While most everyone is aware of the Discover Credit Card, very few know that Discover bank services are also available. Although relatively new to Discover Financial Services, the parent company of the Discover Credit Card and Discover Bank divisions, many customers have been taking advantage of Discover Bank and their online banking and online bank customer service.
Sears, Roebuck and Co. originated the Discover Card in 1985. At the time, Sears was the number one retailer in the United States. The company had been attempting to get into financial services since 1981. The official name of the new financial division of Sears, issuer of the Discover Card, was the Sears Financial Network.
The Discover Card quickly proved successful where cards issued by other financial groups or bank meant to compete with MasterCard and Visa had failed. Customers were attracted to Discover because it had no annual fee and offered a cash-back bonus. Retailers across the nation also jumped onboard because Discover Card merchant fees were lower than those of other major credit cards.
After facing financial difficulties in the new retail environment that sprang up in the early 1990s, Sears sold its financial division in 1993. Discover became a division of Dean Witter, and Dean Witter merged with Morgan Stanley in 1997.
In 2000, seeking to expand its offerings, Discover Financial Services purchased a community bank in Greenwood, Delaware, called the Greenwood Trust Company. Discover Financial immediately changed the name to Discover Bank.
Discover Bank Today
Since 2000, Discover Bank has significantly grown, and Discover Bank services expanded to meet the needs of consumers across the United States. The bank now handles deposits in excess of $34 billion. Much of the success of the bank is due to its powerful parent company backing, but Discover Bank customer service is widely regarded as exemplary. Customer service has been a focus of Discover for many years in its attempt to differentiate its credit card from the others.
Discover Bank continues to operate out of its original headquarters in Greenwood, Delaware. Most customers perform transactions and check their accounts Discover Bank's free online banking and 24/7 bank customer service.
Discover Bank Services
Discover Bank services include four major types of accounts: online savings, money market, CDs, and IRA CDs.
Customers can open an online savings account at Discover Bank with only a low minimum deposit. Once opened, the account has no minimum balance and rates at five times the national average for savings accounts.
Discover Bank is new to Discover Financial Services, but they have had experience in consumer banking since 1911. Now that a strong financial corporation backs Discover Bank, they have steadily drawn in new customers.