Discover Checking Account Fees
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Does Discover® Cashback Debit have any fees? Find out if they are completely fee-free.
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Discover® Cashback Debit account lauds itself as a free checking account with no fees. And, you can earn 1% cashback on up to $3,000 in monthly purchases. See website for details.
This makes it a good option for your day-to-day expenses. But is that all there is to know?
Let's talk more about Discover® checking account and see if there is any catch to it.
Yes, Discover® Bank has a free checking account called the Discover® Cashback Debit. It has no account opening deposit requirement and $0 monthly fees.
Online Checking Account - Earn Cash Back
- Minimum Deposit to Open: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: N/A
- ATMs: 60,000+ Allpoint or MoneyPass ATMs
- Perks: 1% cashback on up to $3,000 in purchases each month. See website for details
Does Discover® Checking Account Have Fees?
Discover does not charge any fees on your checking account except a $30 service charge for outgoing wire transfers from your account.[1]
For a clearer picture, here's a list of Discover Cashback Debit's fee-free features.
- No monthly fees
- No balance or activity requirements
- No insufficient funds fee
- No official bank check fee
- No expedited debit card replacement fee
- No check reorder fee
You also get access to over 60,000 fee-free ATMs within the U.S. But if you use ATMs outside of this network, the operator of the ATM might charge you.
Discover® Cashback Checking – Up to $30/Month Cashback
Earn 1% cash back on up to $3,000 in debit card purchases each month, for a total of up to $30 cashback per month. Discover Cashback Debit checking account has no minimum balance requirement, no fees, and free online bill pay. See website for details.
Discover Checking Minimum Balance
Discover® checking account does not have a minimum balance, so you won't be hit with fees or charges for going below zero. However, if you have just recently opened the account, make sure to deposit money within 45 days.[2]
Otherwise, the bank will close the account and you'll have to reapply for a new one.
Discover Checking Overdraft Fees
In general, Discover® Cashback Debit will not charge you for overdrafts, mainly because any withdrawal or transfers from your account when it has insufficient funds will be declined or will not go through.
That is, unless you opt-in for the free overdraft protection transfer service.
With the overdraft protection, you will be designating a Discover® savings account as your funding account. When you overdraw, it will take funds from your savings account to make up for the missing amount to process the transaction.
Typically, overdraft fees average around $35[3], but Discover Cashback Debit will not charge you for overdrafts. It would be best to be on top of your account to avoid overdraft fees.
Discover Checking ATM Fee Reimbursement
Unfortunately, Discover does not offer ATM fee reimbursement if you use one that's outside of their 60,000+ fee-free ATM network.
Make sure you use an ATM affiliated with Discover when using your Cashback Debit. They have an ATM locator that you can use to find one near you.
But you can also use your debit card to make payments. Using your debit card on an eligible transaction will get you a 1% cashback.
Yes. The daily ATM withdrawal limit is the lesser of $2,000 or your available balance.[4] However, if you withdraw from an unaffiliated ATM, the ATM operator might have other limits and charges.
BMO Smart Advantage Checking - $250 Cash Bonus
Open a new BMO Smart Advantage Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
Rewards Checking - Up to 3.30% APY
- Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!†
- Build your own APY with up to 3.30% APY*
- Zero monthly maintenance fees
- Zero overdraft or NSF fees
- Zero minimum monthly balance reqs
- No initial deposit requirement
- Unlimited domestic ATM fee reimbursements
- Online debit card management
- Simple, 3-step process for direct deposit
High Interest Checking - Up to 1.10% APY
- Earn up to 1.10% APY
- $100 minimum opening deposit
- APY is based on the account balance and making at least 10 qualifying debit card point-of-sale transactions of $10.00 or more per statement cycle.
How to Open a Discover® Checking Account
You can easily open an account from the comfort of your own home. Here's how to do it through their website:
- Go to the Discover Cashback Debit page and select Open a Checking Account.
- Fill out the application form with the necessary information.
- Fund your account.
Should You Get a Discover® Checking Account?
If you're looking for a checking account that has virtually no fees, then Discover Cashback Debit is a good option. It can certainly help you maximize your funds without having to pay any pesky fees and charges.
Plus, the 1% cashback on up to $3,000 of your purchases monthly can be pretty neat. Particularly if you're a frequent debit card user for most of your spending.
If these are helpful features for you, you can open a Discover Cashback Debit account free of charge.
The qualified debit card purchases for Discover's 1% cashback include point-of-sale purchases and online purchases through your debit card.[5] But ATM transactions, peer-to-peer payments, online sports betting, and several more do not qualify. You can check Discover® Cashback Debit page for the full list.
Online Checking Account - Earn Cash Back
- 1% cash back on up to $3,000 in debit card purchases each month. See website for details
- No fees
- Early Pay - Get your paycheck up to two days early with no charge
- No credit impact - You can apply without affecting your credit score.
- Access to over 60,000 no-fee ATMs in the U.S.
Bottom Line
Some checking accounts can have a lot of fees tied to them which can be frustrating. Luckily, free checking accounts like the Discover Cashback Debit exist for you to avoid them as much as possible.
Ultimately, whether it is good for you or not will depend on your financial needs. Best to consider your options before you commit to any checking account.
Free Rewards Checking
- Earn up to 5.00% APY*
- Unlimited reimbursement for any and all ATM fees**
- Over 30,000 ATMs & over 5,000 shared branches
- No monthly maintenance fees
- No minimum balance
Key Smart Checking® - $200 Bonus
- Open a Key Smart Checking® account online by July 19, 2024.
- Make the minimum opening deposit of $10, plus one direct deposit of at least $500 within the first 60 days of account opening.
- Your $200 cash bonus will be deposited into your account within 90 days of meeting requirements. Account must not be closed or restricted during the time of promotional period.
High Yield Checking - Up to 7% APY
- Earn 7% APY on average daily balances up to $10,000 and .50% on balances above $10,000.
- No minimum balance required but does require a minimum funded amount of $25.
- No monthly account fee
Rewards Checking Plus - Up to 2% Cash Back
- Up to 2% cash back on purchases.
- No monthly fees
- Get paid up to 2 days early.
- Maximize your rewards with direct deposit.
Fifth Third Momentum® Checking - $200 Bonus
Open an eligible Fifth Third checking account. Make direct deposits totaling $500 or more within 90 days of account opening to qualify for bonus. The cash bonus will be deposited into your new checking account within 10 business days of completing qualifying activity requirements.
CashBack Checking - Earn up to 1.00% Cash Back
- Earn up to 1.00% cash back on signature-based purchases
- Unlimited domestic ATM fee reimbursement
- No monthly maintenance fee
- $50 minimum balance required to open account
References
- ^ Discover. About Your Account: What fees and service charges are associated with my Discover Cashback Debit Account?, Retrieved 10/17/2023
- ^ Discover. About Your Account: How long do I have to fund my Cashback Debit Account?, Retrieved 10/17/2023
- ^ FDIC. Overdraft and Account Fees, Retrieved 10/17/2023
- ^ Discover. Deposit Account Agreement: Debit Card Limits, Retrieved 10/17/2023
- ^ Discover. Deposit Account Agreement: Cashback Debit Rewards and Incentives, Retrieved 10/17/2023
Write to Rue Atanacio at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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