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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.

Community Wiki

Last Edited by widgit September 24, 2013 at 11:35 PM
6/28
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

----------------------------------------------------------------------------------------------

I got the same message, tried again later and it went through no problem, now I have 2 Discover Checking accounts.

$50 cashback Offer is available from Discover for it's Discover IT' card -- $50 bonus posts within 3 months & they also offer [B]5% CashBack on All online purchases during Q4!

57 Comments

1 2 3 4

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#3
$100,000 30 day transfer limit; I'm out.
Reply Helpful Comment? 0 0
#4
hmm seems pretty good to me. No incoming international wire transfer fee. Usually $15 at capital one or wells.
Reply Helpful Comment? 0 0
L7: Teacher
458 Reputation
Original Poster
#5
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,

I probably wont do that here but I WILL use the debitcard for low dollar amount transactions.

But, I wonder if I will get the 10 cents at Aldi because aldi requires a pin.

I guess Im not clear if they want us to use it as a debit or a credit. Cant use credit cards at Aldi.


But, at the dollar store, I could see myself asking them to ring up one item at a time !
Reply Helpful Comment? 0 0
#6
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)
Reply Helpful Comment? 0 0
#7
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)
I think there's a minimum for Amazon gift cards
Reply Helpful Comment? 0 0
L7: Teacher
458 Reputation
Original Poster
#8
I expect it will be abused even for 10 cents so I would also expect that loophole to be closed....via a limit per purchase or billpay or whatever. $5-10 would do.
And that might even be done prior to the offical startup.

Of course, they could also just contact those who abuse it and close their account or threaten to. If I were them, the $5-10 limit would seem prudent for their purposes. They want us to use it as our PRIMARY checking and also use it for big dollar debit card purchases.

I might use it for my primary checking but not for any big dollar card purchases.

The issue is...will your cashback exceed the value of your forgone interest.

Assuming a $3000 balance, the approximate value of $3000 interest free is $25.50 per year. (at .85%)

So, if they give us $1.50 a month in cashback instead, they come out ahead on average.

Plus they get kickbacks from debit card purchases.

Not sure they get kickbacks from billpay. If so, its only a days float.

Plus, after they get critical mass, they can reduce the cashback and see how many of us "stick".



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)
Reply Helpful Comment? 0 0
#9
Quote from rjm08 View Post :
But, I wonder if I will get the 10 cents at Aldi because aldi requires a pin.

I guess Im not clear if they want us to use it as a debit or a credit. Cant use credit cards at Aldi.
I would think they would want you to use it as a credit card so they can make money off of vendor fees associated with using a Visa/MC branded debit card. If it's used as a debit card, I think the vendor fees are less, so banks are pushing for people to use their debit cards as credit cards so the bank can make more money (someone please correct me if I'm wrong).
Reply Helpful Comment? 0 0

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#10
where/when can I sign up for this?
Reply Helpful Comment? 0 0
#11
Thanks for posting this, interesting to see what Discover is up to. My local credit union is free for almost everything but the offer to get paid to do things I already so is verrrry appealing! Would you be so kind as to post again when this goes live?
Reply Helpful Comment? 0 0
L7: Teacher
458 Reputation
Original Poster
#12
I agree, but it doesnt say that.
And they are also paying us to do things where they dont get kickbacks. Like writing a paper check. Why would they want to PAY us to write old fashioned checks ?

I still write a half dozen a year but its counterintutive to pay us to do things that cost them more money.

Im guessing with billpay they will capture a days "float" which is the time they remove the money from your account until they pay it to whoever you are paying. But that cant be worth 10 cents a payment, can it ?

Quote from RammsteinNicCag View Post :
I would think they would want you to use it as a credit card so they can make money off of vendor fees associated with using a Visa/MC branded debit card. If it's used as a debit card, I think the vendor fees are less, so banks are pushing for people to use their debit cards as credit cards so the bank can make more money (someone please correct me if I'm wrong).
in a few months at discover or discovercard.com
Not sure if its only for card holders at first or not. They just advertised it to cardholders who logged into their accounts by mistake apparently.

Quote from kvs25 View Post :
where/when can I sign up for this?
Reply Helpful Comment? 0 0
L7: Teacher
458 Reputation
Original Poster
#13
Yes, I will with a reply here at least.

Quote from cheepdood View Post :
Thanks for posting this, interesting to see what Discover is up to. My local credit union is free for almost everything but the offer to get paid to do things I already so is verrrry appealing! Would you be so kind as to post again when this goes live?
Reply Helpful Comment? 0 0
#14
Quote from rjm08 View Post :

But, I wonder if I will get the 10 cents at Aldi because aldi requires a pin.
Ours doesnt't
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L7: Teacher
458 Reputation
Original Poster
#15
Really ? Wonder why its only in some markets ?

Quote from daw4888 View Post :
Ours doesnt't
Reply Helpful Comment? 0 0
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