Discover Banking's Rich History: A Long-Standing Business

Discover Bank has been in business since 1911 when it was founded as the Greenwood Trust Company. The bank was acquired by Discover Financial Services in 1985 and renamed Discover Bank in 2000. Discover Financial Services, which owns and operates Discover Bank, was founded in 1986.

Discover Financial Services' history and acquisitions

Discover Financial Services, Inc. is an American financial services company that owns and operates Discover Bank, an online bank that offers checking and savings accounts, personal loans, home equity loans, student loans, and credit cards. Discover Financial Services has been in business since 1911 when The Greenwood Trust Company, which would later become Discover Bank, was founded.

Discover Financial Services has made several acquisitions over the years, including:

• The Greenwood Trust Company in 1985, which was renamed Discover Bank in 2000.
• Pulse in 2005, an interbank electronic funds transfer payments network.
• Diners Club International in 2008, a major network outside the United States, which was merged with the Discover Network, a major network in the US.
• Student Loan Corporation in 2010, expanding its market presence and origination capabilities in private student loans.
• Home Loan Center in 2012, which it used to launch Discover Home Loans, offering prime variable and fixed-rate conventional and FHA home mortgage loans.

Discover Financial Services has also introduced several new products and services over the years, including the Discover Platinum Card, the Discover 2GO Card (the industry's first keychain credit card), gas and miles rewards cards, paperless statements, the Discover Motiva Card, the Discover More Card, the Discover it Card, and the Discover Business Card.

Discover's credit cards and their features

Discover Financial Services is an American financial services company that owns and operates Discover Bank. Discover is the third-largest credit card brand in the United States, with nearly 50 million cardholders. Discover offers a range of credit cards based on customers' needs and credit scores, including cards for students, travellers, and businesses. Here are some of the Discover credit cards and their features:

• Discover it® Cash Back: This card offers up to 5% cashback on everyday purchases at different places each quarter, up to a quarterly maximum when activated, along with 1% unlimited cashback on all other purchases. It also has a 0% intro APR for 15 months on purchases.
• Discover it® Chrome: This card offers up to 2% cashback on dining and gas purchases and 1% on all other purchases. It also has a 0% intro APR for 15 months on purchases.
• Discover it® Student Chrome: Designed for students, this card offers up to 2% cashback on dining and gas purchases (up to $1,000 per quarter) and 1% on all other purchases. It has a 0% intro APR on purchases for 6 months.
• Discover it® Student Cash Back: Another student card that offers up to 5% cashback on everyday purchases at different places each quarter, up to a quarterly maximum when activated, along with 1% cashback on all other purchases. It also has a 0% intro APR on purchases for 6 months.
• Discover it® Miles: A travel card that offers 1.5X miles per dollar on every purchase, with no expiration date. It has a 0% intro APR for 15 months on purchases.
• Discover it® Balance Transfer: This card offers up to 5% cashback on rotating quarterly categories and 1% cashback on all other purchases. It has a 0% intro APR for 18 months on balance transfers and 6 months on purchases.
• Discover it® Secured Credit Card: A secured card that offers up to 2% cashback on gas and restaurant purchases (up to $1,000 per quarter) and 1% unlimited cashback on all other purchases.

All Discover credit cards offer rewards for eligible purchases and have no annual fee. They also provide benefits such as no foreign transaction fees, no fee for the first late payment, 24/7 customer service, rotating bonus categories, and free FICO credit scores.

Discover's bank accounts and their features

Discover Financial Services is an American financial services company that owns and operates Discover Bank. Discover Bank is an online bank that offers a diverse range of accounts, including checking and savings accounts, money market accounts, and certificates of deposit (CDs). Discover Bank also provides credit cards, personal loans, home equity loans, and student loans.

Checking Accounts:

Discover's checking account, called the Discover Cashback Debit Checking account, offers 1% cash back on up to $3,000 in debit card purchases each month, with no monthly fees or balance requirements. This account also provides early access to paychecks with direct deposit and fee-free overdraft protection.

Savings Accounts:

The Discover Online Savings Account pays a competitive annual percentage yield (APY) with no minimum balance requirement. This account compounds interest daily and pays out monthly, helping customers grow their savings over time.

Money Market Accounts:

Discover's Money Market Account offers both convenience and high earning potential. It provides ATM access, a debit card, and check-writing capabilities, along with competitive APYs for different balance tiers. There are no fees or minimum balance requirements for this account.

Certificates of Deposit (CDs):

Discover offers versatile high-yield CD accounts with terms ranging from three months to 10 years. These accounts provide guaranteed returns, and early withdrawal is possible with a penalty. Discover also offers IRA CDs, including Roth IRA and Traditional IRA options, with similar APYs and terms.

Overall, Discover Bank provides a wide range of account options with competitive rates, minimal fees, and convenient features to meet the diverse needs of its customers.

Discover's mobile app and its features

Discover's mobile app allows users to manage their Discover credit card and bank accounts from anywhere. It provides fast account access, allowing users to log in quickly with a 4-digit passcode or Touch/Face ID. The Quick View feature enables users to view their account information without logging in.

The app offers a range of features for managing credit card accounts, including checking balances and available credit, viewing and searching transaction activity, making and editing payments, redeeming rewards, linking cards to Amazon and PayPal accounts, viewing FICO® Credit Scores, freezing and unfreezing accounts, sending and receiving messages from customer service, editing account profiles, activating new cards, reporting lost or stolen cards, using the Travel Notification feature, and setting up account alerts.

Additionally, the Discover mobile app facilitates managing bank deposit accounts and personal loans. Users can view account balances, transaction history, and statements, track account activity, transfer money, pay bills, deposit checks, and locate ATMs. The app also integrates with Zelle®, enabling users to send and receive money directly from and to their contacts.

Discover's mobile app has received generally positive reviews, with users praising its convenience, security, and range of features. However, some users have reported issues with transaction history display and a lack of responsiveness to reported problems.

Discover's customer service and satisfaction

Discover Financial Services is an American financial services company that owns and operates Discover Bank, an online bank that offers a range of financial products and services to its customers. Discover Bank has been in business since 1911 when it was founded as the Greenwood Trust Company. The bank was acquired by Discover Financial Services in 1985 and was renamed Discover Bank in 2000.

Discover Bank provides its customers with a variety of banking options, including checking and savings accounts, personal loans, home equity loans, student loans, and credit cards. The bank aims to help its customers achieve their financial goals, whether it's establishing good credit, consolidating debt, or making informed financial decisions. Discover Bank offers competitive rates on its savings and deposit accounts, and it does not charge any monthly maintenance fees, making its services accessible to a wide range of customers.

Discover Bank also prioritizes customer satisfaction and provides 24/7 customer service with U.S.-based customer service representatives. The bank's mobile app is highly rated, offering a seamless and user-friendly experience for customers to manage their accounts, schedule payments, set alerts, and access their tax documents. The app also includes security features, such as Discover Identity Alerts, which notify customers if their social security numbers are found on risky websites or if new accounts are opened in their name.

Discover Bank has received recognition for its products and services, including awards for its Cashback Debit Checking account and being named the leading digital bank and payments partner. Discover Bank ranked above average in overall satisfaction among online-only banks for its savings product in the J.D. Power 2024 Direct Banking Satisfaction Study. However, its checking account scored below average in the same study.

Overall, Discover Bank strives to provide its customers with innovative financial products, competitive rates, and accessible services, contributing to its long history in the banking industry.

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