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!
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.