Home Jersey finance news Discover Unveils New Cashback Debit Account: A Checking Account With Cash Rewards, Early Access To Paychecks And No Fees

Discover Unveils New Cashback Debit Account: A Checking Account With Cash Rewards, Early Access To Paychecks And No Fees


RIVERWOODS, Illinois–(BUSINESS WIRE)–Discover revitalized the consumer check landscape this week with the launch of its new benefit-rich Cashback Debit account with user-friendly features, such as early access to paychecks up to two days in advance1 and a mobile-centric banking experience. Discover leverages its Cashback Bonus® rewards and no-fee structure to create an industry leader current account that gives customers easier access to their money than ever before.

“Our new Cashback Debit account is designed to be the only checking account a customer will ever need,” said Carlos Minetti, president of consumer banking at Discover. “Our unique Cashback Bonus rewards program makes it easy for people to earn money through their everyday debit card spending. We’re backed by a program that has delivered millions in cash back to our checking customers for 2017, adding more cutting-edge features and we expect to continue to accrue more benefits throughout the year and beyond.

Today’s consumers expect bank and checking accounts to be faster and easier to open, simple to manage digitally, with innovative offerings such as early access to paychecks, cash back, no fees and security. In fact, 90% of consumers say no fees are an important checking account feature, but only 46% say their banks offer a fee-free checking account, according to Discover research. Similarly, while 72% of consumers said cash back was an important checking account feature, only 28% of respondents said it was a feature offered by their current bank.

Discover research also found that the most important features of checking accounts for consumers are security (85%), free access to ATMs (84%), and 24/7 access. 7 to customer service (82%), all of which are offered with Discover Cashback. Debit account.

Discover Cashback Debit offers a suite of industry-leading features and benefits, including:

  • Access to paychecks up to two days in advance with Early Pay1

  • Rewards with 1% cash back on up to $3,000 in debit card purchases each month2

  • No account fees, including monthly maintenance, insufficient funds or overdraft3

  • Access to over 60,000 fee-free ATMs in the United States

  • Security and fraud management offers, such as the ability to temporarily freeze your debit card4

  • Easy digital app and onboarding experience, with no impact on credit score

  • 24/7 US-based customer service

  • Access to the mobile wallet via Apple Pay®2

“While our competitors are now beginning to reduce their fees, Discover has set an example for the industry by proactively waiving all deposit account fees in 2019, saving customers millions,” said Minetti. “The latest evolution of our Cashback Debit checking account aims to help people move and manage their money more easily while making banking services more accessible to consumers with the ability to apply in minutes and at no cost.”

Learn about plans to continue to improve the Cashback Debit product with additional e-wallets, debit card enhancements and tools to help customers manage their credit score.

For more information on Discover Cashback Debit, visit https://www.discover.com/online-banking/checking-account/.

About Research

This survey was conducted by Morning Consult on behalf of Discover, from January 29 to January 31, 2022, with a national sample of 2,210 adults. The interviews were conducted online and the data is weighted to approximate a target sample of adults based on age, education level, gender, race and region. Full survey results have a margin of error of +/- 2%.

About Discover

Discover Financial Services (NYSE:DFS) is a digital banking and payments company with one of the most recognized brands in financial services in the United States. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover card, America’s pioneer in cash rewards, and offers private student loans, personal loans, home loans, checking and savings accounts, and certificates of deposit through its banking business. It operates the Discover Global Network consisting of Discover Network, with millions of merchants and cash access points; PULSE, one of the nation’s leading ATM/debit networks; and Diners Club International, a global payment network accepted worldwide. For more information, visit www.discover.com/company/.

1. With Early Pay, we may, at our discretion, make funds available to you from eligible ACH direct deposits up to 2 days earlier. This feature depends on when we receive direct deposit instructions. See terms and conditions.

2. ATM transactions, purchase of money orders or other cash equivalents, cash payment on portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash) and payments from loans or account funding made with your debit card are not eligible for cash back. Additionally, purchases made using third-party payment accounts (services such as Venmo® and PayPal®, which also provide P2P payments) may not be eligible for Cash Back. Venmo and PayPal are registered trademarks of PayPal, Inc. Apple, the Apple logo, and Apple Pay are trademarks of Apple Inc., registered in the US and other countries.

3. Outgoing wire transfers are subject to service charges. You may be charged a fee by a non-Discover ATM if it is not one of the over 60,000 ATMs in our toll-free network.

4. When you freeze your debit card, Discover will not authorize new purchases or ATM transactions with that frozen debit card. See terms and conditions.