Discover Extends Direct Banking Reach with Launch of Cashback Checking Accounts

RIVERWOODS, Ill.--(BUSINESS WIRE)--Discover Financial Services today announced the launch of Discover Cashback Checking^SM – the latest addition to the company’s growing suite of direct banking products that includes credit cards, home loans, student loans, personal loans, CDs, money market accounts and savings accounts.

“We combined what customers most want in a checking account with the latest technology to provide a truly breakthrough product.”

Cashback Checking accounts pay customers 10 cents for every debit card purchase, Online Bill Payment and check they write. Rewards are automatically added to the account holder’s Discover card Cashback Bonus® balance.

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.

“Our goal for Discover Cashback Checking is to provide customers with the best value, service and rewards in the industry,” said Roger Hochschild, Discover’s president and chief operating officer. “We combined what customers most want in a checking account with the latest technology to provide a truly breakthrough product.”

Discover Cashback Checking includes:

Fee-free features: No monthly fees, no minimum balances, free checks and replacement cards. There are no Discover fees at 415,000 ATMs in the U.S.
Convenience: An app that lets customers easily bank on the go with mobile check deposit, mobile bill pay and an ATM locator
Stellar service: 24/7 service from Discover’s U.S.-based customer service team
Protection: $0 fraud liability for unauthorized transactions and bill pay protection

For more information call 1-800-Discover or visit www.discover.com/bank.

About Discover

Discover Financial Services (NYSE: DFS) is a direct 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 operates the Discover card, America's cash rewards pioneer, and offers home loans, private student loans, personal loans, online savings accounts, certificates of deposit and money market accounts through its direct banking business. Its payment businesses consist 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 in more than 185 countries and territories. For more information, visit www.discoverfinancial.com.