discover bank

Vinh

12 years ago

does anyone have experience banking with discover bank? how are they?

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Comments (7)

jannie
12 years ago
I had a Discover card for years, never any issues or problems. Discover is not as commonly accepted as Visa or Mastercard, you may find less retailers will accept it. I recently paid off my Discover card and I'm looking to pay down all my other credit cards (four of them).I guess you can call me a credit-holic.
Vinh
Original Author
12 years ago
thanks for the info jannie, but i was referring to the online bank through discover, not the credit card itself.
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No bank in the US, whether domestic or foreign-owned, is allowed to use the FDIC guarantee unless they have paid their insurance premiums to the FDIC. No exceptions! Not only the FDIC, but also other banks, enforce this. You'd better believe that any Internet bank claiming FDIC insurance but not actually having it, would get turned in ASAP by its competitors. "Hot money" (see the great article in today's WSJournal explaining how money flows around seeking the best rates of return, thus is nicknamed 'hot money') is a huge, huge source of cash to leverage for high-yield loans. Note that credit unions are not members of the FDIC. Some of them, but not all, belong to their own equivalent insurance organization. Be sure to check carefully. Having worked at a bank, I can tell you that the worst paid people are the ones who meet with retail customers. The higher you go, the less contact you have with non-institutional customers. No bank is really interested in you personally unless you are regularly moving around seven-figure cash flows. They can pretend they care, but honestly, they really don't. Little amounts are only worthwhile when lumped together into large conglomerated funds. It's just the nature of business.
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LuAnn_in_PA
12 years ago
Discover Bank has some great rates, but I have not tried them yet.
I guess I am too used to my local bank, even with its low rates.
jakkom
12 years ago
Since they are FDIC insured, I don't think you need to worry. Just remember it takes a few days to transfer money in and out. I have an on-line savings acct at ING, soon to become Capital One, and it lets you set up the info for your local checking/savings accts so that making transfers just takes a few clicks. Simple and easy!
emma
12 years ago
I don't understand the logic in banking like that or using a bank you have never even heard of. I am sticking with local banks. If there is a problem I want to be able to go in, talk to a human and look them in the eye. It's our life savings we are talking about.
MichDolen
12 years ago
I like sticking my local credit union to do my banking. I do use a Discover credit card and have not had any problems with them. I do pay my balance off every month though.
emma
12 years ago
Mich I use a CU for my savings and their CC and pay it off every month. It is so easy charging every thing over $15. My checking is with a local bank that I have used for years.

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discover bank

Comments (7)

jannie

Vinh
Original Author

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discover bank

Comments (7)

jannie

VinhOriginal Author

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Vinh
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