Discover Bank Locations in Your Area
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Learn more about Discover Bank
Discover Bank was established August 1911. That's more than 100 years ago! It holds assets of 111 billion US dollars. This is considered a large national bank that most likely serves a large portion of the country. A point to consider when choosing a bank is it's health. This bank appears to be healthy. It has a texas ratio of 5%. Lower is better!
Latest Customer Reviews
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Reviewed By carri Feb 18, 2020
I dont WANT it but my baby does too many negative reviews
Continue reading...I just don't understand how come people do not complain to the comptroller of currency I have read just about every one of the reviews this bank should take into concideration that these are their customers who depend on them to do right and all I see is their ethical THINKING tends to lean all wrong ...I'm saddned that my love wants to do any kind of business with this bank but as the dutiful woman I am I have to but it's against my better judgement it pisses me off cause I have to deal with them and like I said if there as bad as these complaints are why the heck don't they clean up their act and I encourage all to file with the comptroller on your matters ...im outta here always read their b.s. in the small print
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Reviewed By mrblint Feb 26, 2019
16-day wait for bank transfer funds to become available
Continue reading...I was intending to switch to Discover from Bank of America because I was fed up with BOA. I was having trouble reaching a human being at BOA who could answer a question about their credit card's online reporting capabilities: Could I get a list of transactions involving a particular vendor? Local reps at brick-and-mortar locations had no clue, and trying to get through to someone using the phone number on the back of the credit card was an exercise in frustration.
Since Discover advertises itself as customer-friendly with accessible support representatives, I opened a checking account. You have to answer the questions and upload photo of drivers license and then wait about a week for the materials to arrive in the US mail.
My packet arrived yesterday (2/25) and I funded the account by linking to my BOA account as an "external account". But the transferred funds won't be available for me to use until 3/12! A 16-day wait for a bank transfer from a US bank????!!! Moreover, until the funds are available, the Discover website won't let you even begin to set up pay-to companies in BillPay.
Discover should merge with Wells Fargo and then it could use the STAGECOACH logo. That would be a fitting icon for them.
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Reviewed By bobading Nov 24, 2018
Bob B's IRA CD review
Continue reading...There is a chronic problem with the turnover of CDs at maturity. I have 4 CDs in an IRA account staggered at 3 month intervals and all at 1 year maturity times. First of all when I go to my account The maturity duration of each CD is not visible to me for some unknown reason. Starting this past march each CD was not correctly renewed at the specified 1 year time period there Discover has had to re issued each CD at a special rate to make up for the lost interest because of improper time interval implemented. In September I was notified that a CD was going to be renewed at a shorter time period that the specified 1 year renewal. I called them to warn them of the error and that this error had occurred on a prior CD the same year. They told me the September CD would be correctly renewed due to my call. After renewal I received a notice that the CD was renewed for less than the specified 1 year term. I called them about the error and they immediately closed the CD and re issued a new one at 1 year. Now I just received a notice about my CD to be renewed this Dec. and it is for 9 months. I just called them about the error and they informed me that the new CD in Dec will be renewed at the 1 year rate. I don't believe it. They are just horrible and are completely out of control. Their technical problems are horribly disjointed and in a shambles. I am out of my wits about their total incompetence. There is absolutely no excuse for this kind of incompetence.
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Reviewed By mrblint Feb 26, 2019
16-day wait for bank transfer funds to become available
Continue reading...I was intending to switch to Discover from Bank of America because I was fed up with BOA. I was having trouble reaching a human being at BOA who could answer a question about their credit card's online reporting capabilities: Could I get a list of transactions involving a particular vendor? Local reps at brick-and-mortar locations had no clue, and trying to get through to someone using the phone number on the back of the credit card was an exercise in frustration.
Since Discover advertises itself as customer-friendly with accessible support representatives, I opened a checking account. You have to answer the questions and upload photo of drivers license and then wait about a week for the materials to arrive in the US mail.
My packet arrived yesterday (2/25) and I funded the account by linking to my BOA account as an "external account". But the transferred funds won't be available for me to use until 3/12! A 16-day wait for a bank transfer from a US bank????!!! Moreover, until the funds are available, the Discover website won't let you even begin to set up pay-to companies in BillPay.
Discover should merge with Wells Fargo and then it could use the STAGECOACH logo. That would be a fitting icon for them.
Is this review helpful? -
Reviewed By Marty5223 Nov 17, 2017
Discover Bank is Way To Slow on showing a deposit
Continue reading...I like the rates Discover Bank pays on IRA's but they are totally too slow on showing your deposit. Not only that 2 years ago they canceled over 20K in IRA accounts (they called and said it was a mistake.). A mistake on their part. It took weeks to get new accounts and the amounts funded back in including interest that was screwed up by their bank. They cashed on a check on Monday and Friday at noon the deposit is still not showing. Unacceptable!
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Reviewed By ThomasM123 Oct 31, 2017
Decent product design, poor network acceptance
Continue reading...Overall, I had a Discover checking account for a short period of time. Never had a problem with customer service or getting my debit card, checks etc. I will say the debit card had a great eye catching design, got a few compliments. The biggest issue I ran into was the Discover network acceptance. The first day I got my debit card I went to place that didn't take Discover... After thinking about it, I didn't want to have an account that I couldn't rely on and I'd have to carry a Visa or MasterCard credit card with me at all times (I don't carry cash). I decided to close the account, which the customer rep did with no questions asked, which was nice.
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Reviewed By weims09 Dec 2, 2017
Disappointed
Continue reading...I applied the Discover savings account on Oct 27 using the promotional code. (The promotional code stated that account needed to be opened by Oct 31.) For an unknown reason, my application was selected for the manual review verification. a Discover banks representative contacted me for verification on Nov 2 and the application was approved on Nov 2. The Discover representative that approved my application told me that the promotional code still applied to my situation,. i.e., even though the application was approved on Nov 2 , the online application was submitted before Oct 31. I was assured that if I meet the deposit requirement, the bonus would be rewarded to my account by Nov 31. I also have a secure email message confirmation from another Discover representative. However, the bonus was not credited to my account as of Dec 2. When I contacted Discover that I did meet the deposit requirement (>$20k) by Nov 15 for the sign up bonus, I was told the bonus was not rewarded to me because the application was approved on Dec 2. I explained the situation to the rep and I also pointed out I had a secure message confirmation that stated the promotional code was applicable to my account. However, the rep told me that I was given incorrect information from previous representatives. Discover Bank has lost my trust.
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Reviewed By musketeerflyer Aug 31, 2017
Transfers take up to 7 days!
Continue reading...I have three online savings accounts to keep my money FDIC insured. Of the three, Discoverbank takes an extremely long time to fulfill a transfer. My other accounts transfer the same day if I make the request on a weekday. Discoverbank, however, takes up to 7 days. I have complained to them, and they say there's nothing they can do about it, but I think this is just a way they can keep your money in their account a few days longer. Time is money, and they are using this to their advantage, and my disadvantage. I'm opening another account and will be moving my money out of Discoverbank. I can't afford to not have funds available when I need them!
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Reviewed By skittr1 Aug 7, 2017
Interest not paid during grace period & highest early withdrawal penalties
Continue reading...I had a CD mature on August 2, 2017 and when I called them to transfer the funds to my checking account they informed me that I would not be paid interest from August 2-August 6. I have numerous CDs with other banks and this is the first bank that would not pay me interest. I'm closing the CD and transferring the funds to Ally Bank because Discover Bank has an early withdrawal penalty of 540 day (18 Months) on their 5 year CD. This is the highest early withdrawal penalty that I have found in all banks, credit unions or savings & loans. Ally bank only has a 150 day penalty. On $20,000 at 2.25% that is a difference of $480.82!
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Reviewed By bobading Nov 24, 2018
Bob B's IRA CD review
Continue reading...There is a chronic problem with the turnover of CDs at maturity. I have 4 CDs in an IRA account staggered at 3 month intervals and all at 1 year maturity times. First of all when I go to my account The maturity duration of each CD is not visible to me for some unknown reason. Starting this past march each CD was not correctly renewed at the specified 1 year time period there Discover has had to re issued each CD at a special rate to make up for the lost interest because of improper time interval implemented. In September I was notified that a CD was going to be renewed at a shorter time period that the specified 1 year renewal. I called them to warn them of the error and that this error had occurred on a prior CD the same year. They told me the September CD would be correctly renewed due to my call. After renewal I received a notice that the CD was renewed for less than the specified 1 year term. I called them about the error and they immediately closed the CD and re issued a new one at 1 year. Now I just received a notice about my CD to be renewed this Dec. and it is for 9 months. I just called them about the error and they informed me that the new CD in Dec will be renewed at the 1 year rate. I don't believe it. They are just horrible and are completely out of control. Their technical problems are horribly disjointed and in a shambles. I am out of my wits about their total incompetence. There is absolutely no excuse for this kind of incompetence.
Is this review helpful? -
Reviewed By skittr1 Aug 7, 2017
Interest not paid during grace period & highest early withdrawal penalties
Continue reading...I had a CD mature on August 2, 2017 and when I called them to transfer the funds to my checking account they informed me that I would not be paid interest from August 2-August 6. I have numerous CDs with other banks and this is the first bank that would not pay me interest. I'm closing the CD and transferring the funds to Ally Bank because Discover Bank has an early withdrawal penalty of 540 day (18 Months) on their 5 year CD. This is the highest early withdrawal penalty that I have found in all banks, credit unions or savings & loans. Ally bank only has a 150 day penalty. On $20,000 at 2.25% that is a difference of $480.82!
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Reviewed By honeybee Sep 13, 2016
SLC Customer Service Reps Need More Training
Continue reading...I have had two separate experiences more than a year apart in opening savings products trust accounts with Discover Bank. Since few online banks offer trust accounts, Discover seemed the least complicated and offers online forms, although a notarized form for each account is required. However, once you open a trust account another notarized form isn't needed.
After reviewing my account apps, I was contacted both times by CSRs. Both started the conversation with a too quick ID of who was calling wanting personal info and told me the reason for the call was there was stuff I filled out "wrong." #1 conversation resulted because of forms that were not clear in specifying certain critical things and my guessing what they wanted was the only "wrong" thing I did. Instead of offering help, I felt badgered. I ended the call and did not receive the substantial initial deposit back through the mail as promised.
Fast forward 14 months later, the forms have been revised to be more clear, but, alas, not clear enough. Only one deposit source is allowed to open an account. I had a DC savings account I wanted to fold into a CD along with a bank transfer. No go. Instead I was offered a workaround that was a lot more work for me! I found an easier way. I also neglected to include all nine digits of my bank's routing number, thinking only the first five were need. Again, I was deemed "wrong" versus incomplete.
I've never dealt with customer service people who have no clue they are putting the customer on the defensive from the start of the conversation. In addition, I asked about stuff they should have volunteered. You would have to be a mind reader otherwise. I'll give them the benefit of the doubt that I asked before they could tell, but my recommendation is more product training and learning some tact would go a long way in making the phone transactions for productive and less aggravating.
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Reviewed By Hawkmistress Mar 24, 2017
Home Equity loan
Continue reading...January 27, 2017, I applied for a Home equity loan. They want documents. I upload. They want tax returns. I receive retirement hence none is taxable, hence NO RETURNS. They file with IRS for returns. IRS can't give what they don't have. Now IRS wants me to call them.
I cosigned a loan. They want proof loan is being paid. They say my sister's bank statements for the last 12 months would be sufficient. Not happening. Maybe they think the credit bureau lied when they said that loan was being paid as agreed.
They want home insurance. I tell them I can't afford to buy any until the loan goes through. They say no problem. Nearly TWO MONTHS later they say I must have insurance before they can process loan.
Suddenly they claim they cannot read an uploaded income letter. I upload again. I never heard back from them. Can you read it? I ask. No answer.
Suddenly they say they don't know if they can count some of my income BECAUSE IT IS LESS THAN TWO YEARS OLD. I receive a widow's pension from Social Security and they don't know if they can count it???
All this time they claimed everything was running smoothly. If they needed anything, they would ask. Bottom line is these salesmen talk fast and do not listen.
I stopped the application and went to my bank. When I asked about a home equity loan, my bank said I am not eligible because my credit rating is not high enough, BUT they can give me a mortgage at a lower rate than Discover Bank. I will have my loan AND home insurance within 30 days! I haven't had a mortgage in six years, but I can live with one now.
I cut up my Discover credit card and froze the account.Is this review helpful?
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Reviewed By mrblint Feb 26, 2019
16-day wait for bank transfer funds to become available
Continue reading...I was intending to switch to Discover from Bank of America because I was fed up with BOA. I was having trouble reaching a human being at BOA who could answer a question about their credit card's online reporting capabilities: Could I get a list of transactions involving a particular vendor? Local reps at brick-and-mortar locations had no clue, and trying to get through to someone using the phone number on the back of the credit card was an exercise in frustration.
Since Discover advertises itself as customer-friendly with accessible support representatives, I opened a checking account. You have to answer the questions and upload photo of drivers license and then wait about a week for the materials to arrive in the US mail.
My packet arrived yesterday (2/25) and I funded the account by linking to my BOA account as an "external account". But the transferred funds won't be available for me to use until 3/12! A 16-day wait for a bank transfer from a US bank????!!! Moreover, until the funds are available, the Discover website won't let you even begin to set up pay-to companies in BillPay.
Discover should merge with Wells Fargo and then it could use the STAGECOACH logo. That would be a fitting icon for them.
Is this review helpful? -
Reviewed By ThomasM123 Oct 31, 2017
Decent product design, poor network acceptance
Continue reading...Overall, I had a Discover checking account for a short period of time. Never had a problem with customer service or getting my debit card, checks etc. I will say the debit card had a great eye catching design, got a few compliments. The biggest issue I ran into was the Discover network acceptance. The first day I got my debit card I went to place that didn't take Discover... After thinking about it, I didn't want to have an account that I couldn't rely on and I'd have to carry a Visa or MasterCard credit card with me at all times (I don't carry cash). I decided to close the account, which the customer rep did with no questions asked, which was nice.
Is this review helpful? -
Reviewed By skittr1 Aug 7, 2017
Interest not paid during grace period & highest early withdrawal penalties
Continue reading...I had a CD mature on August 2, 2017 and when I called them to transfer the funds to my checking account they informed me that I would not be paid interest from August 2-August 6. I have numerous CDs with other banks and this is the first bank that would not pay me interest. I'm closing the CD and transferring the funds to Ally Bank because Discover Bank has an early withdrawal penalty of 540 day (18 Months) on their 5 year CD. This is the highest early withdrawal penalty that I have found in all banks, credit unions or savings & loans. Ally bank only has a 150 day penalty. On $20,000 at 2.25% that is a difference of $480.82!
Is this review helpful?
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Reviewed By 1234kmc Apr 9, 2015
IRA CD account
Continue reading...They are gouging consumers.
I have an IRA account, matures on 3/30/2015, contact them 3/20/2015 concerning closing the CD at mature day, they inform me to me in a distribution form by 4/8/2015.
Send in form on 4/1/2015. message them on 4/7/2015 to make sure everything is set - no reply. 4/9/2015 they renew my CD, call them, they said form is not complete because I did not fill in the amount. I told them I did not know the actual amount because of interest paid. Do you think the bank will contact you about it.
Now in order to close the account, they will charge me over $180.00 fees and early withdrawal. I said that is more than you guys paid me interest last year.
That is highway robbery by delaying couple days here and there, so you pass the grace period.Is this review helpful? -
Reviewed By richards Aug 26, 2014
Delaying transfer and no extra interest
Continue reading...Have a number of IRA CD's. One recently matured and I decided to withdraw the funds. Filled out their form to have funds sent electronically to my local account. Received a written confirmation dated August 11 that funds would be scheduled for transfer on August 20. Called DiscoverBank on August 26 when funds did not arrive at my bank. Was told initially by customer service that funds were actually transferred on August 21. When I pressed to speak with transfer department, she put me on hold and came back to say that the funds transfer was actually initiated on August 22, and that there was no actual transfer department that I could speak with. Why am I not being paid extra interest for the day (or two) that DiscoverBank held my funds before actually initiating the transfer?
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Reviewed By discoverbs Jul 6, 2015
Lost my money!
Continue reading...I initiated a funds transfer from discover savings to external bank, and after waiting five days, the funds did not show up in the external bank. It turns out that the money was taken out of my Discover account on day 1, but went into some black hole. I called their number, and they assurred me that the money would be deposited the next day. They mentioned some sort of Cashedge transfer problem, whatever that is. After waiting a few more days, I called back and asked "where's my money? ". They said they did not know, and would call back when they "found" it!!
Of course they did not call back, and could not explain what happened. What good is a bank that can't figure out where they put your money, and will not let you have access to it?
This seems like some corporate scam, where they systematically "lose' money during transfers, so they can float to money for as long as possible, while you lose all interest and access.
I will be filing FDIC complaint.Is this review helpful?
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