Discover Will Automatically Waive Your First Bank Account Fee
Discover is launching a new program for its online bank account holders called First Fee Forgiveness. Each year, the bank will waive the first eligible fee a customer incurs on a Discover Bank cashback checking, savings or money market account.
The following fees are included in the program:
- Insufficient funds fee: $30
- Stop payment fee: $15
- Excessive withdrawal fee: $15
- Money market minimum balance fee: $10
Wire transfer fees are not included in First Fee Forgiveness.
The waived fee is displayed as an account credit on the monthly statement, and is in the transaction details in each customer’s dashboard. If an account holder receives two fees in the same day, Discover will waive the higher of the two fees.
Customers do not have to go through any additional steps to have a fee waived. Discover will complete the process automatically. Each account is allowed one forgiven fee each calendar year. A customer with a savings and a checking account would get one fee waiver for checking and one fee waiver for savings.
Discover Bank account fees are generally low compared to other banks in the industry. There is no monthly maintenance fee or minimum balance required for checking or savings accounts. ATM withdrawals are free in Discover’s network of 60,000 ATMs. The newly revamped checking account provides up to $360 cashback a year. Customers can earn 1% cash back on nearly all debit card purchases for up to $3,000 worth of transactions per month.