Discover Cashback Debit checking account review November 2018 | finder.com

Discover Cashback Debit checking account review November 2018

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Pay no monthly fees and earn cash back on everyday purchases.

If you’re looking for a basic checking account with minimal fees, the Discover Cashback Debit checking account might be right for you. With no monthly service fees, free access to over 60,000 ATMs and the ability to earn 1% cash back on everyday purchases, this account makes it easy to manage your money and save some cash in the process. It’s only available online, however, so if in-person banking is important to you, you’ll need to look elsewhere.

Monthly fee$0
Minimum deposit to open$0
ATMsOver 60,000 no-fee ATMs across the U.S.
ATM transaction fee$0
Nonsufficient funds fee$30
Deposit methodsMobile/remote check deposit
Bank transfer
Wire transfer
Direct deposit

What are the benefits of the Discover Cashback Debit checking account?

  • Earn rewards. Get 1% cash back on up to $3,000 of eligible purchases each month, to be deposited directly into your Discover checking, savings or money market account.
  • Minimal fees. This account has no monthly minimum balance requirements or service fees, plus you won’t pay for incoming wire transfers. If your card is lost or stolen, get it replaced for free.
  • First fee forgiveness. Every year, your first insufficient funds or stop payment fee is waived and credited to your account.
  • Mobile app. Manage your accounts, make transfers, deposit checks, pay your bills, send money to friends and more through Discover’s mobile app and online platform.
  • Free checks. Few online checking accounts allow you to write checks, but Discover goes a step further and provides free check reorders.

When you choose this account, you’ll get access to all the benefits of banking with Discover, including FDIC insurance for up to $250,000, fraud monitoring and liability and bill pay protection. Plus, if you have multiple accounts with Discover, connect them to manage your money all in one place.

Discover ATM network and fees

The Discover Cashback Debit card comes with access to Discover’s network of over 60,000 fee-free Allpoint and MoneyPass ATMs. Plus, Discover won’t charge you to use more than 415,000 other ATMs across the country — though ATM owners may charge a fee.

What should I look out for?

  • No cash deposits. Deposit checks with your mobile phone, direct deposit, mail or make an online transfer. Discover won’t accept cash deposits or traveler’s checks.
  • Cashback eligibility. Cashback rewards are limited to $3,000 in spending per month, and doesn’t apply to ATM transactions, purchasing money orders, cash back from retailers, peer-to-peer payments or loan payments.
  • Limited physical locations. Discover operates almost entirely online, with one branch located in Greenwood, Delaware.
  • Daily withdrawal limit. You’re limited to $510 per day from ATMs.
  • One account per customer. As of December 1, 2017, you can be an individual or joint owner of only one Discover Cashback Debit account.

Fees

  • Insufficient funds fee. You’ll be charged $30 if you attempt to make a transfer, withdrawal or purchase that brings your balance below $0 — with a maximum of one fee per day.
  • Wire transfer fees. Though incoming wire transfers are free, outgoing wire transfers cost $30.
  • Stop payment fee. You’ll incur a $15 fee for every stop payment request.

Compare with other checking accounts

Name Product APY ATMs Fee
1.01%
Use any of the 32,000+ MoneyPass ATMs in the US for free
$0
Forget the hidden fees and fine print — this checking account has neither.
BBVA Compass ClearConnect Checking
BBVA Compass ClearConnect Checking
0%
You’ll get fee-free access to over 56,000 ATMs around the world
$0
A full-service account with convenient, surcharge-free access to two massive ATM networks.
0.01%
65,000 preferred ATMs nationwide (Allpoint, MoneyPass, PNC)
$0
An online checking account means no driving around town, no waiting in line and no bankers' hours.
0.01%
38,000 fee-free ATMs nationwide
$0
No overdraft fees. No monthly maintenance fees. No monthly service fees. No minimum balance fees. No deposit required. No foreign transaction fees. Over 38,000+ fee-free MoneyPass ATMs.
0.25%
Free to use anywhere worldwide
$0
Up to 1.00% APY. No monthly service fees. Free access to every ATM in the world. FDIC insured.
1,000 fee-free ATMs across the country
$0
Pay a $0 monthly service charge and get free access to BBVA Compass ATMs.

Compare up to 4 providers

How much do I need to open an account?

This account doesn’t require a minimum deposit to open. However, once the account is open, you’ll need to make a deposit of any amount within 45 days to prevent it from being closed.

How do I apply?

You can open a Discover Cashback Debit checking account online or call 800-347-7000.

Follow these steps to apply online:

  1. Visit the Discover website and hover over Banking, then click Checking.
  2. Click Open an Account.
  3. If you’re new to Discover, click Continue. If you’re already a customer, click Log in.
  4. Enter your name and Social Security number, then click Continue.
  5. Enter your address and click Continue.
  6. Fill in details about your citizenship and occupation, then click Continue.
  7. Proceed through the account setup questions.
  8. Add your funding information, then click Continue.
  9. Read and agree to the terms, then submit your application.

Eligibility

To open this account, you must meet the following eligibility requirements:

  • Be a US citizen.
  • Have a valid US address.
  • Be at least 18 years old.
  • Have a valid Social Security number or taxpayer ID.
  • Deposit any amount into the account within 45 days.

Required information

When you apply, be ready to provide:

  • Contact information like name, date of birth and address.
  • Social Security number or taxpayer ID.
  • Employment information.

How do I deposit or withdraw my money?

Deposit or withdraw money easily through the Discover site, mobile app, phone or mail.

Deposits

Deposit your money by:

  • Making an online transfer from an external bank account.
  • Setting up direct deposit.
  • Using mobile deposit on its app.
  • Mailing a check addressed to you with your account number on the memo line to:
    Discover Bank
    PO Box 30417
    Salt Lake City, UT 84130

Withdrawals

Access your money by:

  • Using an ATM.
  • Getting cash back from a store.
  • Making online transfers to an external bank account.
  • Paying bills online through its site.
  • Writing a check.
  • Requesting an official bank check.
  • Using a wire transfer.

How do I get in touch with customer service?

There are a few ways to reach Discover Bank customer service:

  • By phone. Call 800-347-7000.
  • By mail. Send a note to:
    Discover Bank
    PO Box 30416
    Salt Lake City, UT 84130
  • Online. Log in to your account to use the secure message center or live chat.
  • Twitter. Tweet @Discover.

What other banking options does Discover offer?

While Discover only offers one checking account, it has a number of other personal banking options:

  • Discover Online Savings Account. Offers a 1.8% APY and has minimal fees, helping you save more.
  • Money Market Account. Interest rates range from 1.75% to 1.8% APY, minimal fees and easy access to your money with this MMA.
  • CDs. Terms range from three months to 10 years and APYs go as high as 3.1%, but you’ll need to deposit at least $2,500 to open an account.
  • IRA CDs. Save money for retirement using Discover’s Roth and traditional IRAs with guaranteed returns.

Does this bank offer business services?

No. Discover only offers consumer financial products.

Bottom line

If you’re looking for a low-fee checking account, the Discover Cashback Debit might be right for you. It gives you easy access to your money through the mobile app or online platform, and even rewards you with cash back on your everyday purchases. However, Discover operates almost entirely online, so if you prefer to do your banking in person, consider comparing your options to find the best checking account for your needs.

Frequently asked questions

Peter Carleton

Peter Carleton is a writer at finder.com who specializes in credit cards, life insurance, mortgages and more. In his free time, you can find him cooking, writing or honing his skills in WordPress development.

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