Discover Launches Balance+: A Fee-Free Overdraft Protection Feature for Debit Card Purchases
July 08 2024 - 6:00AM
Business Wire
Today Discover announced Balance+, an innovation for its
Cashback Debit Checking account, providing customers with fee-free
discretionary overdraft coverage applicable on everyday debit card
transactions. With many Americans continuing to live
paycheck-to-paycheck, this offering highlights Discover’s continued
efforts to help address overdraft fees–a key customer pain
point–and allows customers to seamlessly manage their money without
the stress of not being able to cover everyday purchases.
With Balance+, Cashback Debit account holders can overdraw their
checking account up to $200 on debit card purchases with no fees.
To qualify for Balance+, an account must be in good standing with a
balance greater than $0, and account holders must receive at least
one qualifying direct deposit of $200+ per month for the last two
calendar months.
Balance+ complements Discover’s existing overdraft coverage
including fee-free Overdraft Protection, which automatically
transfers money from a linked Discover account to cover
transactions when an account is overdrawn. While Balance+ covers
debit card purchase overdrafts, Discover’s Overdraft Protection
covers checks, online bill payments and ACH transfers initiated at
another bank. Cashback Debit customers can enroll in both Balance+
and Overdraft Protection to ensure different types of transactions
are covered.
“With Balance+ we are giving our customers peace of mind that
Discover has their back when they use their debit card for their
everyday necessities,” said Ram Subramanian, vice president, chief
marketing officer of Discover Bank. “This is a natural extension of
our commitment of offering the most rewarding banking experience
without having to worry if you make a mistake.”
In addition to Balance+, Discover has continued to enhance
Cashback Debit to provide a better experience for customers. Recent
enhancements include:
- Add Cash: Provides contactless debit card customers the
ability to add money to their account at any Walmart location in
the U.S., in minutes – with no fees.
- Direct Deposit Switch: Allows customers to seamlessly
setup or switch their payroll direct deposit instructions securely
via their Discover mobile app or through their online portal,
providing access to Early Pay (up to two days earlier).
- Secure Account Linking: Gives customers a seamless way
to link external accounts to their Discover Bank account.
The new features build on the existing benefits of Cashback
Debit, including 1% cash back on up to $3,000 in debit card
purchases each month, no fees for monthly maintenance, insufficient
funds or overdraft, fraud protection on debit card purchases and
access to 60,000+ fee-free ATMs across the U.S.
“Cashback Debit offers consumers a wide range of benefits and is
one of the only checking accounts to offer cash back rewards,”
continued Subramanian. “We’re excited to continue building on this
product to provide straightforward and meaningful benefits that
puts the consumer in control of their finances.”
For more information, visit
Discover.com/online-banking/checking-account.
About Discover
Discover Financial Services (NYSE: DFS) is a digital banking and
payment services company with one of the most recognized brands in
U.S. financial services. Since its inception in 1986, the company
has become one of the largest card issuers in the United States.
The company issues the Discover® card, America's cash rewards
pioneer, and offers personal loans, home loans, checking and
savings accounts and certificates of deposit through its banking
business. It operates the Discover Global Network® comprised of
Discover Network, with millions of merchants and cash access
locations; PULSE®, one of the nation's leading ATM/debit networks;
and Diners Club International®, a global payments network with
acceptance around the world. For more information, visit
www.discover.com/company.
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