Discover (NYSE: DFS) recently “revitalized” the consumer checking landscape with the introduction of its “benefits-packed” Cashback Debit account with “user-friendly” features, like early access “to paychecks up to two days in advance1 and a mobile-first banking experience.”
Discover builds on its Cashback Bonus® rewards and no-fee structure “to create a … checking account that provides customers easier access to their money than ever before.”
Carlos Minetti, president of consumer banking at Discover, stated:
“Our new Cashback Debit account is designed to be the only checking account that a customer will ever need. Our unique Cashback Bonus rewards program makes it easy for people to earn cash back as part of their everyday debit card spending. We’re building on a program that has rewarded millions in cash back to our checking customers since 2017, by adding more industry-leading features and we plan to continue to stack up 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 like early access to paychecks, cashback rewards, no fees and security.”
In fact, 90% of consumers say having no fees is “an important checking account feature but only 46% state that their banks offer a no fee checking account, according to Discover research.” Similarly, while 72% of consumers “said cash back rewards are an important checking account feature, only 28% of people said it’s a feature offered by their current bank.”
Discover’s research also found “the most important checking account features for consumers are security (85%), free access to ATMs (84%), and 24/7 access to customer service (82%), all of which are offered with the 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 fees across the account, including monthly maintenance, insufficient funds or overdraft3
- Access to over 60,000 no-fee ATMs in the U.S.
- Security and fraud management offerings, such as the ability to temporarily freeze your debit card4
- Easy digital application and onboarding experience, with no impact to credit score
24/7 U.S.-based customer service - Mobile wallet access through Apple Pay®2
Minetti said:
“While our competitors are now starting to lower their fees, Discover set an example for the industry when it proactively removed all deposit account fees in 2019, saving customers millions. The latest evolution of our Cashback Debit checking account aims to help people more easily move and manage their money while making banking more accessible for consumers with an ability to apply in minutes and no fees.”
Discover plans to continue enhancing the Cashback Debit product “with additional eWallets, debit card enhancements and tools to help customers manage their credit score.”
As noted in an update shared with CI, this poll was “conducted by Morning Consult on behalf of Discover, from January 29 – January 31, 2022, among 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, educational attainment, gender, race, and region.” Results from the full survey have “a margin of error of +/- 2%.”
Discover Financial Services is “a digital banking and payment services company with one of the most recognized brands in U.S. financial services.”
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 cash rewards pioneer, 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 “comprised of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation’s leading ATM/debit networks; and Diners Club International, a global payments network with acceptance around the world.”