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Wells possibly to buy Discover?

Frequent Contributor

Re: Wells possibly to buy Discover?

If Wells Fargo buys the company and then let's Discover Financial Service run as is then I will keep my card. But if Wells Fargo decides to absorb the company then I will be very upset and close my account.

Scores: EX - 769 (Amex FICO 5/21/16) TU - 763 (Discover FICO - 4/30/16), EQ - 795 (Citi FICO - 5/24/16)
Current Cards: Amex BCE - 10k, NFCU cashRewards Sig - 8k, Discover It - 10k, Citi Dividend WE - 8k, Chase Freedom - 4k, Chase Amazon Visa Sig - 4k
Last App: 3/4/2016.
Message 11 of 26
Regular Contributor

Re: Wells possibly to buy Discover?

Hell no. My immediate response would be closing down all my accounts with discover. I hate wellsfargo and they are the most meanest bank ever. They never give s@#t about their customers.

Message 12 of 26
Valued Contributor

Re: Wells possibly to buy Discover?

Not disagreeing with any word already said, but business is business. 

 

If it's good business, (meaning that each corporation's shareholders should see a profit potential for this deal), then it should happen.  Each and every customer-cardholder onboard now is a part of that profit potential picture.  Neither one of these co.'s wants to piss anybody off.

 

I choose to use both Discover and Wells Fargo cards regularly.  And I'm not on the board of officers of either corporation.

 

As a customer, I can choose whether or not to continue to use any credit products as I wish.  If I'm unsatisfied, I'll deal with it then.

 

It's refreshing to know that at least somebody, somewhere, corporate office or not, is at least looking at the numbers needed to make their vision a reality, unlike some of the government people who freely spend my bucks (and yours) with no regard for the economic realities.

 

 

 

 

Message 13 of 26
Valued Contributor

Re: Wells possibly to buy Discover?

Mad!!!!!! nooo!!!!! i like having wells fargo as a bank, but not together with discover financial. that makes me mad. shame on discover for wanting to merge with wells fargo. go with first national bank of nebraska instead.

Message 14 of 26
Frequent Contributor

Re: Wells possibly to buy Discover?

Keep in mind this is in a Forbes blog called "Great Speculations" so I don't think the idea holds any water. It says a company published a "what-if" research report, it does not say either bank has even thought about it.


Starting Score: 690
Current Score: EQ 780 EX 814 TU 783
Goal Score: 800

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Message 15 of 26
Senior Contributor

Re: Wells possibly to buy Discover?

AF_23 wrote:

 


This is not good whatsoever. I wasnt pleased that Wachovia was swiped up by them either


+1

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 16 of 26
Contributor

Re: Wells possibly to buy Discover?


LTomBerry wrote:

Keep in mind this is in a Forbes blog called "Great Speculations" so I don't think the idea holds any water. It says a company published a "what-if" research report, it does not say either bank has even thought about it.



Good Catch!  I am glad its just speculation not actually happening! Smiley Happy

Message 17 of 26
Regular Contributor

Re: Wells possibly to buy Discover?

I absoulutely hate wells fargo! I have had them for 14 years and they dont want to lend and are difficult to deal with. I love the customer service with discover!

Message 18 of 26
Moderator

Re: Wells possibly to buy Discover?


JollehRoger wrote:

If Wells Fargo buys the company and then let's Discover Financial Service run as is then I will keep my card. But if Wells Fargo decides to absorb the company then I will be very upset and close my account.


When we're talking corporate acquisitions, I suspect this would be Wells' best option.

 

Really I think it makes a great deal of sense; if WF can start pitching Discover products to it's clients, and having an enormous bank might be very, very handy for spreading Discover's transaction network.  Wells probably has a non-trivial amount of business accounts, it wouldn't be hard for them to offer some sweeter deal to their clients in order to get them to start taking Discover cards if they don't today.

 

Now that the idea has been floated out there publically, Discover is likely to get a couple of offers I'd guess, either Citi or maybe BOFA or even Chase (not sure I see this one) as I'm certain all of them would rather not be paying Amex/Visa/MC the transaction network fee if they didn't have to.

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 19 of 26
Super Contributor

Re: Wells possibly to buy Discover?


Revelate wrote:

JollehRoger wrote:

If Wells Fargo buys the company and then let's Discover Financial Service run as is then I will keep my card. But if Wells Fargo decides to absorb the company then I will be very upset and close my account.


When we're talking corporate acquisitions, I suspect this would be Wells' best option.

 

Really I think it makes a great deal of sense; if WF can start pitching Discover products to it's clients, and having an enormous bank might be very, very handy for spreading Discover's transaction network.  Wells probably has a non-trivial amount of business accounts, it wouldn't be hard for them to offer some sweeter deal to their clients in order to get them to start taking Discover cards if they don't today.

 

Now that the idea has been floated out there publically, Discover is likely to get a couple of offers I'd guess, either Citi or maybe BOFA or even Chase (not sure I see this one) as I'm certain all of them would rather not be paying Amex/Visa/MC the transaction network fee if they didn't have to.

 


They would still be paying discover the transaction fee for cash flow purposes, otherwise they would just have to funnel money into discover some other way. Imagine if lets say chase bought discover, and issued all their customers new discover cards and DFS didn't get ANY of the transaction fees on those cards, they would die. Sure it is just money funneling from one part of a company to another, but yeah Smiley Tongue 

Message 20 of 26