DIscover bank cashback checking

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Does anyone have CashBack checking account from Discover bank, and if yes, how does it work? As I understand, you get $0.10 for each account transaction, including debit card purchases and bill pays. However I was not able to find any info on their website regarding this account.

Discover Bank said: If you have a CashBack Bonus-eligible Discover credit card, you may earn CashBack Bonus rewards based on qualifying activity in your Checking Account. Eligible customers will earn CashBack Bonus rewards of $0.10 for: (i) each debit card POS purchase transaction, (ii) each check written that clears the Checking Account, and (iii) each Bill Pay transaction that is successfully completed from the Checking Account. Such rewards will be earned monthly and posted to the Accountholder’s Discover card CashBack Bonus account.

https://www.discover.com/online-banking/assets/20130127_National...

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has anyone seen their numerous $0.10 bonuses per transaction show up yet?

Minoritydan (Nov. 03, 2013 @ 8:03a) |

yes my 21 bill pays showed up as 2.10 CB along with the $50.00 signup credit. The 50.00 was credited to the account.

barrytuneup (Nov. 10, 2013 @ 7:59p) |

Got the bonus a month ago, left the account at zero balance, logged in to discover it's been closed. Thank you x2 for sa... (more)

thriftyy (Nov. 10, 2013 @ 8:16p) |

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Interesting. I can write a lot of checks and bill pay a lot of bill pays...
Discover Bank said: Prior to generating the credit to your Discover card CashBack Bonus account, Discover may adjust the amount of the reward due to irregular, unauthorized or fraudulent activity in the Checking Account....which wouldn't be unauthorized or fraudulent. I'm sure Discover would claim irregular, but if I'm making thousands of these transactions per month, that's pretty regular, right?

Something tells me they're not going to let you make hundreds of thousands of one cent purchases, but this might still be a good deal.

draculatreeforest said:   Something tells me they're not going to let you make hundreds of thousands of one cent purchases, but this might still be a good deal.

Discover bank isn't going to care, they get .21 or .22 cents a transaction no matter how large or small the transaction is for.

scrouds said:   draculatreeforest said:   Something tells me they're not going to let you make hundreds of thousands of one cent purchases, but this might still be a good deal.

Discover bank isn't going to care, they get .21 or .22 cents a transaction no matter how large or small the transaction is for.


How is Discover making money on bill pay?

this could potentially be really big, but im sure it would get shut down before anyone made real $. if someone tries it please update

More info at this link..
Link

And, how to open that account? Anybody has a working link...

VicGr1 said:   And, how to open that account? Anybody has a working link...Invitation only for the moment. Reuters:
The new accounts are now available to a limited number of Discover cardmembers,with availability expanding to all cardmembers gradually throughout the year. A full consumer roll out is planned for 2014.

Good info, thanks - I routinely throw away Discover banking offers with a puny $25 signup bonuses, got to read fine print from now on

will there be a hard pull to open this checking account, even if I have a credit card and a saving account?

I didn't get a warning when I opened mine that any sort of credit bureau activity would take place.

But I will give everyone here a warning - I funded the account, the funding money cleared after a couple days, and I set up a single bill pay for a different credit card.

It showed that it would happen the next day, and now it hasn't posted, and doesn't show up in the history or anywhere else. The money hasn't been debited either, but still. I can understand it taking a few days to execute, but to totally disappear doesn't give me much confidence.

Easy to promise 10 cents a bill pay when the bill pays don't happen.

kjgco said:   VicGr1 said:   And, how to open that account? Anybody has a working link...Invitation only for the moment. Reuters:
A full consumer roll out is planned for 2014.


Not if a FWF member gets an early invite.

zlltt said:   will there be a hard pull to open this checking account, even if I have a credit card and a saving account?

Would it make a huge dent in your credit score if it were a hard pull?

Why have high credit score if you are not going to put it to some use?

I just got the invite - considering the churn benefir vs. the risk of bannination, it's probably not worth it. 10x/day still only yields $30 at the end of the month. Around the holidays I can easily net a few hundred in Discover CB between the shop discover mall and 5% CB for online purchases.

x

elektronic said:   I just got the invite - considering the churn benefir vs. the risk of bannination, it's probably not worth it. 10x/day still only yields $30 at the end of the month. Around the holidays I can easily net a few hundred in Discover CB between the shop discover mall and 5% CB for online purchases.

How did you get the invite?

I logged in to discover.com and the offer was there.

My DW's Discover account got this offer too, nothing for me

Card just arrived, but I have a question for existing members regarding "10c earned for debit card purchases": T&C says "each debit card POS purchase transaction", but don't spell out PIN-based vs signature-based (or both ? )

Since it takes 60 days to post it would be nice to know ahead of time...

So not a single soul using this product ?

I asked CS this question, will post the reply here FWIW

I'm "using" this product and to put it mildly it sucks. I've had 2 Bill Payments not sent, transferring money from another bank takes forever (and even when the money shows as "available" it doesn't really mean that because they actually want you to wait another 7 days before it really is available.)

Not ready for prime time.

mactv said:   I'm "using" this product and to put it mildly it sucks. I've had 2 Bill Payments not sent, transferring money from another bank takes forever (and even when the money shows as "available" it doesn't really mean that because they actually want you to wait another 7 days before it really is available.)

Not ready for prime time.
Well, account might be still useful before it's ready for prime time. If .10 feature for Debit works it's good enough for me

Also, it could be useful as a money hub with a high limit on transfers (free too):
Incoming limit is $100,000 per 30 day rolling period.
Outgoing limit is $100,000 per 30 day rolling period.
As mactv describes the availability might be a problem, but banks routinely improve availability as account ages

FWIW: I received reply from CS regarding .10 bonus for Debit transactions:You will earn $0.10 per transaction using your debit card. It doesn't matter if you choose debit card and use your PIN number or choose the Credit Card option and sign your name
I will test and post the results.

However since it might take up to 60 days for points to post I would love to see some input from other members...

Was able to open this now. Discover Cashback checking

neophyte said:   FWIW: I received reply from CS regarding .10 bonus for Debit transactions:You will earn $0.10 per transaction using your debit card. It doesn't matter if you choose debit card and use your PIN number or choose the Credit Card option and sign your name
I will test and post the results.

However since it might take up to 60 days for points to post I would love to see some input from other members...


I just got my 1st CashBack from this ... it appears the CashBack comes with the 1st statement of your discover card following the statement of your discover checking. So you could possibly shorten the wait by adjusting your discover card closing date to be 5-7 days following your checking statement. YMMV with that, it isn't enough for me to bother with. I earned ~$6 my 1st statement

I can confirm I got credit for all usage of my debit card pin or pinless ( I use it for $1.50 daily bus pass at self kiosk which doesn't ask for pin ).

cjdtech said:   Was able to open this now. Discover Cashback checking
Thanks for link. Looks like anyone with Discover can open account now.

Does anyone know if you can see images online of the checks that you write?

I see A LOT of potential for this one.

Anyone tested the waters yet?

On the surface it looks like one hell of a churn.

I REALLY like the checks part. (cough)

KYBOSH said:   I see A LOT of potential for this one.
Anyone tested the waters yet?
On the surface it looks like one hell of a churn.
I REALLY like the checks part. (cough)
This is what serious churn looks like:
Wired:Michael Largent, 22, of Plumas Lake, California, allegedly exploited a loophole in a common procedure both companies follow when a customer links his brokerage account to a bank account for the first time. To verify that the account number and routing information is correct, the brokerages automatically send small "micro-deposits" of between two cents to one dollar to the account, and ask the customer to verify that they’ve received it. Largent allegedly used an automated script to open 58,000 online brokerage accounts, linking each of them to a handful of online bank accounts, and accumulating thousands of dollars in micro-deposits ... Largent allegedly favored cartoon characters for the names, including Johnny Blaze, King of the Hill patriarch Hank Hill, and Rusty Shackelford. That last name is doubly-fake — it’s the alias commonly used by the paranoid exterminator Dale Gribble on King of the Hill.
Affidavit Indictment

Anyone who opens a financial account using fake credentials for a few pennies (given the current environment) deserves to go to jail.

Anyone who does it 58,000 times...

Interesting - lying about your identity will get you sent to jail.
Does this mean situations where a law enforcement officer lies about their identity online, is also illegal?


Yeah...
Disclaimer
camiolo said:   Interesting - lying about your identity will get you sent to jail.
Does this mean situations where a law enforcement officer lies about their identity online, is also illegal?


Cops are allowed to lie... but not all lies are seen as justified.


Why are police officers allowed to lie to suspects in the US?

A police officer can use deception in an investigation so long as the deception doesn't result in coercion sufficient to make someone confess to a crime they didn't commit. For instance, a detective might tell a burglary suspect that he had been very careful not to leave evidence of his crime, except for the one fingerprint they found on a window. If the suspect knows he had never been in the house, he also knows that his fingerprint couldn't be on the window, so he wouldn't believe the detective's lie. But a guilty suspect might think there was a better case against him than there actually was, and confess to get a lighter sentence.

In another example, a detective tells a woman that her children will be taken from her and placed in a foster home if she does not confess to a crime. The threat of losing one's children is sufficient to make some people admit to doing something they didn't do, so this would amount to unlawful deception leading to coercion.

By the way, on TV it's common for the bad guy to ask the undercover cop if he is a cop, saying that the undercover has to admit to being a cop if he is one. This is fantasy. If that was all that was required to unmask an undercover cop, undercover operations would end very quickly.


Just got a snailmail solicitation today: Get $50 when you open an account by July 31!

With just the 10/10/10 CashBack, it was a bit of a wash, but the $50 signup bonus pushed me over the edge.

We'll see how it works...

Chris.

dataadmin said:   Does anyone know if you can see images online of the checks that you write?

Answering my own question. Yes, it does have images of the checks online.

What are peoples views of the strategy:

1. Mix large #s of transaction values from $.10 to $2.00 along with a DD from my place of employment. Most to pay utilities/bills at first.
2. Buy my monthly metro card to pad random spend
3. Hit this for 10000 transactions a month with a ramp up
4. Stay away from -.10 transactions to avoid blatent profiteering

rismoney said:   What are peoples views of the strategy:

1. Mix large #s of transaction values from $.10 to $2.00 along with a DD from my place of employment. Most to pay utilities/bills at first.
2. Buy my monthly metro card to pad random spend
3. Hit this for 10000 transactions a month with a ramp up
4. Stay away from -.10 transactions to avoid blatent profiteering

I see a FWer getting blacklisted really really soon

cpaynter said:   Just got a snailmail solicitation today: Get $50 when you open an account by July 31!

With just the 10/10/10 CashBack, it was a bit of a wash, but the $50 signup bonus pushed me over the edge.

We'll see how it works...

Chris.


Interesting, I've gotten a few snail mail solicitations from DBC and none of them mentioned a Bonus. Do you have a image you can upload?

I received a similarly worded email, as an existing Discover cardmember, saying I could receive this bonus by opening a checking account through a targeted link in the email. There were no codes listed so I called them and they basically said the link is different than that from opening accounts from the main banking website; I guess we'll see in 6-8 weeks. The CSR also confirmed no hard pulls, only chexsystems.


cpaynter said:   Just got a snailmail solicitation today: Get $50 when you open an account by July 31!

With just the 10/10/10 CashBack, it was a bit of a wash, but the $50 signup bonus pushed me over the edge.

We'll see how it works...

Chris.

What is the Foreign Transaction Fee (FTF) on this debit card/account?

Skipping 33 Messages...
vickh said:   not targeted, but Got a CREDIT MEMO $ 50.00
  Got the bonus a month ago, left the account at zero balance, logged in to discover it's been closed. Thank you x2 for saving me the trouble



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