Just Open Discover Cash Back Checking!!!! It is available now.

[Open123]

@lg8302ch

Why don't you try a test wire of a nominal amount first, say $5?

[Dubious]

I just received the promo that Open posted today, a $50 cashback bonus for opening the account.

The checking account itself is not very useful to me. I do not use my debit card for purchases, eww. I also do not usually write checks (too young for that). Although I've had to write one once every blue moon. If the online bill pay is unreliable as someone above posted, I won't be using it. 

The only reason I'm considering it is for the $50 bonus. So basically just a one-time thing. It says no monthly fees if you open with at least $25. I wouldn't mind getting $50 back to have $25 sitting with Discover. 

The fine print says "Bonus is considered interest and will be reported on IRS form 1099-INT." What exactly is this?

[Ron1]

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@Dubious wrote:

I just received the promo that Open posted today, a $50 cashback bonus for opening the account.

The checking account itself is not very useful to me. I do not use my debit card for purchases, eww. I also do not usually write checks (too young for that). Although I've had to write one once every blue moon. If the online bill pay is unreliable as someone above posted, I won't be using it. 

The only reason I'm considering it is for the $50 bonus. So basically just a one-time thing. It says no monthly fees if you open with at least $25. I wouldn't mind getting $50 back to have $25 sitting with Discover. 

The fine print says "Bonus is considered interest and will be reported on IRS form 1099-INT." What exactly is this?

---

It means $50 is taxable like interest. It is part of your income. 

Ron.

[Open123]

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@Dubious wrote:

The only reason I'm considering it is for the $50 bonus. So basically just a one-time thing. It says no monthly fees if you open with at least $25. I wouldn't mind getting $50 back to have $25 sitting with Discover. 

---

$25 deposit for a $50 bonus is a great return.  

And, who cares about the issues with their bill pay?  Before they iron out the issues, just pay your Discover bill with it leaving a few bucks in the account.  Or, must make multiple small payments to a CC account for the 0.10 cents if you have the time or inclinaiton.

[Dubious]

@Open

You're right, I should just open the account already. I can keep some monies in there to pay off my Discover card when I do use it. And Discover will add more monies in 4-6 weeks so that's nice 

[lg8302ch]

---

@Open123 wrote:

@lg8302ch

Why don't you try a test wire of a nominal amount first, say $5?

---

First international money wire on the way.... Swift code belongs to The Bank of New York Mellon in Pittsburgh, ABA belongs to The Bank of New York Mellon in New York and for sure Mellon Bank (indicated by Discover) does no longer exist after the merger several years back. The new name of the bank is BNY Mellon.  No incoming fees for domestic or international wires advertised by Discover Bank but nobody knows what will happen at the processing bank BNY Mellon. I am really curious to see if BNY Mellon really does post the full amount or debit the usual 12-16$ service fees for wires and also wonder how long it will take to post through a 3rd bank. I will post the result in case anybody is interesting in receiving international wires. If really free on the US side this would be a great deal for me - international wire for 10$ from Europe instead of 22-26$ ..we will see

[BearsAndTurtlesRtheBest]

My sister wanted to open one but it says:

Sorry, the Cashback Checking application is 
temporarily unavailable.

We apologize for the inconvenience--- please come back soon 
to open your checking account..

[BearsAndTurtlesRtheBest]

anyone else?

[Mellon]

just signed up..i don't need another checking account...but i'm game for this one (no fee)

[RockinRay]

I think it will be interesting to see how well this account works.

I did a small deposit with them via the iPhone App to see how that worked. They credit the account the following business day if deposit was done during business hours on the day you made the deposit. If you deposit after business hours, the deposit will post on the second business day. They also told me that I should keep the deposited check for 60 days. Not impressed...

I use USAA for my main bank and when I depsit a check with my iPhone, the account is credited immediatley. No waiting game needs to be played. But, I do like the cash back on the Discover account so I do plan to run some money through it to pay the things that I cannot pay with a credit card, like the mortgage, car payments, and utility bills. I see value there.

One question that I did ask Discover Bank was what did they offer for Over Draft protection. They came back saying nothing at this time but they do plan to tie this to your Discover card in the future.

We also opened a savings account with them. Still waiting for that to fund.