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Forum Thread

Upcoming Cashback Checking from Discoverbank

rjm08 458 January 21, 2013 at 06:09 AM in Finance (3)
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I got a preview of this when I logged into my discover today. However, when I tried to sign up for it, it didnt work and several calls later I was able to confirm the account IS coming but it will be a few months off.

It appears to be a basic checking account with free checks but no interest.

But the kicker is it pays cashback (separate from credit card cashback) but you still need $25 worth at a time to redeem I think.

The cashback is :
•$0.10 every time you use your Discover Debit Card
•$0.10 for every bill you pay using the online bill payment feature per payee per month
•$0.10 every time you write a check from your Cashback Checking account per payee per month

I will copy & paste the details but must warn you that it might be a few months before anyone can sign up for it. My copy & paste may not post in the most readable form. Sorry. You can try logging on to discovercard and you might see the promo or not. But when you click on open account, it wont let you and you get an error code.

I pay 7-8 bills a month and shop 4-5 times a month at Aldi who only takes a debit card.

So it sounds like I might be able to make about $1.50 per month for just doing normal banking through them. Less whatever interest I make on my current checking.
(.85% or whatever)

So, decent deal but you dont want to leave large sums of cash on deposit because you wont get any interest. (apparently)
------------------------------------------------------------

More rewards just makes more sense.[/H2] You’re already enjoying Cashback Bonus with your Discover card–now you can earn even more.

It’s easy – with Discover Cashback CheckingSM you’ll earn:

•10¢ debit card purchase
•10¢ online bill pay
•10¢ check written

Cashback Bonus[/H3] •Cashback Checking is an exclusive online offer available to Discover cardmembers
•Cashback Bonus is added monthly to your Discover Cashback Bonus Balance
•Same great redemption options–gift cards, merchandise, cash and more

Free Features[/H3] •Free cash withdrawals at over 23,000 ATMs nationwide
Find an ATM
•Free standard checks
•Deposit checks from a mobile device
•Pay bills anytime on the go
Open Now

See how Cashback Checking compares to your bank.[/H2]

DiscoverChaseCitibankBank of AmericaWells Fargo

Cashback CheckingTotal CheckingCiti CheckingeBankingValue Checking

Monthly Fee (No Requirements)

FREE

$12

$20

$8.95

$7 / $9

Free ATMs (In Network)

23,000+

18,500+

29,000+

13,000+

12,000+

ATM Fee (Out of Network) ATM Owner Fee May Apply

FREE

$2

$2

$2

$2.50

Replacement Debit Card

FREE

FREE

FREE

$5

FREE

Expedited Delivery for your Replacment Debit Card

FREE

$5

$15

$20

$20

Online Bill Pay

FREE

FREE

FREE

FREE

$3 per month

Official Bank Check

FREE

$8

$10

Varies

$10

Check Reorder

FREE

$17.95

$25.95 - $29.95

$11.89

Varies

Paper Copy of Check or Deposit Item

FREE

FREE

$5

$3

$2.00 / $3.50

Return Deposit (per item)

$15

$12

$10

$12 / $15

$12

Stop Payment (per request)

$15

$30

$30

$30

$31

Inbound / Outbound Money Transfer

FREE

FREE

FREE

FREE

FREE

Incoming Wire

FREE

$15

$10

$12

$15

Outgoing Wire

$30

$25 - $45

$25 - $40

$25 - $45

$25 - $45

Insufficient Funds (NSF)

$30

$34

$34

$35

$35

Maximum NSF fees per day

$1

3

4

4

4

Competitor Fees as of 9/12/12. Fees obtained from company account agreements, fee schedules, online chat and calls to customer service centers. Open Now

See Checking Account Guide for more information
Bank on your terms.[/H2] Cut loose from bank branches and manage your account your way.

Everyday banking has never been easier.[/H3] Discover MobileCheck balances, transfer money, pay bills, and deposit checks right from a mobile device.Online Security GuaranteeProtection from fraudulent, unauthorized online charges. Plus, our online bill pay service guarantees payments are made by the “Deliver By” date or we pay the late fees.FDIC InsuredDeposits are FDIC insured up to the maximum allowed by law and are backed by the solid strength of Discover.24/7 Customer ServiceOnline or by phone, our U.S.-based banking specialists are available to help. It’s not a statement—it’s a promise.

So many ways to make deposits.[/H3] Mobile Check DepositsSnap a photo of your check and instantly make a deposit into your account using our Mobile app. See HowDirect DepositSet-up recurring electronic deposits for your paychecks and other regular monthly income.Fast & Free ACH Money TransfersTransfer money between bank accounts online or with our Mobile app.Postage Pre-Paid Deposit EnvelopesMail your check deposits to us in free postage-paid envelopes.

Access Cash
wherever you go.[/H3] Free ATM UseWe never charge you to use an ATM, and with over 23,000 surcharge-free MoneyPass ATMs nationwide, free cash withdrawals have never been easier.Free Debit CardUse your Discover debit card to make in-store purchases anywhere you see the Discover logo.Cash Back With PurchaseUse your debit card to get additional cash back when you make a purchase.

Pay anyone, anytime.[/H3] Mobile and Online Bill PayEnjoy the convenience of mobile and online bill pay, just add a payee and set up a payment in a few simple steps.Free ChecksFree standard checks–every order–not just your first.Official ChecksFree official bank checks. Plus, if you need it sooner, we can get it to you quickly through express mail–also free of charge. Open Now


No fees at over 23,000 ATMs.[/H2] Plus, we never charge you to use any ATM.
•Free ATM withdrawal at MoneyPass locations, a nationwide network of surcharge free ATMs
•No Discover fees at any ATM, with access to over 382,000 ATMs nationwide
•Convenient Mobile ATM locator
Open Now

Find an ATM wherever you are.[/H3] Find an ATMFind an ATM Free withdrawals at: •MoneyPass
Accepted anywhere you see: •Discover®
•Diners Club International®
•Pulse®

Frequently Asked Questions[/H2] •About Your Account
•Funds Availability and Transfer Limits
•Debit Card Overview
•Overdraft Protection
•Cashback Rewards
•What is the Discover Bank routing number?
•What fees are associated with my Cashback Checking Account?
•What is the minimum deposit amount to open my account?
•Am I required to maintain a minimum balance?
•How do I fund my account or make deposits?
•How can I access and manage my account?
•Is the Cashback Checking account FDIC insured?
•What should I do if I forget my User ID or Password?
•When will I receive my statements?
•Are my statements available online?

What is the Discover Bank routing number?[/H3] The Discover Bank routing number is 031100649.

What fees are associated with my Cashback Checking Account?[/H3] There is no monthly maintenance fee or minimum balance requirements for a Cashback Checking account.

Fee Schedule for Discover Cashback Checking Accounts

ATM Fee
FREE

Foreign Transaction Fee
FREE

Inbound Money Transfer
FREE

Outbound Money Transfer
FREE

Incoming Wire (Domestic or International)
FREE

Outbound Wire (Domestic or International)
$30

Official Bank Check (per check)
FREE

Copy of Check or Deposit Item
FREE

Check Reorder
FREE

Debit Replacement Card
FREE

Deposited Returned Item (per item)
$15

Stop Payment (per request)
$15

Priority Mail
FREE

Non-sufficient Funds (NSF) Fee
$30*

Maximum Number of Insufficient Funds Fees per Day

1

Foreign Check Processing Fee
At Cost

* The fee is $15 for residents of West Virginia.

What is the minimum deposit amount to open my account?[/H3] The minimum initial deposit is $25.

Am I required to maintain a minimum balance?[/H3] No, you are not required to maintain a minimum balance.

How do I fund my account or make deposits?[/H3] You may deposit funds into your account multiple ways:
•Online transfer from an eligible external bank account to your Cashback Checking account
•Set up Direct Deposit
•Mobile Check Deposit from your Android or iPhone
•Mail a check that is addressed to Discover Bank with your account number enclosed to:
Discover Bank
PO Box 30417
Salt Lake City, UT 84130

How can I access and manage my account?[/H3] Log in to the Account Center at DiscoverBank.com to access and manage your account online or use our Mobile Banking application that is available for Android smart phones or tablets, iPhones or iPads.

Is the Cashback Checking account FDIC insured?[/H3] Yes, funds on deposit at Discover Bank are FDIC insured to the maximum allowed by law. For more information, visit our FDIC information page.

What should I do if I forget my User ID or Password?[/H3] If you forget your User ID or password then click here to get your User ID and password reset. If you are still unable to log in, call us at 1-800-347-7000.

When will I receive my statements?[/H3] Statements will be available monthly at the Account Center. You will receive an email when your statement is available for viewing. You may print your statement from the Account Center. Paper statements will not be mailed for a Cashback Checking Account.

Are my statements available online?[/H3] Yes, your statements are only available online on the Account Center at DiscoverBank.com. Visit the 'View Statements' tab to view your statements.

•When can I access deposited funds
•How can I withdraw money?
•What are my online transfer limits?

When can I access deposited funds[/H3] •ACH deposits are available within three (3) business days after the funds are received.
•Check deposits will be available within two (2) business days after the funds are posted to your account, in most cases. Longer holds may apply for deposits greater than $25,000.
•Deposits of Treasury Checks or checks drawn on other Discover accounts will be available the next business day.

How can I withdraw money?[/H3] •Use your debit card, free of any charges or fees, at any one of 23,000+ MoneyPass ATM locations (if you are charged a fee erroneously we will reimburse you for the charge) ◦Use online and mobile ATM Locators to find an ATM near you - Click Here

•Use your debit card at any one of 380,000 ATMs nation wide ◦Discover will never charge you a fee to use an ATM, however, the financial institutions that own the ATM may have a surcharge

•Use your debit card to pay for purchases wherever Discover Card is accepted
•Choose cash back at participating retailers at the time of your purchase
•Log in to the Account Center at DiscoverBank.com to conduct an online transfer to an external bank account
•You may pay yourself utilizing Online Bill Pay
•You may pay yourself utilizing Mobile Bill Pay
•Wire Transfer (fees may apply)
•Official Bank Check

What are my online transfer limits?[/H3] •Incoming limit is $100,000 per 30 day rolling period
•Outgoing limit is $100,000 per 30 day rolling period
We may change your transfer limits at any time. Any decrease will be subject to notice, to the extent required by law.

•How do I activate my debit card?
•How do I change my Personal Identification Number (PIN) for my debit card?
•How can I locate an ATM near me?
•Is there a fee for using my debit card at an ATM?
•What happens if I am charged an ATM fee by one that should be free?
•Is there a daily limit to the amount of money I can withdraw from an ATM with my debit card?

How do I activate my debit card?[/H3] You can activate your card from your home telephone by calling 1-877-347-4055.

How do I change my Personal Identification Number (PIN) for my debit card?[/H3] Your initial 4-digit PIN will be mailed to you separately from your debit card. Once you receive your PIN, you can change it by using our automated system at 1-800-347-7000.

How can I locate an ATM near me?[/H3] Use our ATM Locator or our Mobile Banking application to find the nearest ATM.

Is there a fee for using my debit card at an ATM?[/H3] Discover will never charge you a fee for using your debit card at an ATM. MoneyPass ATMs are completely free of charge as are all Pulse ATMs. However, other financial institutions may apply a surcharge if you utilize their ATMs.

What happens if I am charged an ATM fee by one that should be free?[/H3] If you are at a participating MoneyPass ATM and it indicates you are being charged a fee, accept the fee and proceed with your transaction. Then notify Discover Bank by sending a message through the secure message center or calling us at and we will reimburse your account for the amount you were charged.

Please have the following information available:
•Date and time of the transaction
•ATM Location
•Last four digits of your debit card
•Amount of the fee you were charged

Is there a daily limit to the amount of money I can withdraw from an ATM with my debit card?[/H3] Yes. The ATM withdrawal limit is $510 per day. Non-Discover ATMs may have additional fees and limits.

•Does my Cashback Checking account have the option to enroll in overdraft protection?

Does my Cashback Checking account have the option to enroll in overdraft protection?[/H3] No, as of this time, we do not offer overdraft protection.

•How do I earn Cashback rewards with my Cashback Checking account?
•Can I combine the Cashback bonus I earn from Cashback Checking account with my Cashback balance from my Discover credit card?
•Where can I see the Cashback bonus I earned from my checking account?
•How can I redeem my Cashback Bonus?
•What are my redemption options?
•Who are the participating Cashback Bonus Partners?
•Will my Cashback Bonus ever expire?
•If my Discover Card is lost or stolen, will my Cashback Bonus be transferred to my new account?

How do I earn Cashback rewards with my Cashback Checking account?[/H3] You may earn Cashback bonus in the following ways:
•$0.10 every time you use your Discover Debit Card
•$0.10 for every bill you pay using the online bill payment feature per payee per month
•$0.10 every time you write a check from your Cashback Checking account per payee per month

Can I combine the Cashback bonus I earn from Cashback Checking account with my Cashback balance from my Discover credit card?[/H3] Yes, your Cashback Bonus rewards from your Discover Card and your Cashback Checking account will accumulate and be tracked as one balance. Your balance will be maintained and viewable in the Account Center just as it is with your Discover credit card.

Where can I see the Cashback bonus I earned from my checking account?[/H3] You may view and track your Cashback bonus activity in the same place you always have in your account center. Your debit activity will simply be added to the Cashback bonus that you have earned with your Discover Credit Card.

How can I redeem my Cashback Bonus?[/H3] If you are registered for the Account Center you can browse all of your redemption options and redeem your Cashback Bonus online.

Not registered for the Account Center? Register Now.

Note: If you do not wish to register for the Account Center, please call 1-800-DISCOVER (1-800-347-2683) to redeem your Cashback Bonus.

What are my redemption options?[/H3] You may redeem Cashback Bonus for Partner gift cards, merchandise, Discover gift cards or charitable donations starting at $20.

You may redeem Cashback Bonus for cash in the form of a direct deposit to your bank account or a credit to your Discover card account in $50 increments, starting at $50. You may select more than one redemption method so long as each redemption is in one of the above amounts.

Who are the participating Cashback Bonus Partners?[/H3] You can turn your Cashback Bonus into bigger rewards every time you redeem for gift cards or instant eCertificates from over 200 brand-name Partners. Log in to view a list of our Partners. Not registered for the Account Center? Register Now.

Will my Cashback Bonus ever expire?[/H3] Rewards have no expiration date; however, if your account is closed for any reason or inactive for 18 consecutive months or if you fail to make any Minimum Payment Due for two consecutive billing periods, any Cashback Bonus in your Cashback Bonus account will be forfeited.

If my Discover Card is lost or stolen, will my Cashback Bonus be transferred to my new account?[/H3] Yes, we automatically transfer your Cashback Bonus to your new Discover Card account.

57 Comments

1 2 3 4

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#16
Perkstreet.com offers a free checking account with at least 1% back on debit card purchases. Unless one does a lot of transactions under $10 they will be better served at Perkstreet versus Discover.
Reply Helpful Comment? 0 0
#17
sounds great with al the cb from credit cards debit cards just eat dust
Reply Helpful Comment? 0 0
#18
Quote from rjm08 View Post :
0.10 every time you use your Discover Debit Card

You can sit at a gas pump & pump 10 cents at a time apparently and get it back over & over again.

I already do that about 24 times a month for my reward checking accounts. to knock out the requirements early in the month,
Quote from SHOWTIME07 View Post :
You can buy $0.15 Amazon gift cards. Could a script be written to have your check card continuously keep buying the gift cards? (not serious, of course, but an interesting idea)
wow! these are true SDers!

Regarding gas stations - to even break even with the Chase 5% cash back this quarter while filling 20 gallon tank at $3.50/gallon one will need to make at least 35 separate purchases (at most $2 purchase, so that $0.10 is more than 5%). it would be funny to watch one jerking with the gas pump like this lolWink
Reply Helpful Comment? 0 0
L7: Teacher
458 Reputation
Original Poster
#19
Dont think perkstreet pays cashback for billpays or writing checks.
Do they ?

Quote from craigg View Post :
Perkstreet.com offers a free checking account with at least 1% back on debit card purchases. Unless one does a lot of transactions under $10 they will be better served at Perkstreet versus Discover.
Reply Helpful Comment? 0 0
#20
Quote from rjm08 View Post :
Really ? Wonder why its only in some markets ?

You have to use a debit card... but you can run it as credit.. Just tell them its debit, but you want to run it as credit.
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L7: Teacher
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Original Poster
#21
Ours have signs up that say they dont accept credit cards and Ive been behind people in line who had to go home to get a debit card.

From their website....Do you accept Credit/Debit cards or the Electronic Benefits Transfer (EBT) card?

At this time we do not accept Credit cards. We do however accept Debit cards. We also accept electronic benefit transfer (EBT)/link cards.


But, the more I think about it, I suspect Allys deal is only going to give cashback if you use it as a credit card. Even though they have not said that specifically yet. It just makes more sense.

QUOTE=daw4888;57025910]You have to use a debit card... but you can run it as credit.. Just tell them its debit, but you want to run it as credit.[/QUOTE]
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#22
Quote from nexus14 View Post :
I think there's a minimum for Amazon gift cards
There is. $0.15
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L7: Teacher
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Original Poster
#23
Discover Bank's Cashback Checking Account To Be Launched Soon

Jan 22, 2013 - 7:34 AM by Ken Tumin


For the last two years Discover Bank has been hinting about a checking account. It looks like the checking account will finally be launched this year. Some Discover Card customers received a preview of the checking account when they logged into their accounts. It turned out that Discover jumped the gun. The announcement was premature. The checking account is not currently available and will not be available for another few months. However, the announcement did provide details on many features of this new checking account. Thanks to DA member RJM who posted on this news in the forum, and thanks to RJM and DA reader pearlbrown who called Discover for additional details.

The new checking account will be called Discover Cashback Checking. It's a free checking account with no monthly service fees or minimum balance requirements. Instead of paying interest, it will offer cashback rewards. Below is an excerpt of the major features as listed in Discover's announcement:


You’re already enjoying Cashback Bonus with your Discover card–now you can earn even more.

It’s easy – with Discover Cashback Checking you’ll earn:
•10¢ debit card purchase
•10¢ online bill pay
•10¢ check written

Cashback Bonus
•Cashback Checking is an exclusive online offer available to Discover cardmembers
•Cashback Bonus is added monthly to your Discover Cashback Bonus Balance
•Same great redemption options–gift cards, merchandise, cash and more

Free Features
•Free cash withdrawals at over 23,000 ATMs nationwide
•Free standard checks
•Deposit checks from a mobile device
•Pay bills anytime on the go

RJM reported being told that the cashback will be separate from those earned with the credit card so you'll need to earn $25 cashback from your checking account to redeem the amount. This will require 250 of those transactions to accumulate $25.

My Take

Even though it won't pay interest, this will be a nice addition to Discover Bank's deposit products. If you have Discover Bank's savings account or CDs, you may want to consider this free checking account when it becomes available. Check writing can be useful for moving money, and unlike the money market account, you don't have to worry about being limited to six withdrawals per month. Another downside with the money market account is that it requires a minimum average daily balance of $2,500 to avoid a monthly service fee.

The checking's cashback feature isn't that great of a deal in my opinion. For debit card rewards, I prefer a high-yield reward checking account (Bank of Internet USA's Rewards Checking account is one example from an internet bank).

Other Discover News

In credit cards, Discover recently made news with the launch of the Discover "it" card. I did a quick review of the credit card in this forum thread.

Discover Bank's Savings, Money Market and CD Accounts

Discover Bank does offer a free savings account and competitive CD rates. The savings account rate (0.80% as of 1/22/2013) is a little low, but its online banking features are strong. You can easily set up and initiate online ACH transfers. Transfer amounts are limited to $100,000 per 30 day rolling period ($100K for incoming and $100K for outgoing).

Discover Bank Overview

Discover Bank is one of the largest internet banks. It has over $73 billion in assets and over $42 billion in deposits. Its overall health score at DepositAccounts.com is 5 stars (out of 5) with a Texas ratio of 6.66% (excellent) based on September 2012 data. Please refer to our financial overview of Discover Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 5649).


http://www.depositaccounts.com/bl...-soon.html
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#24
Sorry for resurrecting an old thread, but I couldn't find any other thread on this.

If someone has one of these accounts, could you provide a quick review? Specifically, I'd like to know if the BillPay is reliable and if the cashback works as advertised.

Thanks!
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#25
$0.10 back on a debit card purchase? A preschooler could tell you at 1% back on any credit card that's a $10 purchase. Any $.10 on checks? Congrats, after a $0.42 stamp to mail it you're in the hole. This is terrible.
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#26
Quote from dmasjz45 View Post :
$0.10 back on a debit card purchase? A preschooler could tell you at 1% back on any credit card that's a $10 purchase. Any $.10 on checks? Congrats, after a $0.42 stamp to mail it you're in the hole. This is terrible.
Online BillPay is free, so no stamps are needed.
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#27
Anyone have one of these accounts yet that can comment about it?
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L7: Teacher
458 Reputation
Original Poster
#28
discoverbank.com/cashbackchecking

Saw this posted elsewhere.

Tried to open an account and after going through all their procedures & agreements & IRS form & all, it said they were having technical problems.

Not sure if thats because I didnt get an email invitation or what ?

Will try again later.
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I beat the Kobayashi Maru
2,027 Reputation
#29
Quote from rjm08 View Post :
discoverbank.com/cashbackchecking

Saw this posted elsewhere.

Tried to open an account and after going through all their procedures & agreements & IRS form & all, it said they were having technical problems.

Not sure if thats because I didnt get an email invitation or what ?

Will try again later.
Same here.
Technical difficulties Frown
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L7: Teacher
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Original Poster
#30
Im wondering if that website ONLY works for people who got an email invitation ?

Quote from the.J129 View Post :
Same here.
Technical difficulties Frown
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