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Discuss your experience with the Discover Online Savings Account and Certificate of Deposit accounts from Discover Bank. You do not need to register. Pick any Username you want to use.
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11
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Thursday, 01-14-10 12:28
We have been trying to close out our account with Discover Bank and they basically won't let us have our money. They said we had to send a letter to verify that our money could be wired, so we promptly faxed over a letter exactly as they requested with all of our contact information.
The money has not been wired and we are spending the whole day on the phone with Discover Bank trying to get our money.
This should not be such a hassle. I have dealt with T Rowe Price before and they are excellent. Excellent customer service, but not with Discover Bank. If you want your money, you have to be willing to wait several days, and even then, I'm wondering if they will give us our money.
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Saturday, 01-09-10 13:30
I will limit this horror story to the most relevant details; a full recitation would be too tedious to write and to read.
On Nov.17 2009 I requested a transfer of $1000 from my Discover Bank online savings account to my local Wachovia checking account which I had previously registered on the Discover website to enable transfers between the two accounts.
Five days later I received an email saying that Wachovia had rejected the transfer and instructing me to call to resolve the issue. I was puzzled because my Wachovia account is and has been in good standing for many years. I called the Discover customer service number and the person who spoke to me was baffled when I told him about the email. He transferred me to another person (after a long time on hold). That person was equally clueless. Thus began an unbelievable ordeal. Over a period of days I was repeatedly transferred from one person to another, with long periods on hold, having to explain the matter from the top to each one.
On the "Overview" page of my account on the Discover website it was indicated that Wachovia had rejected the transfer because they could not identify the account. I soon detected the reason: the disguised account number shown in the email and on my Discover page was twelve digits; my Wachovia account number actually has thirteen digits. To verify the mistake I asked one person to read me my Wachovia account number shown in their records. I was correct, one digit had been dropped. I pointed this out to each person I spoke to but it didn not seem to register with any of them.
At one point I became so exasperated that I demanded that the account be closed and an official check be sent to me. When I received the check it was $1000 less than my correct balance; The thousand dollars in question had apparently vanished into thin air. More phone calls--more time spent on hold--no rusults.
Incredibly over a span of forty-three (43!) days I spoke to thirty-six (36!) individuals by actual count. I estimate that I spent about five hours on the phone (mostly on hold) Twice I was told that the person would research the issue and call me back. That did not happen. Once I was told that if I wrote a letter formally closing the account I would be issued a check for the missing money. I sent the letter and received no response whatsoever. The last person I have spoken with told me they still needed to verify that Wachovia had rejected the transfer. This after forty-three days and despite the fact that they had sent me an email to that effect and despite the fact that the "Overview" page of my account on the Discover website clearly indicates that to be the case.
!@#$#!@!@$
This nightmarish experience was generated by a simple typographical error compounded by a shocking level of indifference and incompetence on the part of Discover Bank's customer service reps and by their apparent confusion over the banks processes. The matter is not yet resolved but I simply needed to release my frustration on paper.
Discover is truly the Bank from Hell. Lawyers riding on elephants could not induce me to deposit another cent in this bank.
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Thursday, 12-31-09 13:38
They are slow in setting up your online account access. But I got it working. The weirdest part is their MoneyHQ money transfers - especially when you want to transfer back into your bank. Their stated limit is $5000 daily but that's a miss information. It is actually nearly weekly. As soon as you request a transfer you cannot exceed $5000 total until the whole process is "completed" in their system. It takes 3 "business" days to get it to your bank and then another couple of days for their system to "verify" that the transaction is complete. Effectively this is $5000 weekly maximum transfers to your home bank. Nice bureaucratize way to play games with your money.
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Saturday, 08-29-09 13:45
not good if you want to put one hundred thousand plus-restriction amounts are way to small for daily and monthly limits
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Friday, 07-31-09 13:23
I wish I would have found this before trying to open an account. It's now been OVER 2 WEEKS since I signed up for an account. I still don't have access to my money I funded to open it. This is absurd. If I knew this ahead of time, I would have looked elsewhere.
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Friday, 07-31-09 09:56
Funds were finally deposited in Discover. Could not register with Discover till I requested my account #. Hence a phone was required.
After 3 weeks of waiting, another 3 days was required for registration. Go figure.
Customer service was very helpful and polite.
In general, opening an account should have been much easier. I could understand why some may be turned off by this experience.
Anyway, I'm in it for the money just like everyone else. I hope the return is worth it.
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Monday, 07-27-09 11:59
Going into the 3rd week since I opened an account. Have not heard a word from Discover.
Not a first good impression.
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Thursday, 07-23-09 19:42
I don't even know if the higher interest is worth it. It's been two weeks and I haven't been able to view the account online. It took capital one only 1 business day to view its online savings. To conclude, if you have more than $10k, capital one is less troublesome.
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Tuesday, 11-11-08 06:16
Discover Bank cashed my deposit check for $5000 but after 3 months has not yet posted those funds to my account. Perhaps they will eventually find it but...
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Sunday, 07-13-08 10:27
"I've had no problems so far with Discover Bank,always great rates here on a financially sound and stable institution!"
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Thursday, 07-10-08 06:18
Higher interest rates are offered to AAA members at AAA/Disc online site. Also AAA Mmkt minimum balance is $1500 to avoid fees. MoneyHQ transfers are free for slower (3-day) service. ACH transfers are faster if initiated from other bank. To view multiple accts (e.g. new CDs) online, you have to phone and have your "profile" changed after opening new accts.
A bit annoying.. but they have a 4-star rating. CSRs are pleasant but knowledge level varies (same everywhere from my experience).
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