Saturday, October 15, 2022

How Do I Close My Discover Bank Account

Don't Miss

Reasons Your Credit Card Issuer Could Close Your Account

4 Ways To Close Discover Bank Account

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list ofour partnersandhere’s how we make money.

Once youre approved for a credit card, its yours for as long as you want it, right? Not necessarily.

If you dont live up to your part of the agreement, the credit card issuer can close your account. Here are the three most common reasons issuers close accounts.

Closing A Discover Card Account

How to close a Discover card account.

Discover® has on every single card

Cash Back Credit Cards:Travel Credit Card:Student Credit Cards:Secured Credit Card:Business Credit Card:Cash Back Credit CardsIntro purchase APR0%14 monthsIntro Balance Transfer APR0%14 monthsStandard purchase APR: 11.99%22.99%Cash APR: 24.99%Cash advance fee:$105%Balance transfer fee: 3%5%Annual Fee: None.Travel Credit CardIntro purchase APR0%14 months Intro Balance Transfer APR10.99%14 monthsStandard purchase APR: 11.99%22.99%Cash APR: 24.99%Cash advance fee:$105%Balance transfer fee: 3%5%Annual Fee: None.Student Credit CardsIntro purchase APR0%6 monthsIntro Balance Transfer APR10.99%6 monthsStandard purchase APR: 12.99% – 21.99%Cash APR: 24.99%Cash advance fee:$105%Balance transfer fee: 3%5%Annual Fee: None.Secured Credit Card22.99% standard variable purchase APR. Intro Balance Transfer APR10.99%6 monthsCash APR: 24.99%$.50. Cash advance fee:$105%Balance transfer fee: 3%5%Annual Fee: None.Business Credit CardIntro purchase APR0%12 monthsStandard purchase APR: 12.99%20.99%Cash APR: 24.99%Cash advance fee:$105%Balance transfer fee: 5%Annual Fee: None.

Reasons For Closing A Bank Account

You dont need a reason to close a bank account, however there are numerous reasons you might want to. Here are some of the more common reasons to move on from your current account:

  • Moving to a new city or state
  • To get better interest rates
  • Switching to an online bank
  • To qualify for a bank-offered bonus
  • To escape poor customer service
  • To avoid expensive fees
  • To gain better features and services
  • Opening a joint account
  • Consolidating your banking
  • Switching from a child account to an adult account

Whatever your reason for closing your bank account, consider the decision carefully to be sure youre making the right moves for your financial situation.

Don’t Miss: How To Do Ach Transfer From Bank Of America

Easy Access To Your Account

One of the most common concerns that people have about online bank accounts is how they can access their account.

Discover Bank offers a mobile application and website that has been designed to make it easy to access and manage your money.

Managing your money is easy. You can use the website or app to set up recurring transfers, move money between accounts, view your balance, and check your account activity.

Discover Banks online savings account accepts deposits in a variety of ways. The easiest is to deposit a check using the mobile app on your phone.

You can also transfer money to the account from another account at Discover or a different bank. Discover Bank also accepts direct deposits. Finally, you can physically mail a check to Discover Bank to make a deposit.

Withdrawing money is more difficult. You will need to transfer the funds to another account before you can withdraw it from an ATM.

Wire transfers will incur a fee. You can also request an official bank check through the mail, which you can then cash.

The Experts’ Advice On Choosing The Best High

Discover Not Honoring Gift Card Purchases for 10% Bonus

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best high-yield savings accounts for your needs.

Here’s what they had to say about high-yield savings.

You May Like: When Will Truist Bank Open

How To Close An Online Savings Account For Free

The process for closing an online savings account is similar to closing a brick-and-mortar savings account. Here are the steps you should take to close an online;account for free, according to online-only financial institution Ally Bank:

  • Cancel any automatic payments or deposits that apply to your savings account. For example, if you have part of your paycheck automatically routed to your savings each month, you might want to cancel that request before closing the account.
  • Contact your online bank and request account closure details in writing to make sure you understand whats expected of you when closing your account.
  • Settle any remaining transactions or overdrafts before closing your account.
  • How To Close A Joint Savings Account For Free

    When another person has ownership of the savings account, you might think you have to get the persons permission to close the account, but you dont, according to Ally Bank. Either person listed as an owner on the joint account can close it.

    Heres how to close a joint savings account for free in just two steps:

  • Cancel any recurring transactions that apply to the account. Contact the joint owner on the account to suggest that he does the same. Otherwise, transactions might come through before the account is closed and result in overdrafts and additional fees or penalties.
  • Visit, call or request in writing that the account should be closed depending on your banks specific rules for account closures.
  • Don’t Miss: What Bank Does American Express Use

    Opening A New Account

  • 1Identify banks that do not use ChexSystems. If your bank closed your account, you may have negative information on your ChexSystems report. However, not all banks use ChexSystems. There also are some that review all applications on a case-by-case basis.XResearch source
  • Likewise, if your bank used a different service, you should look for banks that don’t use that service. These banks will be more likely to open an account for you because they won’t know about what happened between you and the bank that closed your account.
  • You may be able to find this information on the bank’s website. If not, you can always call the toll-free customer service line and ask. Many branches also have the logo of the service they use on their doors.
  • 2Try a small community bank. Smaller community banks are far more likely to review applications on a case-by-case basis, and typically are more forgiving if you had your account closed because you over-drafted or made a mistake.XResearch source
  • If you apply for an account at a small community bank, go into the branch in person rather than applying online . Dress presentably in clean, neat clothing so you make a good impression with the banker.
  • Be as open and honest as possible about your past relationship with your old bank and the reason you want to open an account. This can prevent you from having problems again with this bank if they discover you lied on your application or failed to disclose important information.
  • What To Do With My Discover Checking Account

    Open a Cash Back Checking Account with Discover Bank (Desktop Website) EASY

    I have a;Discover Checking Account and a Discover Savings Account. With the changes;to their “new and improved” cash back system I’m thinking of cancelling;the checking account. I had it open for the 10 cents bill pay and with that going away I don’t really have a use for it after Dec 1. I’m making good interest on the savings account side so I don’t want to leave them entirely and I also have one of their CCs. I;have a 5 years old Chase Checking account that I used to do all my bill pay from until I found out about Discover and moved it all there. Should I leave it open? Close? Doesn’t really matter?

    Also Check: How To Transfer Money To Someone’s Bank Account

    Re: What To Do With My Discover Checking Account

    I don’t think it matters, “relationship” with bank accounts doesn’t really seem to matter with Discover, so if you’re not going to use it you might as well close it.

    I’m closing mine, your post reminded me to transfer the small $21.xx balance to my Disco card, as soon as it posts I’ll close it.I never used it much, I opened it a couple years ago for the $50 bonus, I have accounts at 3 CUs and don’t have any use for the Discover checking.

    Does anyone know if your can close the Discover checking online using the “Contact Us”? I see a PDF form to request closure, but surely you don’t have to fill that out & mail it to them just to close a checking account?

    How We Make Money

    The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.

    Recommended Reading: What Banks Give Temporary Cards

    How To Close Postbank Account In Germany

    Closing a Postbank account is simple. You can cancel the account in person at one of their many offices,;.; You just need to pay attention to:

    • You should ensure that your account is not in the minus / red numbers

    If you wanna do it by letter or by fax it should contain the following information:

    • The account details of the account to be terminated
    • Account details of your new bank account for any remaining payments
    • Your personal details

    Can I Open This As A Joint Savings Account

    Travel with Grant

    Yes. Youll see the option to open an individual or joint Discover savings account when you start your online application. Youll need the joint account holders full name, date of birth and Social Security number when you apply.

    Eligibility requirements

    To apply for an account with Discover youll need to meet the following requirements:

    • US citizen
    • At least 18 years old
    • Valid Social Security number or taxpayer ID
    • Physical US address

    What do I need to open an account?

    Provide Discover with the following information:

    • Name

    Don’t Miss: Can I Transfer My Heloc To Another Bank

    What Are The Benefits Of The Discover Online Savings Account

    Discovers high-interest savings account offers several key benefits in addition to solid fraud and liability protections, standard FDIC insurance up to $250,000 and 24/7 US-based customer service.

    • Competitive APY. Its 0.40% APY is significantly higher than youll find with traditional savings accounts sometimes as low as 0.01% APY.
    • No minimum opening deposit. Some banks require $100 or more to open an account, but you can open a Discover Online Savings Account Account with any amount.
    • Minimal fees. Unlike the competition, Discovers online savings account doesnt have any fees for monthly maintenance, excessive transactions, insufficient funds, account closures and more.
    • Auto Redemption. With the Discover Cashback Debit checking account, this program automatically deposits your cashback bonus into your savings account monthly.

    How Often Do High

    Interest rates on high-yield savings accounts closely follow the federal funds rate. That is to say, rates are variable and can change multiple times per year at the whim of the Federal Reserve.;

    The Fed meets eight times a year and decides whether to increase, decrease, or leave interest rates untouched. If the Fed cuts rates, the APY on your savings account can drop within days. When rates are lower, you won’t earn as much interest on your savings. But that doesn’t mean you shouldn’t save at all. When interest rates inevitably go back up, you’ll see a greater return on your money than if you started from scratch.;

    Because the Fed spent several years raising rates since the Great Recession, it cut interest rates three times toward the end of 2019 in an effort to regulate the economy and sidestep another recession, and it slashed rates twice in 2020. It’s nearly impossible to predict with certainty which way rates will go, but you can bet they’re going to change one way or another.

    Don’t Miss: What Banks Do Sba Loans

    Close Deutsche Bank Account

    If you are wondering how to close Deutsche Bank account, it is pretty simple. Deutsche Bank has an official form to proceed with the cancellation/closure of the current account. And they follow the same requirements to close it as any of the banks mentioned above.

    You can close Deutsche Bank account and requesting it personally.;

    You can also check up the online kontakt formular, then select the option ‘Konto & Karten‘. Then mention that you want to close your account, they should contact you back by emal.

    If you are an international student and you need to close your Deutsche Bank account there is a hotline in English for it. Mon -Fri: 08:00 am 8:00 pm.;

    Here is the telephone number +49 69 910 10006

    Citi Priority Account: Up To $1500 Cash Bonus Offer

    How to Add an External Bank Account in the Discover App

    at Citibank, N.A., Member FDIC

    • What you’ll get: $300, $700 or $1,500.

    • Expiration: Oct. 4, 2021.

    • How to get it: Open a Citi Priority Checking Account and deposit and;maintain a minimum balance of $50,000. Your balance on the 20th day will determine your bonus earning and must be maintained for an additional 60 consecutive days. Funds must be new to Citibank®. Your account must be open and in good standing to receive the bonus.

    • Where to open: Online.

    • Who can qualify: You must not have had a checking account with Citibank for the last 180 days to take advantage of the offer.

    • When youll get it: Youll receive the bonus within 90 days of meeting the requirements.

    • Monthly fee: $30, waived with a monthly average balance of at least $50,000 across eligible linked accounts.

    » Want to see how Chase stacks up? Read NerdWallets review of Chase Bank

    at TD Bank, Member FDIC

    If these bonuses dont entice you, you may want to look for a different account see;our picks for the best checking accounts.

    You May Like: Which Banks Are Giving Money To Switch

    How To Close A Discover Cashback Checking Account

    I drained my account down to a $0 balance and sent a secure message to their Customer Support asking how to close my checking account and I got the following reply:

    “At this time, we show that this account is at a $0 balance and we are unable to close it for you manually, which we do apologize about. Although, once this account has had a $0 balance for 365 days or more, it will then close out automatically and there are no fees to close this account.”

    So I have to keep it at a $0 balance for an entire year and wait for it to close out? ;This is the 1st time I’ve ever encountered this with a checking account…and I’ve run through plenty of them .


    Common Questions About Discover Bank

    • Why is the Discover Savings account limited to six transactions per month?

      Regardless of which bank or account you choose, all savings accounts are limited to six transactions per month. This is because of Regulation D, which is a requirement set by the Federal Reserve. The following transactions count towards your monthly limit:

    • ACH transfer

    You May Like: How To Change Name In Bank Account

    Transfer The Money From Your Old Bank To Your New Bank

    When you have confirmed that automatic transactions have been rerouted properly, you can begin to move your money. Be mindful and cognizant of any pending charges on your old account as well as any withdrawal or transfer limits to avoid overdraft fees.

    However, be sure to leave enough money in your account to cover any potential remaining payments for that month. Additionally, leave some extra money in the event of unexpected expenses in connection to your current banking experience. It is better to be safe than sorry when it comes to fees!

    Why Trust Our Recommendations

    HSBC Checking Accounts

    Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product or account a high APY, for example we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.

    Read Also: When Do Banks Report To Credit Bureaus

    Checking Account Offers Savings Promotions For September 2021

    • Citi Priority Checking, up to $1,500.

    • Chase Total Checking, $225.

    • TD Bank checking, $150 or $300.

    • Huntington checking, $150 or $200.

    • BMO Harris checking, $300 or $500.

    • Alliant Credit Union The Ultimate Opportunity Savings, $100.

    • Bank of America Advantage Banking, $100.

    • PNC Bank Virtual Wallet, $50, $200 or $300.

    • Chase business checking, $300.

    Savings Rates For The Largest Us Banks

    Learn More

    You really can’t go wrong with a high-yield savings account. If you’ve decided to store your money in a high-yield account, where it’s growing but still accessible, you’re already doing better than the 75% of Americans who are leaving money on the table.

    It’s important to note that, unlike certificates of deposit , you do not lock in a fixed interest rate when you open a high-yield savings account. The annual percentage yield is variable since it’s based on what the Federal Reserve does. So while it’s smart to look at interest rates when comparing high-yield savings accounts, it’s not the be-all and end-all.

    Popular Articles

    Below you’ll find our picks for the best high-yield savings accounts right now. Each of these accounts is free of monthly maintenance fees, insured by the FDIC, and appropriate for modest and super savers alike. Users can access each of these accounts online or through an app.

    Editor’s Rating
    Editor’s Rating
    • No debit card unless you open a checking account
    • No monthly balance requirements
    • 100% US-based customer service available 24/7
    • No hidden fees
    • Interest compounded daily, paid monthly
    • FDIC insured

    Why it stands out:Discover offers a competitive rate, and it’s a solid low-fee option there’s no fee for insufficient funds, excess transactions, or monthly maintenance. You also don’t need an initial deposit to open an account.

    Discover offers 24/7 customer service, both over the phone and online chat.


    Read Also: What Was Chase Bank Called Before

    More articles

    Popular Articles