Discover Bank Ends Fees on All Deposit Products

No More Fees for Insufficient Funds, No Monthly Maintenance Fees

RIVERWOODS, IL (STL.News) – Discover announced today the elimination of deposit account fees, promising to help customers keep more of what they earn and save.  Customers with a checking, savings, money market or CD account from Discover Bank now can rest easy knowing their money will stay where they put it without fees for an occasional oversight or pressing need.

“Helping our customers lead better financial lives, is at the heart of everything we do, whether that’s removing fees, offering industry-leading rewards or consistently delivering distinctive customer experience,” said Arijit Roy, vice president of deposits at Discover.  “Removing all deposit account fees was an easy decision for us based on our commitment to offer the most rewarding banking products in the industry.”

In addition to offering deposit accounts with no fees for monthly maintenance, checkbook orders or replacement debit cards, going forward, Discover is eliminating fees for insufficient funds, excessive withdrawals, falling below minimum balances and stop-payment requests.  Discover banking customers also have access to 60,000 fee-free ATMs across the country.

“We consider it a privilege when customers trust us with their money, which is why we put them first by eliminating fees,” Roy said.  “We’re promising that if you bank with us, we’re committed to finding you ways to save more of your money. Very few large or direct banks can make that same promise.”

Discover continues to offer industry-leading benefits across its products:

  • Discover Cashback Debit offers customers 1% cash back on up to $3,000 in debit card purchases each month.
  • Discover offers the option to automatically deposit customer’s Debit Card Cashback Bonus into an eligible Discover Online Savings account each month,2 allowing them to grow their savings with a high interest rate.
  • All Discover Deposits products are accessible via an award winning mobile app and come with 24/7, 100% U.S.-based customer service.
  • Discover Online Savings Accounts have an interest rate over 5x the national savings average.