Cashback Debit, the online checking account from Discover, was recently certified by the national nonprofit organization, Cities for Financial Empowerment (CFE) Fund. The CFE Fund’s mission is to improve the financial stability of low and moderate income households by embedding financial empowerment strategies into local governments. The CFE Fund developed the Bank On National Account Standards, which support financial institutions’ efforts to connect consumers to secure and low-cost bank accounts. Discover is the first digital bank to meet the Bank On’s certification standards with the no fee1 Cashback Debit account.
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“Financial inclusion is more critical than ever—especially during the COVID-19 pandemic when quick and reliable access to funds like stimulus checks is essential,” said Carlos Minetti, president of consumer banking at Discover. “Bank On’s certification standards identify safe and affordable financial products, which help consumers avoid expensive alternative financial services and put them on a path to increased savings and financial empowerment. The Cashback Debit account from Discover has no fees and lets customers earn cash back on eligible debit card purchases, ensuring customers can keep more of what they earn and save.”
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The Bank On certification standards developed by the CFE Fund outline critical product features for bank accounts appropriate for those currently outside of the mainstream banking system. Product features include low costs, no overdraft fees, and robust transaction capabilities such as a debit card and online bill pay.
The Cashback Debit checking account meets Bank On’s certification standards based on its no-fee structure, including access to over 60,000 no-fee ATMs across the country2, and convenient tools to help consumers deposit checks and pay bills online. It also rewards customers with 1% cash back on up to $3,000 in eligible debit card purchases each month. Discover offers customers the option to automatically deposit their debit card Cashback Bonus into an eligible Discover Online Savings account each month, allowing them to grow their savings with interest. As a digital bank, customers can access their account whenever and wherever they are while knowing they always have 24/7 access to U.S.-based customer service.\
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