RIVERWOODS, Ill.—Discover, which in addition to its credit cards runs an online bank, announced it will no longer charge any fees for its roughly one-million banking customers.
Discover says it will no longer charge fees for insufficient funds, excessive withdrawals, falling below minimum balances and stop-payment requests on any of its checking, savings, money market and CD accounts, CNBC reported.
“Removing all deposit account fees was an easy decision for us based on our commitment to offer the most rewarding banking products in the industry,” Arijit Roy, vice president of deposits at Discover, said in a statement.
“This latest announcement builds on Discover’s already low-fee offerings. For example, Discover already offered checking customers an account that does not charge a monthly maintenance fee and offers 1% cash-back rewards on up to $3,000 in debit card purchases. Plus, Discover customers have access to 60,000 no-fee ATMs in the U.S.,” CNBC said.
Discover’s savings accounts also don’t have maintenance fees and offer 2.10% APY.
Prior to the latest announcement, Discover charged customers a $30 insufficient fund fee when they overdrew their checking or savings account. But Discover capped the number of fees assessed to just one per day, CNBC noted.