Change to Discover checking account .10 cents per check "reward"

[Anonymous]

TL;DR I just got this notice, no more 10 cents per check, now 1% cash back on most Debit card transactions after Nov 1 2017... See below

(b) The following terms apply to Cashback Bonus rewards earned on November 1, 2017 or after:

You may earn Checking Cashback Bonus Rewards based on qualifying debit card purchases made using your Discover Cashback Checking Account debit card. You will earn Checking Cashback Bonus rewards of 1% of the qualifying debit card purchase amount.

Qualifying debit card purchases include:

(i) point-of-sale purchases made with your debit card (excluding any cash over portion of the purchase) and

(ii) online purchases made with your debit card.

Debit card purchases that are not eligible for 1% Checking Cashback Bonus rewards include:

(i) any transaction made at an ATM

(ii) cash over portions of point-of-sale debit card transactions

(iii) peer-to-peer payments*

(iv) purchases made using third-party payment accounts (services such as Venmo® or Paypal™) may not be eligible for cashback rewards

*Peer-to-peer payments (P2P) are defined as electronic money transfers made from one individual's bank account or credit card to another individual's bank account or credit card through a peer-to-peer payment application.

Checking Cashback Bonus rewards will be earned monthly and posted to your Checking Cashback Bonus account on the Business Day following your statement end date. Your Checking Account must be open when Bonus rewards are posted.

Customers are limited to being an owner, whether individual or joint, to a maximum of five (5) Cashback Checking Accounts

(c) Redeem Rewards: You may redeem your Checking Cashback Bonus on DiscoverBank.com. You may redeem your Checking Cashback Bonus in any available amount for:

•   A credit to your Cashback Checking Account from which the Bonus rewards were earned.

•   A transfer to a Discover Credit Card Cashback Bonus account. Once rewards have been transferred to a Discover Credit Card Cashback Bonus account, they will be governed by the Discover Card Cashback Bonus Terms and Conditions and the rewards cannot be transferred back to the Checking Cashback Bonus account; and/or

•   Other Checking Cashback Bonus redemption options advertised on DiscoverBank.com from time to time.

You may redeem your Checking Cashback Bonus if your Checking Account is open and has a $0 or positive balance. For full details about redemption methods and amounts for Checking Cashback Bonus, visit DiscoverBank.com.

(d) Expiration of Rewards: Checking Cashback Bonus rewards do not expire, but if your Checking Account is closed for any reason, Checking Cashback Bonus rewards may be forfeited. If your debit card or account number is lost or stolen, or we issue you a new account number for any other reason, we will transfer your Checking Cashback Bonus to your new Checking Cashback Bonus account.

(e) Transaction Reversals: Effective November 1, 2017, any qualifying debit card purchase that is returned, in whole or in part, for a credit to your Cashback Checking Account will result in a deduction of the Checking Cashback Bonus reward given for that portion of the qualifying debit card purchase that has been returned. Debit Card purchases made prior to November 1, 2017, and returned in whole or in part for a Cashback Checking Account credit after November 1, 2017 will not be subject to a deduction in Checking Cashback Bonus, provided such return occurs on or before December 31, 2017.

The Checking Cashback Bonus reward amount to be reduced on qualifying refunded debit card purchases will be 1% of the total refund transaction amount, based on the new Checking Cashback Bonus rewards structure effective November 1, 2017.

Reversal of a Checking Cashback Bonus reward may result in a negative Checking Cashback Bonus reward balance.

We may adjust the amount of the Checking Cashback Bonus reward due to irregular, unauthorized or fraudulent activity in the Checking Account. We may offer additional incentives for establishing a Checking Account and/or maintaining one with certain types of activity.

[Anonymous]

I was going to open an account with them. But now it is not useful, as I would have paid my credit cards and rent with it to collect 10 cents each month. But 1% isn't worth it. If I wasn't into credit cards, I probably would consider it.

[Anonymous]

I can't seem to find anything in writing about this. Maybe they shoved you into a pilot program?

[Anonymous]

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@Anonymous wrote:

I can't seem to find anything in writing about this. Maybe they shoved you into a pilot program?

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That I dont know, the people on chat dont know much about it either... As it sits I am looking to close my bank accounts with them. Depositing money from a different bank to them takes an insane amount of time. 10-12 days average. I have a primary Huntington account and they are very good about transfers. It seems to be on Discovers end. I am happy with my Discover CC but the banking side sucks.

[Anonymous]

FiveSeven57 appreciate your sharing the 10 12 days average for funds to deposit to Discover Bank. Had the checking and savings account for six years and it was always eight to twelve days for funds to deposit and clear. Got tired of it and closed both accounts down. There are way to many opportunities in the market place today to deal with the delays I had. Not worth it.

[Anonymous]

I've never had transfers take that long. Example: transfer from my primary checking to their savings. One transaction I did last month was delivered in 1 day, and cleared 4 business days later. They have a longer hold time than some banks, but that was only 5 business days from my original ACH request... An account that gives free checks and cashback bonus is pretty good...

[Anonymous]

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@Anonymous wrote:

I've never had transfers take that long. Example: transfer from my primary checking to their savings. One transaction I did last month was delivered in 1 day, and cleared 4 business days later. They have a longer hold time than some banks, but that was only 5 business days from my original ACH request... An account that gives free checks and cashback bonus is pretty good...

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I am glad you have had better experience than I have, as it sounds though I am not the only one to have this issue with them. I liked the .10 per check bonus, but the 1% on the debit card (and only in certain cases) I have 0 use for. They are also not the only one to give free checks. So with the bonus not being of use and the obnoxious transfer times, it becomes easy to move on.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I've never had transfers take that long. Example: transfer from my primary checking to their savings. One transaction I did last month was delivered in 1 day, and cleared 4 business days later. They have a longer hold time than some banks, but that was only 5 business days from my original ACH request... An account that gives free checks and cashback bonus is pretty good...

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I am glad you have had better experience than I have, as it sounds though I am not the only one to have this issue with them. I liked the .10 per check bonus, but the 1% on the debit card (and only in certain cases) I have 0 use for. They are also not the only one to give free checks. So with the bonus not being of use and the obnoxious transfer times, it becomes easy to move on.

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Am I missing something here? 

1% cash back will be more rewarding than .10 per debit card purchase, right? 

Why are people complaining? If you pay your $120 Verizon bill you get $1.20 back instead of $0.10.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I've never had transfers take that long. Example: transfer from my primary checking to their savings. One transaction I did last month was delivered in 1 day, and cleared 4 business days later. They have a longer hold time than some banks, but that was only 5 business days from my original ACH request... An account that gives free checks and cashback bonus is pretty good...

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I am glad you have had better experience than I have, as it sounds though I am not the only one to have this issue with them. I liked the .10 per check bonus, but the 1% on the debit card (and only in certain cases) I have 0 use for. They are also not the only one to give free checks. So with the bonus not being of use and the obnoxious transfer times, it becomes easy to move on.

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Am I missing something here? 

1% cash back will be more rewarding than .10 per debit card purchase, right? 

Why are people complaining? If you pay your $120 Verizon bill you get $1.20 back instead of $0.10.

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Because most people here are getting > 1% on a credit card. The debit card was good for small purchases such as vending machines, a soda, etc. If I was buying a loaf of break for $2, I'd do better getting 10 cents back than getting 2.2% back on my cash rewards.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I've never had transfers take that long. Example: transfer from my primary checking to their savings. One transaction I did last month was delivered in 1 day, and cleared 4 business days later. They have a longer hold time than some banks, but that was only 5 business days from my original ACH request... An account that gives free checks and cashback bonus is pretty good...

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I am glad you have had better experience than I have, as it sounds though I am not the only one to have this issue with them. I liked the .10 per check bonus, but the 1% on the debit card (and only in certain cases) I have 0 use for. They are also not the only one to give free checks. So with the bonus not being of use and the obnoxious transfer times, it becomes easy to move on.

---

Am I missing something here? 

1% cash back will be more rewarding than .10 per debit card purchase, right? 

Why are people complaining? If you pay your $120 Verizon bill you get $1.20 back instead of $0.10.

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Because most people here are getting > 1% on a credit card. The debit card was good for small purchases such as vending machines, a soda, etc. If I was buying a loaf of break for $2, I'd do better getting 10 cents back than getting 2.2% back on my cash rewards.

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I would also add that not every business takes CC or Debit cards, maybe you live in an area where this is not the case. I live in a small town, who's mindset is that its a big city.