion Specialists to be investigated. Our Promotion Specialists will determine what happened and either credit your account or contact you to advise you of the reason that you did not qualify for the bonus. Please note that investigations of this type are be difficult and may take up to 8 weeks to be completed.”
I did everything I was supposed to do, they can’t tell me why they think they shouldn’t have to do what they said they would do, and they will take 8 weeks to figure it out.
Stay away. Far away.
I have a Discover credit card, discover checking account, and discover savings account. The savings account interest rate is in the top 10% of online banks and greater than the big banks. The Checking account pays $0.10 for every debit card purchase, Discover check cleared, or bill payed through the checking online bill payment system.
Many people would rate my experience with 5 stars, but I am stingy with that rating level.
This is a convenient account for me to earn modest "cashback" on my everyday transactions such as online bill pay and occasional checks. I try to keep $2000 in the account, occasionally online transferring from my other checking account to top it up. I typically earn $4-$5 cashback per month which is equivalent to about 2% interest - but apparently not taxable.
The iPhone App is one of the best I have used because I can deposit checks remotely, and I can use Apple's Touch ID to log in (iPhone 5s and later).
Checks are free - but not available in Duplicate format.
Drawbacks - no way to deposit cash easily. Therefore not useful for a sole checking account. Also, transfers from the account initiated by bills from credit cards do NOT earn cashback unless I manually trigger the payment from Discover's Billpay process - autopay to outside accounts is not available except from the other bank's side.
I set the account up online in response to advertising on my Discover credit card account - I don't think I've ever had to call customer service.
I've only had this account for about a month but I'm finding that it is not convenient for me.
I can't make cash deposits at the ATMs, if I make a transfer from another checking account it takes 5 days to credit, when I make check deposits on the mobile app it doesn't show pending activity so I have to wait 1 to 3 days to see it show up in my account, when I do make a mobile deposit I have to take the check photos about 5 times...very frustrating.
I'll never be able to close out my other checking account with my local bank with this type of service so why have 2 accounts. It just doesn't make sense to me.
My go to bank for most of my banking needs. I have a Discover It credit card, discover checking account, and discover savings account. All those accounts do a good job of providing what I need.
Savings account interest rate is top 10 among online banks and far greater than the big 4 banks.
Checking account pays me $0.10 for every debit card purchase, Discover check cleared, or bill payed through the checking online bill payment system.
Their Discover It credit card is the best for cash rewards.
Only a few negative things. 1) They process information slowly. 2) You can not deposit cash into your account, so you will need a brick and mortar bank to deposit hard cash. Then transfer the money into your Discover checking or savings account.
For paying bills Discover Checking wins hands down. They are the only account I am aware of that that pays you for using their bill pay, debit transactions, or writing a check. You get $0.10 per check written or bill paid online that can be credited to your account. The downside is that there is no interest paid on money left in the account, but the earnings from the bill pay more than offset that. The customer service is the same fantastic service you receive from Discover when you call for any other account.
Update:I filed a complaint with Consumer Protection Agency and got my money back very quickly. And have not used my Discover card since. Thank you Elizabeth Warren!
I submitted paperwork to transfer two IRA CDs to another institution. Discover guves you only a 9 day grace period when CDs mature. They claimed the other institution used the wrong form even though all the information provided to them was correct. To make a long frustrating story short, after many phone calls from their IRA dept telling me over & over that the paperwork was incorrect I finally determined that they "had no record" of the corrected submissions and only processed the transfer after the other institution overnighted them to their office in Salt Lake City. They then charged ne $1100.00 in penalty fees because the transfer occurred outside the grace period. I've subsequently read many reviews online of others having the same problem, one in particular on this forum I May 2011. I got nowhere with them and have filed complaints with the FDIC, Consumer Financial Protection Bureau, and OCC. My advice : do not be fooled by rheir competitive interest rates : they manage to get a good chunk of the interest you've earned back when you try to withdraw your money.
Discover bank actually was my first bank I, opened up my first account with them when I was fifteen years old. I remember going in with my dad and, I just gotten a bit of cash for my birthday, My dad told me to save it so we went to the bank to open an account in the hopes, that if I couldn't see it I wouldn't spend it so fast. The agent was really nice it was a woman , the whole thing took about thirty minutes just, kinda in and out. Discover gave me my first credit card too, when I turned eighteen and started college that card was a blessing and a curse at the time, I didn't really have a job so no real way of paying the card of quickly, but I had a lot of expenses where, that card came in handy, like gas here, and there, or a bite to eat. Discover to me is a bank you can trust I've started banking here, and I haven't had any problems with them, they offer a good, fast, and easy banking experience, and I would recommend this to someone who is just starting, a bank account, or needs a credit card.
My experience banking online Discover dovetailed with a big-learning experience: Having my first credit card. I was inexperienced with credit cards and banking in general and was unaware of the surprising fees that come with having a credit card. In some ways, Discover's online banking system made this experience easier. The easy-to-use website layout allows users to keep track of all purchases charged against their account a feature that allows customers to rein in their spending and keep an eye out for any suspicious transactions. Discover also gives users the option of receiving text alerts for upcoming bills and account balances. Scheduling payments through Discover's web banking system is also straightforward and easy to track. There are, however, a few downfalls to using Discover's online banking system. Their FAQ section is pretty sparse, forcing users to endure long waits on hold with customer service to get answers to simple questions. It's especially cumbersome to get hidden fees taken off your card. Overall, Discover's web banking system is fairly OK.
I've actually had great service with this bank in the past. Their customer service is top notch. If i ever had a problem with a bill they have accommodated me with great service and always met my needs. I have found that they care about they customers. Their website is always functioning properly, and I have never had to worry about my information being compromised. I haven't met a rude customer service rep yet. They have been very respectful of me and my needs
The yield on savings is attractive (currently 0.90%).
Easy to deposit money and a very user friendly web interface. If you have a Discover card, checking and savings, they can all be managed from one page.
I have inquired about their online security procedures and they have only answered that they meet or exceed industry standards; not much of an answer.
If you have a checking and savings account, don't think that your savings will cover an overdraft for checking. It won't. When I spoke to Discover about this issue they told me that this is something they hope to fix and implement in the near future. Disappointing that such a simple and rather obvious feature wasn't rolled out from the start.
Checks take longer to clear when deposited through the app (photo-check deposit). Takes about 5-6 days for the full amount to be available.
There are plenty of Discover Bank affiliated ATM's and are easy to find but you CANNOT make a cash deposit through these ATM's.
You cannot deposit cash by any other means.
Go for the yield and the customer service. If you are polite with them they try to be very helpful and thorough. I'll stick with them, until a much more attractive rate comes along.
I have been using Discover services for twenty-seven years and have been very pleased with them. Interest rates are competitive and they have a wide range of services. Their cash back bonus program is what got me to try them in the first place and I have not been disappointed. If you pay your balance in full each month you can actually earn money for using their credit card and/or checking.
Discover Bank is a great place to start if you're just opening your first bank account. There's no minimum deposits or monthly fees to consider, which is becoming a less common thing as banks change the types of accounts they offer to new costumers. If you're a student, you can even apply for a credit card that considers your scholarships when determining a credit line. Every transaction is promptly applied--payments, for example, will count as credited on the same day the bill goes out, if you choose to schedule it. The website itself is easy to use and showcases all important documents or deals where someone's eye is most likely to fall. The mobile is also fairly easy to use. Overall, I would strongly recommend Discover Bank as a viable option for those who want a no-hassle introduction to banking. Just remember to research what type of account may be best for you.
Overall I have enjoyed having an account with Discover Bank. Their fees are low, especially for CD's, compared to other online banks. Their mobile website is smooth and attractive, and they make it easy to locate banks that are part of their network (a lot of banks are part of it, like Wells Fargo, I was pleasantly surprised to discover) so I can withdraw and deposit as necessary. Their customer service is great, but wait times can be long. Once I waited close to 15 minutes when I thought there was fraudulent activity on my account, and with other banks I get a really quick response with fraud is involved. However, when I am able to finally reach someone, they are able to solve any issues I have and take the stress of the situation away with ease. They're available 24/7 so when I'm traveling I know I can reach them any time. I plan to open a savings account with them because their advertised rates are really favorable.
Discover Bank gives you the most bang for your buck. The interest rates offered with their Savings account is almost near top of the market, near as I can tell. Better still, setting up an account is not at all a hassle or a struggle. It's easy to transfer money between banks, if a little lengthy, and a complete breeze to transfer between your Discover accounts. The customer service is mostly helpful, so that definitely helps. Fees, too, are extremely reasonable and don't require any monthly payment just to maintain the account. I will say, though, that it's a little annoying having to deal with ATMs and the like. Plus, it seems that the statements can be a bit slow to come out every now and then. Still, if you need a savings account, you really should go with Discover.
I have an online savings account with Discover Bank. The interest rate they pay is a lot higher than what you will find in brick and morter banks and a little bit higher than other online banks. The site is easy to navigate and quick too. I never receive error messages and can always find what I am looking for. I have called customer service one time, when I forgot my locked myself out of my account because I forgot my password. Customer service was friendly and helped me resolve my issue quickly. I highly recommend this bank for anyone who has an internet connection. This bank has great interest rates and good customer service.
A COUPLE OF YEARS AGO, I WAS SEARCHING FOR A FINANCIAL INSTITUTION (ONLINE OR A ACTUAL PHYSICAL BANK) TO OPEN A SAVINGS ACCOUNT AND SOME CERTIFICATE OF DEPOSITS. LOOKING AT THEIR WEBSITE, I FOUND THAT THEY HAD SOME GOOD COMPETITIVE RATES, SO I PROCEEDED TO OPEN THE ACCOUNTS ONLINE.
THE APPLICATION SITE WAS EASY TO NAVIGATE AND I HAD NO PROBLEMS OPENING UP THREE ACCOUNTS, CERTIFICATES OF DEPOSIT, AND A MONEY MARKET ACCOUNT.
WITHIN A WEEK I RECEIVED ALL MY PAPERWORK FOR THE ACCOUNTS. WHEN I LOOKED AT THE PAPERWORK I NOTICED I HAD MADE A MISTAKE ON THE TITLE OF MY CD'S. I IMMEDIATELY CALLED UP THE CUSTOMER SERVICE DEPARTMENT. THE REPRESENTATIVE WAS QUITE HELPFUL TO HELP ME RESOLVE THE ISSUE.
I CONTINUE TO BE A FAITHFUL CUSTOMER OF DISCOVER BANK FOR THESE REASONS:
GOOD COMPETITIVE RATES AND MOST IMPORTANT TO ME, GREAT CUSTOMER SERVICE .
I have had multiple accounts for less than a month. As soon as I can resolve outstanding issues, or when the CDs mature, I will close everything out.
Their website is finicky, even when using the suggested browsers. I ended up with duplicate accounts after I completed the application process. Coupons and discount codes were accepted during application but not applied after application.
With any transfers dealing with another bank, the default response is: "you have to talk to them. We can't do anything." Had to escalate with a manager before the mistakes surrounding the duplicate account could even begin to be fixed. This took around 3 weeks.
They can suspend your ability to make transfers whenever they like. They can also suspend your account entirely without notifying you: "we don't notify things like that." Every few days I logged in to the website something was different. I would also get emails saying this or that has been suspended. All this is fallout from my original issue with opening the savings account through the website.
Clearing times for transactions involving external banks are relatively slow, certainly longer than the 24-48 hours I read on reviews.
Customer service is super-friendly but not able to solve non-trivial problems. Either it's another bank's issue (which I must sort out) or they are happy to admit they don't know what's going on and that "more research" is needed. All of this adds days of delay.
I have accounts with Bank of America, CapitalOne360, and Barclays and I have never experienced these issues (buggy website, delays, lack of knowledge, inability to suggest solutions) with them. Discover is friendly and competent with routine tasks, a good option for phone banking. But when things go wrong the difference between them and other banks becomes glaringly obvious.
I have tried many different online banks in the past, so believe me when I say that Discover Bank offers the most bang for your buck. Their rates are pretty great compared to the competition. Not only that, the website is extremely easy to navigate and use; there is little opportunity for confusion. I've had very few problems with them, and they've all been quickly handled by their capable, friendly staff. I cannot recommend Discover Bank highly enough.
Discover bank clearly stands-out among it's competitors in terms of it's no monthly fee products and good interest rates.
Discover cash back checking is unique with no minimum balance requirement, no monthly fee, free checks, cash back for every transaction with check card or physical check.
Discover online savings gives the best interest rate among major banks with no minimum balance requirement.
Discover customer service is really good. They understand the request and respond with diligence.
Their website is comprehensive and handles all the day to day needs, without making feel any necessity to talk to a real person.
They can add few more features on the website to consolidate all the banking/card/loan accounts into one place.
This bank service has been a very nice addition to my credit score. When I was looking around for which credit card would provide the best options for students including fees and everything, this was one of the better accounts to set up. Even though the wait is sort of long on the phone and then to activate it, it's still a very efficient customer service. I don't really like speaking over the phone, so the online experience and layout is nice. Very easy to access. The feature I like the best about this service is the mobile app. I'm on my phone constantly and I can quickly open the app to view whatever I need regarding my account.
I have enjoyed my experience with Discover Bank very much. From the moment I began banking with Discover, I was uneasy about my decision. In time the great customer service won me over. On several occasions I had issues with my bill. I was treated with respect and the customer service representative explained bill to me. Thus resolving the concerns I had. I have heard other people complain about discover but I have not had these issues personally. My overall experience has been great and would recommend banking with Discover.
Discover Bank is a good bank to use if you're looking for quick service, an easy-to-use website format, and helpful customer service. It takes a while to reap any rewards from using their services, but they are a good place to start with if you are new to online banking. They have helpful customer service options, particularly the live chat option which makes finding a solution much easier. My only problem is that even when you have been with them for a couple of years, there are no true longstanding member rewards.
Discover Bank offers several products, such as savings accounts and money market accounts, which I have utilized. I was originally drawn to the favorable rates offered on these products. For instance, Discover's savings account offers a .8% interest rate, which is significantly higher than other banks I had researched. Their high rates are the primary reason I became a customer.
The web interface is efficient and easy to use. It provides a number of features and allows you to manage your account online in various ways. The user interface is clear and appealing, and it also allows access to other Discover products, such as your credit card account.
Customer Service has been reasonably helpful when I have needed them. They are not the quickest to respond, but are pleasant and helpful when needed. The major drawback I have found with Discover Bank is the length of time it takes to transfer funds to or from external accounts. It often takes in excess of 3-4 days for a transfer or deposit to clear. If you often need cash quickly, you may want to consider other options. However, if you are not pressed for time, this is a minor inconvenience.
In all, Discover Bank has been beneficial for me. I am satisfied with their products and services and would recommend them to friends and family. Overall, the pros outweigh the cons and they provide a positive customer experience.
I started using Discover Bank when the interest rates on CDs at my local banks started to fall to ridiculous lows. The rates on CDs at Discover Bank were among the highest in the country. I have built a ladder of CDs over the last couple of years and every time one comes up for renewal I check the local banks and Discover has remained better than my local banks. I have also started an online savings account. Discover gives me a very good interest rate on my savings, in fact this rate is higher then my local bank's CD rates. I was hesitant to put my money in an online bank, but after 5 years with money in Discover Bank I an fairly confident my money is safe.
TOALLY UNTRUSTWORTHY. LOST DOCUMENTS. INCORRECT ACCOUNT SET UP. UNQUALIFIED REPRESENTATIVES. RAMPANT INCOMPETENCE.
This bank has failed miserably with respect to customer service. In the process of suing the bank for a $3000 early withdrawal penalty - even though the money was kept for the entire 5 year term. BANK ERROR COST US $3K. This is something you typically see on the 5 o'clock news.
They're just not the same institution they were 5 years ago. Give them a pass. There are plenty of other banks to trust.
I've had a Discover Card credit card for years and thought the overall product and service great. Based on that, I figured that Discover Bank bank accounts would also good. Big mistake! Banking with Discover Bank sucks.
Yes, the rates are good. Yes, they pay (bribe) you to use their Discover Checking. Yes, account setup is really easy. And yes their online banking is good. But when you get to things that really matter in the day to day management of your account, Discover Bank bites the big one.
There are but two ways to get funds into your Discover Bank accounts. One way is using their remote deposit app. A lot of banks these days have remote deposit and the concept is great. Leave it to Discover Bank, though to screw it up. The idea of an online bank is to give you more convenience for the disadvantage of not having branches nearby. Where the vast majority of online banks follow the Federal Reserve regulations for check clearing, Discover Bank files not. They like to hold all checks -- no matter how small -- for nine working days. Nine business days means for two weeks you have no access to those funds. This isn't just for new accounts either. Customers for years still get their funds held.
The second way to get money into your account is via ACH (Fedwire) from your bank. You go to your other bank and tell them to push money into your Discover Bank account. Fedwire is fast and funds are guaranteed so there is zero risk to the receiving bank. Fedwire transactions are also carried out in realtime so it is fast. Except when dealing with Discover Bank. If you tell your bank to ACH money from your account to, for example, your credit union and to Chase on Friday morning, by early Saturday morning those funds are sitting in your account at Chase and your credit union and available for use. Now, if you had sent money to Discover Bank, you wouldn't see those funds until Tuesday morning. Nothing convenient -- or ethical -- about that.
Remember Discover Bank's decent online banking? Well, don't get your hopes up. Their online banking is down for maintenance all the time. Discover Bank's online banking is down for maintenance (scheduled and unscheduled) about 50 complete days per year. Chase, the bank everybody loves to hate, hasn't been down 50 days in the past ten years.
It isn't worth the extra 10 basis points in interest you get from Discover Bank considering how inept and Stone Age they are.
My only complaint is that it takes at least a week for an ACH to fully transfer. The money will be gone from my third-party account in a day or two (transfer initiated at Discover), but it seems to take at least 5 business days for it to fully deliver.
Customer service for me has always been top notch, although I'm a pretty low-maintenance customer.
Been with Discover Bank since it opened with $$$$$ in a preferred savings account. Since the great recession started, they have always and steadily decreased and ratcheded down thier rates, but always gave the preferred and 'charter' members 0.05% more than the advertised rate. This stopped on 5/31/13. If you research you will find that there are at least 4 other online banks that offer the same or greater interest than Discover which has recently been the highest with the 0.05% kicker. We are no longer doing business with Discover Bank.
I have had numerous CDs amounting to a substantial amount of money with Discover and only in the last 6 months have things gotten really bad with them. I have contacted customer service several times and gotten perfunctory replies that did not address any of my concerns. They have NO customer service. They lie about this in all of their ads and promotions and also lie about having "great" rates. I sense that there are some real problems with this bank and it may be that they just don't want to deal with consumers any longer, at least in the CD market. So I will NEVER buy another CD from them and strongly urge anyone reading this stay away from this bank. BTW, I had to give one star because there was no option for to give no stars.
Opened up an online account . A dozen phone reps said the money never made it to the account. I was not able to speak with a supervisor. The one phone rep said to fax papers to them-which I did.Another said to call someone long distance(not tollfree)-which I did. I was told the money left my old bank and never made it to Discover Bank.I also used online customer service - never responded. I was told the money was GONE!AAA was no help initially, but 6 months later offered to help.I complained to the FTC and FDIC. I found out 4 weeks later the money was in an acoount.I also opened an account via U.S. mail. it took weeks. I spoke to several post offices and Discover Bank reps on the phone before the account was opened. It is too much time, effort and money to get an account opened.
* "CFPB Orders Discover Bank to Pay $18.5 Million for Illegal Student Loan Servicing Practices"
* Try to find the CD terms in their Deposit Account
Agreement. Document must be purposefully confusing. No one could create this mess by accident.
* They say: "Get preferred member rates on 12, 24 and 60 month CDs and IRA CDs."
Discover | AAA - CD
However, all the rates are the exactly same for non-AAA members.
Opening an online savings account with Discover Bank is a mistake. I found out the hard way. They are a day or two slow in transferring money out. That hurt a little but one can live with that. There are several other minor things that are troublesome, including horrible customer service. One can live with some of these things, as long as my money is fine. The big issue came when I transferred everything out of the account on the 24th of the month. I was stunned when I didn’t get any interest for the month, 24 days in. They told me that I forfeited that when I transferred everything out. AWFUL.
I never thought I'd say this but American Express (http://personalsavings.americanexpress.com/) is much better. Money transfers on time, better rates, plus, they do not steal your interest money. ING isn't bad either although their rates are a tad lower. At least, they do not confiscate your money. I have learned from experience, I hope no one else suffers my fate.
In early 2012, I moved my money from my ING to Discover Bank because of the better rates. Setting up the account with Discover Bank was a pain, and transfering money was extremely slow. Now that ING has the same rates, I moved my money back into the ING. Discover Bank's customer service was also terrible. Stay away.
I recently opened a savings account with Discover. This was my first attempt at using an online savings account and I wanted to wait until until I received the signature card from the bank before funding the account. When I didn't receive the card after about 10 days I called and verified my address and they said they would send out another card. It's been over six weeks and I still haven't received either letter so I let the account close out. How can I trust a bank with my money when they can't even send me a letter?
I should have seen the warning signs. When I first opened the account in August 2011, Discover tried to pull the initial deposit amount ($9,000) THREE TIMES from my other bank, resulting in multiple overdraft charges of $105. When I asked my bank about this, they told me that I needed to get refunded from Discover and of course Discover told me otherwise. So basically I had to fight with both banks and then eventually closed off my original bank account (since their service was worse than Discover's). What a mistake.
Things were going well with Discover as I had a regular deposit in place. But after unacceptable delays in money transfers and having to wait almost a week for each transaction to occur, I decided to pull out from Discover and open a HSBC bank account that only takes 3 days per transfer. As I was pulling out all my money, of course Discover did what they do the best-they repeatedly tried to "transfer" money into my other account multiple times, resulting in $35 overdraft fees. When I called Discover to ask how on earth this multiple pull happened, they explained that I logged on and transferred the money multiple times myself (they even got a tech person at Discover to verify this!). This was the most insane excuse I have ever heard. And all of this mysterious 'transfer' that I requested all occurred after I emptied out my account. When I asked them "why would I try to make transfers from an empty account?", they were like, "I can see that this doesn't make sense and there must have been a mistake". So I asked for a refund for the $35 fee they charged but they told me that was impossible.
I realized that this is how Discover penalizes people who empty out their accounts--they falsely charge you with fees based on a fake transfer that their system creates. This is the most unbelievable experience I have ever had with a bank. I truly believe that Discover bank is committing a crime through their fraudulent practices.
Discoverbank is not a good online solution! The website is down more often that not - it seems like they perform 'system maintenance' every weekend. If you ever want to do any online banking over the weekend you mise well forget about it. Originally I had etrade who was acquired and taken over by discover bank - it has been downhill ever since. I will be looking for a new online savings account option, this has happened one time too many. I bank online with other companies all the time and I have never experience the amount of downtime as this company - if they wanted to get into online banking then they should actually make it work - either that or state hours of operation on their home page.
When I was moving to another city, I used IP relay service to call Discover (as a hard hearing person, IP relay was the only communication method for me with Discover) and required a change to my address. Suddenly Discover representative hanged up and then locked my account. As a consequence, I could not make a payment to my Discover More card online.
I immediately contacted their security department to verify my identity. They wanted to call back and continue the verification process. I explained to them that I couldn’t hear sound so for our communication to work, I have to proactively call them through IP Relay. The representative insisted that their record showed they had spoken to the cardholder so they would still go ahead and call back. That was an obvious lie on a deaf person who couldn’t talk verbally through phone.
The second time I called and informed them about my deaf situation, instead of offering an alternative solution, Discover just hanged up disrespectfully. During that time my schedule was very stressful, so I had to sacrifice some goal and time to find out other methods to pay the card.
Compared to Amex who handled my request respectfully and smoothly, Discover customer service is unprofessional. To make the matter worse, they are absolutely rude and lack the heart to help customers.
I have opened 12 CD accounts with Discover over the past 2 years. Each one requires a signature be mailed back. The first 11--no problem. Today I noticed a debit on my most recent CD. I called and was told they never received the signature card so I am subject to backup withholding. I explained that I mailed the signature card back the same day I received it and reminded the CSR that I have had multiple accounts showing that I am not subject to backup withholding. It was like talking to a brick.
Bottom line--they may have decent rates but if you open a new account make sure to double-check that the signature card got back to them.
American Express Bank (similar rates as Discover Bank) - you initiate an external transfer and the money is in your account the next day.
Discover Bank - you initiate an external transfer and it takes a week to get the money out.
Discover also limits your withdrawals to 100K PER MONTH. Usually you have limitations like this per day...but per month? Useless! If you reach the 100K limit when transferring money TO Discover, then a phone call to them can have them override the restriction. But to get $ out, they say they have to follow the rules. The only exception to that is if you close your account - which is kind of odd since that lets you transfer 100K out without any problems.
Although this started out as a great experience turned into a bad one given the two issues recently faced...American Express Bank is the way to go when compared to Discover.
The rates are great, but that's the only thing that is good. Their customer service is not well trained and can give multiple wrong answers. They say they will respond to e-mails within 24 hours, but it can be up to a week. I have called several times and been given incorrect answers or they said that they would check on the problem and call me back. They have never called back.
I did receive a letter requesting that I call them on one of my accounts, but had to read the letter to customer service and they still didn't know how to get me to anyone that could answer my question. Just promised to call me back and then did not.
They definitely make their money on fund transfers, since they can take up to a week to transfer the $ from an external account into the Discover account or from the Discover account into an external account.
Would not recommend them to anyone.
Pluses: Good APY, 24hr customer service
Minuses: VERY SLOW transfers compare to other banks. They would withdraw money from your external account, and for the next 3 business days they can use them without paying you an interest. After that, they will appear under your balance. Transfer LIMIT is 50K a month. It's 30 days until you can withdraw more than 50K. 10 business days hold on your deposits for the first 6 month. In comparison, some banks can transfer money within one business day, no transfer limit and hold on deposits only 6 business days.
Advise: shop around and don't let this slightly higher APY limit access to your money when you need them.
I am a regular customer of this bank it provides allot of services and very comfortable lone conditions. I Have a current saving account in this bank and I am very happy with it as it gives a very attractive profit package. I have a credit card also with very easy return conditions. I will recommend others to have an account in this bank. I love it.
Was about to open a savings account online but then read on the web how they have a minimum withdrawal restriction. I confirmed it by calling them. It's a $50k/month withdrawal. You can ask them to cut you a check or wire more than the 50k for a fee, tho. I think that's ridiculous.]
I gave it 3 stars, because maybe the account is fine and for those who withdraw less than 50k it might be fine. I just don't like the principle of how we are giving them money to loan out and yet when we need it, we are stuck with a withdrawal limit or fee.
My Etrade Financial savings account was sold to Discover Bank a while ago. I'm starting to have problems with the amount of time when I simply cannot get access to my money... Discover's excuse is that the website is down for maintainance.
When the website is down, not only do customers have NO access to their accounts, but NEITHER DO THE CUSTOMER SERVICE REPS!!! So even if you call, there's no way to set up a transaction until their website goes back up again.
Their website goes down EVERY DAY for about an hour. Additionally, there are special weekend outages when the website goes down overnight.
I wonder if banks could use 'website maintanance' as an excuse to steal people's savings or to prevent a bank run or something. Discover bank shuts down completely for about 7 hours every week. Could it gradually decrease its opening hours to 1 hour per day? Per week? Per month? Then it would be very difficult for us customers to get our money out.
I have had a money market account at Discover Bank for over ten years. The rate has always been higher than any of my local banks. Of course, today, that does not mean a whole lot.
As far as fast service, this is something that I discovered (no pun intended) several years ago. Say I wanted to deposit $250 in my money market account. If I did online banking at my local institution and transfered the money, it took almost ten calendar days for the deposit to show up in my Discover account. If I MAILED a check, I have seen it posted to my account in a few as THREE days. Discover obviously posts a deposit the day it is received. Electronic = 10 days, snail-mail = 3 days...Hmmm...probably something with my local bank. That is why they are used for paying bills and nothing else.
Because of this I called Discover and asked if it was possible to get more deposit slips and postage paid envelopes so that I could keep a regular savings schedule. In a couple weeks I received an entire book of deposit slips (not blank, but with my name and account number) along with a stack of postage paid envelopes.
Discover is a giant. They have been around for a long time (since 1911). Discover Bank recently joined the family of Discover in 2000. So, their banking sector is new. Some people have really ripped Discover apart for errors and customer service. But, considering their newness, they are putting forth a lot of effort and seeking to be competitive and helpful. Just look at their website. It has a ton of information and very useful calculators.
Discover's rates are one of the nation's best. If you have a discover credit card, then it would make sense to bank and with them and correlate the accounts via bill pay.
Before you jump on the "I hate Discover bank" bandwagon, check them out.
October 2008. I opened more than one. It was straight forward and efficient. I think I had to sign some forms via snail mail, but it did not hold up the process at all. The start date for the CDs was the moment I was online. I believe I had the money PULLED from one of the, then, high interest savings accounts.
I have had a few questions over time, that I handled via the logged in messaging method. That has been problem free.
My only drawback: I am a Discover customer in four ways...
-(2 logins) separate credit card accounts
-(1 login)multiple CDs
-(1 login)Savings customer (thanks to E-trade)
...and I have to have completely separate logins for these. They are not connected. Cannot be connected. I've asked. Not available.
I've still got a long wait before the CDs mature (unless DISCOVER is taken over/bought/bailed out, etc), so I am unable to comment on how easy it is to handle the money at maturity. I hope it is problem free.
So far, so good.