Discover Recognized As The First Digital Bank To Meet Bank On’s Certification Standards

Cashback Debit, the online checking account from Discover, was recently certified by the national nonprofit organization, Cities for Financial Empowerment (CFE) Fund. The CFE Fund’s mission is to improve the financial stability of low and moderate income households by embedding financial empowerment strategies into local governments. The CFE Fund developed the Bank On National Account Standards, which support financial institutions’ efforts to connect consumers to secure and low-cost bank accounts. Discover is the first digital bank to meet the Bank On’s certification standards with the no fee¹ Cashback Debit account.

“Financial inclusion is more critical than ever—especially during the COVID-19 pandemic when quick and reliable access to funds like stimulus checks is essential,” said Carlos Minetti, president of consumer banking at Discover. “Bank On’s certification standards identify safe and affordable financial products, which help consumers avoid expensive alternative financial services and put them on a path to increased savings and financial empowerment. The Cashback Debit account from Discover has no fees and lets customers earn cash back on eligible debit card purchases, ensuring customers can keep more of what they earn and save.”

The Bank On certification standards developed by the CFE Fund outline critical product features for bank accounts appropriate for those currently outside of the mainstream banking system. Product features include low costs, no overdraft fees, and robust transaction capabilities such as a debit card and online bill pay.

The Cashback Debit checking account meets Bank On’s certification standards based on its no-fee structure, including access to over 60,000 no-fee ATMs across the country², and convenient tools to help consumers deposit checks and pay bills online. It also rewards customers with 1% cash back on up to $3,000 in eligible debit card purchases each month. Discover offers customers the option to automatically deposit their debit card Cashback Bonus into an eligible Discover Online Savings account each month, allowing them to grow their savings with interest. As a digital bank, customers can access their account whenever and wherever they are while knowing they always have 24/7 access to U.S.-based customer service.

About Discover

Discover Financial Services (NYSE: DFS) is a digital 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 issues the Discover card, America's cash rewards pioneer, and offers private student loans, personal loans, home loans, checking and savings accounts and certificates of deposit through its banking business. It operates the Discover Global Network comprised 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 around the world. For more information, visit www.discover.com/company.

¹ Outgoing wire transfers are subject to a service charge. Customers may be charged a fee by a non-Discover ATM if it is not part of the 60,000+ ATMs in our no-fee network.

² Some ATMs have limited hours and/or restricted access. Customers may be charged a fee by the ATM owner if they use an ATM that is not part of our no-fee network.

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