Discover Bank

What you all think of discover bank?, they got good savings and CD rates.

http://www.discoverbank.com/

Was wondering the same thing. The trick is finding the online banks that provide decent service and won't make you hop to another bank after a month

discover's customer service is awesome! I always get a native english whenever i call.
If you worried about the 0.25% just use discover for the rotating 5% categories and another card for the 1%. You don't need to spend over 3k for the 5%.

jamesfatwallet said: discover's customer service is awesome! I always get a native english whenever i call.
If you worried about the 0.25% just use discover for the rotating 5% categories and another card for the 1%. You don't need to spend over 3k for the 5%.Rotating 5% categories? Are you talking about the Discover Card? This thread is about DiscoverBank

I opened a new account about 10 days ago. So far, I can say that the account opening process is a little clumsy and the website is a bit dated, but customer service has been excellent. Initial funding by ACH has a 10 business-day hold, and accessing your account online is a three day journey that requires numerous e-mail notifications and password delivery. Also, once you have access to your account(s) online you can link other accounts for free(3 day)ACH transfers, but there "Money HQ" system is an account aggregation system like the one used by BoA and seems to be the only option initiating ACH transfers. You can push/pull from your external accounts. The website could use a facelift, but the products and service has been solid so far.

if i recently applied and received a discover card, do they still do a credit inquiry? obviously the credit card arm just did one...they should still have that info available.

BBB continues stunning us all with his knowledge of the world, especially the languages of India.

tripleB said: jamesfatwallet said: discover's customer service is awesome! I always get a native english whenever i call.

I learned Farsi so I can juice another 0.25% by using a bank with Indian CSRs.

LOL!!

My heroe..you make my day dude. Should I give you red?

I spent a lot of time looking for info on the account before I opened one so I wanted to add my experience. So far getting the account going has been a little frustrating. From the time I opened the account till I had full access to be able to transfer money etc was a little over a week. Perhaps I could have done it a little faster but certainly not much. There are a number tasks that you have to intiate and them wait 1 to 3 days to finish. I agree with the comment that the website is dated but it does get the job done. In terms of moneyHQ I am not overly impressed. It aggregates your account balances in one place. If you have brokerage accounts or mutual fund accounts I have only found it able to give you an overall balance, not a per fund/stock balance. Overall I have no complaints just be ready for it to take a little while to set the account up.

I'm thinking of moving from ally. Discover or costcocap1interest+savings?

Any pointers?

Just got an offer from them in the mail today:

"Open a 3- or 5-year CD with $2,500 or more in August and earn 1% CashBack Bonus - up to $250 - on your savings, credited to your Discover Card account."

Comparison shows their 3-yr CD rate to be about 1/2% HIGHER than Navy Federal...then the bonus 1% on top of that up front...I'm tempted to give them a try, but don't know if I really want to get tied into a 3-yr CD.

I opened an account with them 6 months ago. The whole experience was horrible. It took over a week to open up the account and that was not with out some major issues. The CSR's have not a clue and are not trained to handle questions. I opened a Money Market account and although the process was sloppy, I did manage to transfer funds into the account. When trying to open CD's online, I transfered funds online from Fidelity to the account and saw the funds arrive in the discover account. Several days later I noticed that the money was returned to Fidelity. I immediately called Discover to find out why the money was returned. After spending over an hour on the phone with a supervisor, I never did receive a explination.

I've been meaning to transfer the funds out of the Discover account and to close the account, but have been putting it off because I know it will be a pain.

My experience so far:

Monday (2:00PM) - Signed up.
Monday (9:30PM) - Received application received email.
Tuesday (4:30AM) - Received account funded email.
Tuesday (9:30PM) - Called 1-800-347-7000 to request account number for registering for their online banking center.
Tuesday (9:40PM) - Registered for online banking center.
Friday (7:00AM) - Received email for online banking access.
Friday (8:00AM) - Logged in and went through typical process of setting up numerous questions, answers, and passwords.
Friday (8:20AM) - Done.

Now ... to find out how to transfer money. I assume I need MoneyHQ, but it seems to be down now. I didn't like the fact that the first thing they showed me was a "fees" link when I tried to enable it.

Edit: I don't think you can see how much interest you earn per day... A nice feature that I like from IngDirect.

jellysandwichx said:
Tuesday (9:30PM) - Called 1-800-347-7000 to request account number for registering for their online banking center.
Tuesday (9:40PM) - Registered for online banking center.

You don't need to call to get the account number. The account number is shown when you apply for the account. You can register for online access right after you apply to open the account.

My timeline:

• Thursday night - Signed up
  
• Saturday noon - Logged in
  

quizzer25 said: Hows your experience with account opening process?
The application has 3-4 steps, but you only need to fill-in one form in step 1, the rest are confirmations and agreements.
quizzer25 said: Any limits on money to/from Discover if it originates from the external linked account?
Money HQ Help said: Funds Transfer - Are there any limits to the amount of money I can send?

Once your account has been verified, the following limits will apply.

Outbound Transactions:
# $25,000 Daily Limit
# $25,000 Outstanding Limit
# $25,000* Monthly Limit

Inbound Transactions:
# $30,000 Daily Limit
# $30,000 Outstanding Limit
# $50,000* Monthly Limit (last 30 days) ·

* Outstanding is defined as the maximum dollar amount that can be outstanding (transaction pending completion). Limits apply to all your Money HQ accounts. For example, if you have three accounts, you may transfer a maximum of $50,000 per month from all three accounts combined.

10 day hold? You do earn interest on the money during this time right?

Strange! I have both a credit card and bank accounts with them and have received exactly ZERO calls.

quizzer25 said:
I can only withdraw 25K per month and deposit 50K per month using MoneyHQ from discover account?

Can i go over these limits if transactions are initiated from external linked account?

I just got off the phone with Shane at 800-347-7000. He was not clear about whether or not you could exceed those limits pushing or pulling from an external institution but he said you can do up to 100k/day over the phone. I asked "So I could push or pull 200k total in two consecutive days?" and his answer was yes.

any special offers for opening new account... rates looks awesome and i might open savings account next week.

Has anyone opened an account in the name of a trust? How was the process?

savingcash said: Does anyone know how you can transfer money out of a Discover account without being charged a fee?

Discover Fees

Does Discover offer ACH transfers?

I just closed a CD that matured. A crazy process:
CSR asked me to mail in a letter with the routing & acct number to transfer into.
Mailed that letter.
Received a call stating that my 'fax' was illegible. I told her that I didn't fax anything, it was a letter.
Sent a second letter. This time with the font set twice as large as usual
Received another call. This time they asked me to read back the contents of the letter for verification.
The CD funds were sent by wire transfer to the receiving bank. The graciously kept $20 for their trouble.

I guess my mistake was that I didn't specify an ACH transfer, just a transfer. I have been banking online for 10 years. I have NEVER had to specify that ACH should be used when transferring funds. They did not mention that there would be a fee involved in the CD closing procedure.

That's the last I will be dealing with Discover Bank. Too much hassle. This is an online bank that does not offer EMail customer service, nor online chat. Very strange.