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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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22
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Sunday, 10-23-11 17:33
Thank God tha I found this page before I made the mistake of opening a Discover CD
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Thursday, 10-06-11 18:11
This web site was truly helpful. I was going to open up an account with Discover Bank but they seem to have many more issues with ACH transfers than ING and Ally.
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Monday, 06-27-11 12:22
Discover Bank calls itself an online bank, but transfering money in and out of your account takes days, more like someone is using a pencil and ledger book behind the scenes. I've never had money get lost like some people on this site have, but I've come to expect really slow service. When I electronically transfer money from my primary bank into my Discover savings account, it takes 3 or 4 days for Discover to post the money to my account, even though it gets sent by my primary bank almost immediately. I only keep the account open because of the higher interest rates.
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Wednesday, 02-09-11 15:03
The bad reviews are true in many cases, people beware of this bank! very poor customer service and terrible coordination of information within the bank. You get contradictory information from different staff of the bank.
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Monday, 01-17-11 16:29
Forgot to mention, transfers into your discover account will take nearly a week to complete with ACH funding. How long would a physical check take?????
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Monday, 01-17-11 16:25
I've had a savings account with discover bank since Sept 2010. I haven't had any real problems with them yet, but I haven't tried moving money out of my account either. The only problem that I have had is that they do not provide a statement for any month that a transaction did not occur.
To open an account with them read EVERYTHING twice or more before proceeding. After opening the account with a ACH payment from my brick and mortar checking account, I had to set up additional funding. Yes even if you are going to use the account that you used to open with, you still need to verify that account. Verifying consists of retyping your account information into the website so that Discover can deposit two small amounts of money into it and then remove it. You then have to go back on the discover website to enter the total of the two deposits to verify that the account belongs to you. DUMB! DUMB! DUMB! It was fine to take the money out of that account to open, but to take more; they have to prove it was you?
Hope this helps and hope that my account won't eventually come back and bite me on the A$$.
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Monday, 01-03-11 14:16
Steer clear of Discover Bank, they're only after your money no matter how they can get their sticky-hands on it! I recently paid off a credit card through them to the tune of over $4,600 just in interest and ended up with a resulting balance of zero dollars. Well, going ahead one month and I get a bill in the mail for another $28 for a balance of zero dollars! I'm not sure what they charge for a negative dollar amount but I thought once I was at "zero" that was it and yet they still charge interest on literally no money! Trying to get through to these morons is like mapping every atom in the cosmos too. I guess the $4,600 simply wasn't enough for them, now they want another $28....probably to pay off some cheap lunchtime whore! STAY AWAY FROM THESE CROOKS!!!!!!!!!
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Sunday, 09-12-10 01:34
Obviously, if you've had a bad experience, you're more likely to find a way to express it.
I love Discover Bank. I decided to get in on the online savings because of the great rate and because I've always had a great experience with my Discover Card (even though the two are not related, the name doesn't hurt). The accounts are easy to fund and I have little trouble transferring. Customer Service is always helpful and wait times are usually very low. No complaints here.
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Tuesday, 04-20-10 17:04
Beware terrible service, had to complain to the FDIC to get my undeposited check returned. Horror story short. Called up to set up $5000 account and provided account number. Sent check with that account. Two weeks later nothing received. Called up told no account in my name. Went through maze of switchboards, told supervisors not available, would call me back. Never did.
Like the 3 stooges of banking.
Miraculously the check showed uup in my mail box after stop ppayment at local bank and FDIC complaint. Told phone reps were temps and technical problems did not allow account to open. I have many other accounts and done online, never had a problem in 10 years with any other bank. Definitely do not use these people until they change their bad management and poor customer service!
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Tuesday, 04-06-10 21:37
Discover Bank is a nightmare! Do not put your money there. They are so close to being a scam that its not funny. They promise you your funds but never send them. You are on the phone with them constantly and it drives you crazy!!!!!! Don't go there its not worth your sanity.
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Wednesday, 03-17-10 22:54
So far, so good. I purchased a CD last week and had no trouble at all. I set up the account on-line. At the end of the application, I called a representative to verify my identity. I received an e-mail confirming that the money had been transferred to the CD. The process was so seamless and pleasant that I was really surprised by some of the other reviews.
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Thursday, 01-14-10 13:28
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 14:30
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 14:38
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 14:45
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 14:23
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 10:56
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 12:59
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 20:42
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 07:16
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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