If you’re a Discover customer, check your email! Discover has sent out emails to deposit account holders to notify you of a positive term change that will take into effect starting May 7, 2018. In summary, you will be allowed one “fee forgiveness” per calendar year (January 1 – December 31) on deposit accounts (checking, savings, and money market accounts). The eligible fees that will be reimbursed and credited to your account are as follows:
- Excessive Withdrawal Fee
- Insufficient Funds Fee
- Stop Payment Fee
- Money Market Minimum Balance Fee
For clarity, each Eligible Account is allowed one, and only one, Eligible Fee to be forgiven per calendar year. See below for what the email entails.
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Discover Allows One Fee Forgiveness
Below is what the email entails:
Thank you for choosing Discover Bank. We appreciate your business and are here to help you bank better. We are excited to tell you about a positive change to the way Discover assesses certain fees on your account. We will be forgiving the first Eligible Fee applicable to your Eligible Account as described below. This change to your Deposit Account Agreement will be effective as of May 7, 2018. Please carefully review the contents of this letter and retain a copy for your records.
Changes to our Deposit Account Agreement include:
| Section 37 (Added) FIRST FEE FORGIVENESS |
Products Impacted: Checking, Savings, and Money Market Accounts
Section (a) Definitions. For purposes of this Section 37 the following definitions apply: i. “Eligible Account” means a Discover checking account, savings account or Money Market account. (c) If your Eligible Account is charged two Eligible Fees in the same calendar day, the highest Eligible Fee will be forgiven. |
If you have any questions, please call us at 1-800-983-1245 (TDD 1-800-347-7454). Our 100% U.S.-based customer service team is available 24 hours a day, 7 days a week.
Thank you for choosing Discover®.
Sincerely,
Discover Bank Customer Service
Author’s Verdict
This is a great change on top of how great Discover is already. We all make mistakes every once in a while and perks like this assures us as consumers that Discover really cares about their customers and thinks in a consumer-centric standpoint. Be sure to check out our segment on the latest Bank Bonuses or the Best Credit Card Promotions!
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