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Discover®️ Cashback Debit Account Review

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Based in Greenwood, Delaware, Discover Bank was founded in 1911 and has since grown into one of the most recognizable banking institutions in the United States. It operates as a subsidiary of Discover Financial Services and offers a variety of financial products. Its online checking account, Discover Cashback Checking, features cash back on debit card transactions, a limited number of fees, and a large ATM network.
 

How is Discover®️ Cashback Debit Account rated?

Breakdown

5.0/5
Account Features
4.5/5
Fees and Restrictions
4.5/5
Support, Reputation, and Financials

Overall Rating: 4.7 / 5 (Excellent)

Discover's cashback checking account is an excellent choice for online-focused consumers looking to receive rewards for their checking account usage. The company's checking accounts have many useful features, very few fees overall–including an annual first fee forgiveness–and generally positive customer reception. Discover customers can maximally enjoy the benefit and convenience of secure, web-based banking.

Discover®️ Cashback Debit Account Account Features

Account Features - 5 / 5

Discover® Cashback Checking is free to open and one of the few online checking accounts that offer cash back rewards. Although these are not particularly substantial, at just 1% on up to $3,000 in monthly debit card transactions, the account does feature many other good attributes. These include over 60,000 ATM locations, fast credit card freezing through the company's handy mobile app, and digital wallet services such as Apple Pay and Google Pay. The company also features an auto-redemption program, which automatically deposits the debit account owner's built up cashback into a Discover savings account.
Types of Checking Accounts
Free Checking Accounts
Online Checking Accounts
Money Market Checking Accounts
Methods of Deposits
Mail Check
ATM Deposit
Mobile Check Deposit
Physical Branch
Wire Transfer
Online Transfer
Direct Deposit
Integration with Other Online Accounts
Savings
External Banks
Scheduled Withdrawals to Savings
No-Fee ATM
No-Fee at Branded ATMs
No-Fee at Network ATMs
Reimbursement for Domestic ATMs
ATM Locations
Over 60,000 no-fee AllPoint® and MoneyPass® ATMs in the United States.
Branch Offices
Discover® Bank has a single branch office located in Greenwood, Delaware. This branch is the only locations where customers may deposit cash into their account.

Interest (APY)

0.0%

Overdraft Protection

There are no fees for enrolling in or using Discover's Overdraft Protection Service to cover transactions. Checks, online bill payments, and electronic transfers initiated externally are covered by the company's overdraft protection.
Integration with Mobile Payment Services
Apple Pay
Google Pay
Card Blocking
Yes
Pay Bills Online
Yes
EMV Chip Technology
Yes
Bank Checks
Yes
Mobile App
Yes

Bonus Features

Discover® debit account owners can earn up to 1% cashback on up to $3,000 in debit card purchases each month.

Discover®️ Cashback Debit Account Fees and Restrictions

Fees and Restrictions - 4.5 / 5

Discover® Bank stands out for how little fees it charges customers. The few fees it does charge are already common among banks, online or not. These include insufficient funds, deposited item returned, and expedited delivery fees. Discover's insufficient funds fees can only be charged once per monthly cycle, but it is a costly $30. On the other hand, Discover features a First Free Forgiveness program, which is something of a rarity among online banks. With this program, the company waives and credits the first eligible fee to an owner's Discovery account on a yearly basis.
Maintenance Fee
$0
Minimum Balance
$0
Minimum Monthly Deposit
$0
Minimum Number of Transactions
An initial deposit of any amount must be received within 45 days opening an account for it to stay open.
Maximum Number of Insufficient Funds Fees Per Day
1
Other Fees
Outbound ACH Fee
Expedited Delivery for Replacement Card Fee
Insufficient Funds Fee
Deposited Item Returned Fee
Bounced Check Fee

Discover®️ Cashback Debit Account Support, Reputation, and Financials

Support, Reputation, and Financials - 4.5 / 5

Discover® features a large ATM network and 24/7 support via chat, email, phone, text, and social media. In addition, Discover's reputation online is largely positive. This includes BBB accreditation, an A+ BBB rating, and a great 7.4 Trustpilot score. Consumers can contact the company via phone call and social media 24 hours a day, 7 days a week.
BBB Rating
A+
BBB Total Complaints
898
BBB Resolved Complaints
153
Trust Pilot Rating
7.4 out of 5
Consumer Financial Protection Board (CFPB) Complaints
9,029
Date Collected
2018-08-28
Year Founded
1911
Standard & Poor's Financial Rating
BBB
Moody's Financial Rating
Baa3
Live Help 24/7
Yes
Customer Support Hours
24-hour live support

Contact Methods

  • Phone
  • Email
  • Chat
  • Social Media
  • Text

Company Profile

Full Name
Discover®️ Cashback Debit Account
Company Website
https://www.discover.com/online-banking/
Headquarters
502 East Market Street, Greenwood, DE, 19950

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Our Partner

Earn 1% Cash Back on up to $3k in Monthly Debit Purchases¹

  • Early Pay: Get Paid up to 2 days Early with Direct Deposit²
  • No Monthly Fees & No Min. Balance Required
  • Access to 60,000+ Fee-Free ATMs
  • Fee-free Overdraft Protection³

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