There are two forms that must be completed to open a deposit account for a Trust. Please see below for further direction.
Formal Trust Account Application
Trustee Certification
Formal Trust Checklist
Section 1: Trust Information—Title, Taxpayer Identification Number, Date and Address
Section 2: Trustee Information—You can add up to five Trustees. Every Trustee must sign in blue or black ink.
Section 3: Account Selection—You can select one Money Market and/or multiple CD Accounts. You only need to submit ONE Formal
Trust Application.
Section 4: Account Funding—Fund your account(s) with an ACH transfer, a transfer from an existing Discover account or a check.
Please do not send cash.
Section 5: Signatures—Sign and date
Section 1: Trust Information—Identical to Section 1 of the Formal Trust Account Application
Section 2: Trust Type—Irrevocable/Revocable
Section 3: Trustors/Trustees/ Successor Trustees
Section 4: Notary—A Notary Public signature & seal are required for every Trustee on the Formal Trust Account Application. Trustees
must sign this section in the presence of a Notary Public. Notarization completed through remote online notary from either
www.notarize.com or www.notarycam.com is also accepted.
When the Formal Trust Account Application is completed and the Trustee Certification Form is completed AND SIGNED BY A NOTARY PUBLIC,
you can submit them to Discover in three ways:
1. Fax: 224-813-5223
2. Mail: Discover Bank Overnight: Discover Bank
New Accounts New Accounts
PO Box 30417 5420 W 1730 S
Salt Lake City, UT 84130 Salt Lake City, UT 84104-5335
Postage-paid envelope enclosed (not applicable if the form was downloaded from DiscoverBank.com)
3. Secure Doc Upload: Available at DiscoverBank.com/docupload
Note: If there is more than one Trustee on the Trust and the Trustees sign separate Trustee Certifications, please submit ALL Trustee
Certifications together along with the Formal Trust Account Application.
Formal Trust Account Application Checklist (5 sections)
Trustee Certification Checklist (4 sections)
Submit Documents
Once all your completed documents are received, we will review them within 7 business days. If approved, you will
receive your new account Welcome Kit within 7–10 business days of account opening for a Money Market Account, and
within 7–10 business days of account funding for a CD Account.
See next page for additional information.
rev. 08.2023
NOTE: If you have sent in a Trustee Certification Form after 5/29/14 for the trust listed in this Formal Trust Account Application
and all of the trust information provided in the prior Trustee Certification Form has not changed and is still current, you are
not required to send in an additional Trustee Certification Form.
UPDATED 9/13/23
NOTE: At this time, we only process applications from Trustees who are U.S. Citizens or U.S. Resident Aliens. Discover Bank does
not open deposit accounts for statutory business trusts that require business entity registration with a state government.
Title of Trust: This is the legal name that you or someone else gave the trust. Example: Smith Family Trust, Dated January 1, 2016
Trust Address: Typically, this is the address at which the Trustee or other party (such as an accountant or an attorney) receives mail for the trust.
Trustee: An individual person who manages the trust, usually appointed by the trustor.
Trustor or Grantor: The person who creates the trust.
Successor Trustee: The person who assumes control of the trust after the immediately preceding Trustee(s) dies, resigns, is removed or
becomes unable to continue with his or her responsibilities.
Mother’s Maiden Name: Required for identity verification. Please provide even if she is deceased.
1. Personal Identifiers, such as name and mail address;
2. Personal information, as defined in the California safeguards law, such as contact information and financial information;
3. Characteristics of protected classifications under California or federal law, such as age and citizenship; and
4. Professional or employment-related information, such as current employment information.
5. Sensitive Personal Information, such as certain government identifiers (e.g., social security number, driver’s license number, state
identification card number, passport number); account access credentials; or biometric information for the purposes of uniquely
identifying a California resident.
We may keep Personal Information as long as necessary or relevant for the practices described in this Disclosure or as otherwise required
by law. Actual retention periods vary depending on product and service. We use the following to determine retention periods: Personal
Information that is needed to provide our products and services as described in this Disclosure, for auditing purposes, to troubleshoot
problems or assist with investigations, to enforce our policies and to comply with legal requirements. Laws and regulations require all
financial institutions to obtain, verify, and record information that identifies each person for whom we open or have established an account.
It is the policy of Discover that our records reflect our customer’s name, physical address, date of birth, and identification number. With
respect to records such as customer applications, account statements, and payments on the account, Discover generally retains those
records for a minimum of seven years.
We may collect Personal Information to operate, manage, and maintain our business, to provide our products and services, for our
employment and vendor management purposes, and to accomplish our business purposes and objectives. For example, we use the
Personal Information we collect to:
1. Personalize, develop, market, advertise, and provide our products and services (including analytic services);
2. Provide customer service;
3. Process payments or transactions, provide financing, or fulfill orders;
4. Help to ensure security and integrity
5. Conduct research and data analysis;
6. Perform identity verification;
7. Maintain our systems, infrastructure, and facilities including debugging to identify and repair errors that impair existing intended
©2023 Discover Bank, Member FDIC. FTC 0823
Glossary
Notices and Agreements (2 Attachments)
Deposit Account Agreement (attached)
Consumer Privacy Statement (attached)
California Residents: For notice under the California Consumer Privacy Act, please visit www.discover.com/privacy-statement and
review the section for California Residents
Through this Trust Application Kit, we will collect the following categories of Personal Information from you:
functionality;
8. Maintain and service accounts;
9. Conduct risk and security control and monitoring;
10. Perform audit functions, including auditing interactions with consumers;
©2023 Discover Bank, Member FDIC. FTC 0823
11. Maintain and enhance a product or service; and
12. Conduct other internal functions, such as investigations or research for technology development, comply with legal obligations, maintain
Notices and Agreements (continued)
We do not use or disclose Sensitive Personal Information for purposes other than as specified in CCPA.
In the past 12 months, we have shared Personal Identifiers with social networks/advertising networks, and data
analytics providers to personalize, market, and advertise our products and services. Discover does not share
Personal Information of employees, former employees, job applicants, or minors under 16 years of age. For purposes
of this Disclosure, “share” means sharing a consumer’s Personal Information with a third party for cross-contextual
behavioral advertising for monetary or other valuable consideration or for the benefit of a business in which no
money is exchanged.
business records, and exercise and defend legal claims and rights.
First Name Middle Name (if applicable) Last Name
Street Address (If different from Trust Address in Section 1; PO Boxes not accepted) City State Zip Code
Mailing Address (If different from street address) City State Zip Code
Date of Birth SSN or ITIN* Mother’s Maiden Name (Please provide even if she is deceased)
Phone Number** Is this a cell phone number? Yes No Email Address (optional)
**NOTE: You agree that Discover Bank, its affiliates, and agents (“Discover”) may call you, including via text, about any current or future accounts or
applications, with respect to all products you have with Discover at any phone number you provide. In addition, you agree Discover may contact
you using an automatic dialer or pre-recorded voice message, even if your phone provider may charge you for calls or texts.
Employment Status (Select which most applies) Full-time Part-time Self-employed Homemaker Student Retired Unemployed
Other (Please specify)
Occupation Employer
Are you a U.S. Citizen? Yes No If not, are you a U.S. Resident Alien? Yes No (If you select no, please note that at this time, we only process
applications for U.S. Citizens and U.S. Resident Aliens.)
Country of Citizenship
Section 2: Trustee #1 Information All fields required unless otherwise specified.
* Social Security Number (SSN), Employer Identification Number (EIN) or Individual Taxpayer Identification Number (ITIN), as applicable.
NOTE: If there are additional Trustees, complete the remainder of Section 2 on the next page.
1
AOCJGKELDLBLCIAOHOFLEKCK
AIEFHKMBBIMNIBJOMJNFEICK
AEJPOHFPJKDICFLCLHFIAPOK
ABCKBNACBJCOJONCALIIHIBK
AEDBFGKCJEEDLJCCDGNKFHNK
ACOOEOOCMOGMMEKGMEKMCCEK
DEPDBP100378 Trustee Application
(to be used on the Trust Account Application pages)
AOCJGKELDLBLCIAOHOFLEOEK
AIEFHKMBBIMNIBJOMJNFEICK
AEJPOHFPJKCPEHKDKDEOEMPK
ABCLBIHHDAEDPNFIPNCKPIBK
AHCNOLCNDEHNMPCGFDECPHMK
AGEOIGOOEKKOCMKCEMAKEKMK
DEPDBP100378 Trust Certification
(to be used on the Trust Certification pages only)
rev. 08.23
Important Information
Customer Information
To help the government fight the funding of terrorism and money laundering activities, federal law requires financial institutions to obtain, verify
and record information that identifies each individual and entity that opens an account.
What this means for you:
When opening an account, we may ask you to provide your name, address, Social Security number or other Taxpayer Identification Number (“TIN”),
and other information that will help us to identify you. You may also be asked to provide a driver’s license, state ID card or other identifying documents.
Full Title of Trust (as it appears in your Trust documents, including Trust date if applicable)
Taxpayer Identification Number of the Trust (applicable SSN, EIN, or ITIN*) Date of Trust (optional if included in Trust Title above)
For Your Information: This Taxpayer ID—SSN, EIN, or ITIN—will be used for IRS Tax reporting purposes.
Street Address (PO Boxes not accepted) City State Zip Code
Mailing Address (If different from street address) City State Zip Code
Section 1: Trust Information All fields required below unless otherwise specified.
Formal Trust Account Application
1-866-515-5283
Monday – Friday (8 a.m. to 10 p.m. (EST)
Saturday/Sunday (10 a.m. to 6:30 p.m. (EST)
This is an application to open a deposit account for a trust.
2
Trustee #2 Information All fields required unless otherwise specified.
Trustee #3 Information All fields required unless otherwise specified.
NOTE: If there are more than three Trustees, photocopy this page, complete the information and designate the additional Trustees as
Trustee #4 and #5.
* Social Security Number (SSN), Employer Identification Number (EIN) or Individual Taxpayer Identification Number (ITIN), as applicable.
AOCJGKELDLBLCIAOHOFLEKCK
AIEFHKMBBIMNIBJOMJNFEICK
AEJPOHFPJKDICFLCLHFIAPOK
ABCKBNACBJCOJONCALIIHIBK
AEDBFGKCJEEDLJCCDGNKFHNK
ACOOEOOCMOGMMEKGMEKMCCEK
DEPDBP100378 Trustee Application
(to be used on the Trust Account Application pages)
AOCJGKELDLBLCIAOHOFLEOEK
AIEFHKMBBIMNIBJOMJNFEICK
AEJPOHFPJKCPEHKDKDEOEMPK
ABCLBIHHDAEDPNFIPNCKPIBK
AHCNOLCNDEHNMPCGFDECPHMK
AGEOIGOOEKKOCMKCEMAKEKMK
DEPDBP100378 Trust Certification
(to be used on the Trust Certification pages only)
First Name Middle Name (if applicable) Last Name
Street Address (If different from Trust Address in Section 1; PO Boxes not accepted) City State Zip Code
Mailing Address (If different from street address) City State Zip Code
Date of Birth SSN or ITIN* Mother’s Maiden Name (Please provide even if she is deceased)
Phone Number** Is this a cell phone number? Yes No Email Address (optional)
**NOTE: You agree that Discover Bank, its affiliates, and agents (“Discover”) may call you, including via text, about any current or future accounts or
applications, with respect to all products you have with Discover at any phone number you provide. In addition, you agree Discover may contact
you using an automatic dialer or pre-recorded voice message, even if your phone provider may charge you for calls or texts.
Employment Status (Select which most applies) Full-time Part-time Self-employed Homemaker Student Retired Unemployed
Other (Please specify)
Occupation Employer
Are you a U.S. Citizen? Yes No If not, are you a U.S. Resident Alien? Yes No (If you select no, please note that at this time, we only process
applications for U.S. Citizens and U.S. Resident Aliens.)
Country of Citizenship
First Name Middle Name (if applicable) Last Name
Street Address (If different from Trust Address in Section 1; PO Boxes not accepted) City State Zip Code
Mailing Address (If different from street address) City State Zip Code
Date of Birth SSN or ITIN* Mother’s Maiden Name (Please provide even if she is deceased)
Phone Number** Is this a cell phone number? Yes No Email Address (optional)
**NOTE: You agree that Discover Bank, its affiliates, and agents (“Discover”) may call you, including via text, about any current or future accounts or
applications, with respect to all products you have with Discover at any phone number you provide. In addition, you agree Discover may contact
you using an automatic dialer or pre-recorded voice message, even if your phone provider may charge you for calls or texts.
Employment Status (Select which most applies) Full-time Part-time Self-employed Homemaker Student Retired Unemployed
Other (Please specify)
Occupation Employer
Are you a U.S. Citizen? Yes No If not, are you a U.S. Resident Alien? Yes No (If you select no, please note that at this time, we only process
applications for U.S. Citizens and U.S. Resident Aliens.)
Country of Citizenship
3
Section 3: Account Selection(s) Note: You can open ONE Money Market Account and/or multiple CD Accounts, but each account must
be selected and funded separately.
Certificate of Deposit For minimum deposit to open information, please refer to the Deposit Account Agreement
Terms (Select the terms you want)
Money Market Account For minimum deposit to open information, please refer to the Deposit Account Agreement
NOTE: A debit card is not available for trust accounts.
NOTE: Discover Online Savings Accounts and Discover Cashback Debit Accounts are not available for Trusts.
Optional YES, I would like checks.
Funding Options; There is an initial ACH funding limit of $5,000 for Money Market Accounts.
ACH Check Transfer from Discover Account
Opening deposit $
Duration
Funding Options
Choose one option per Account
Amount
3 mos. ACH Check Transfer from Discover Account $
6 mos. ACH Check Transfer from Discover Account $
9 mos. ACH Check Transfer from Discover Account $
12 mos. ACH Check Transfer from Discover Account $
18 mos. ACH Check Transfer from Discover Account $
24 mos. ACH Check Transfer from Discover Account $
30 mos. ACH Check Transfer from Discover Account $
3 yrs. ACH Check Transfer from Discover Account $
4 yrs. ACH Check Transfer from Discover Account $
5 yrs. ACH Check Transfer from Discover Account $
7 yrs. ACH Check Transfer from Discover Account $
10 yrs. ACH Check Transfer from Discover Account $
AOCJGKELDLBLCIAOHOFLEKCK
AIEFHKMBBIMNIBJOMJNFEICK
AEJPOHFPJKDICFLCLHFIAPOK
ABCKBNACBJCOJONCALIIHIBK
AEDBFGKCJEEDLJCCDGNKFHNK
ACOOEOOCMOGMMEKGMEKMCCEK
DEPDBP100378 Trustee Application
(to be used on the Trust Account Application pages)
AOCJGKELDLBLCIAOHOFLEOEK
AIEFHKMBBIMNIBJOMJNFEICK
AEJPOHFPJKCPEHKDKDEOEMPK
ABCLBIHHDAEDPNFIPNCKPIBK
AHCNOLCNDEHNMPCGFDECPHMK
AGEOIGOOEKKOCMKCEMAKEKMK
DEPDBP100378 Trust Certification
(to be used on the Trust Certification pages only)
4
Check
1. Write a separate check for each account you are opening and funding by check.
2. Make your check(s) payable to the title of the trust as it appears in your Trust documents (See Section 1).
3. Mail us your check(s) along with your Trust Account Application and Trustee Certification.
How do you plan to fund your account? Select only one.
The Trust or Grantor’s bank account Someone else’s bank account Income Other
Will the Trust send or receive money internationally?
Yes No
Wire Transfer
Wire transfer is not an available option to open a Trust account(s).
Routing Number Account Type (Checking, Savings, Money Market)
Full Account Number Total amount to be debited via ACH
Name (as it appears on the account)
Note: There is an ACH funding limit of $5,000 for Money Market Accounts; if you would like to deposit more than $5,000, please choose
another funding option.
I authorize Discover Bank to initiate a single electronic debit from the account identified above in the amount(s) identified in Section 3.
We will process a separate electronic debit for each account opened in the amount designated in Section 3. I understand that this one-
time request will be presented to my financial institution on the date Discover Bank receives this authorization. I understand that I will not
be able to revoke this authorization once sent to Discover Bank.
X
Signature Date
PLEASE MAKE A COPY OF THE COMPLETED ACH DEBIT AUTHORIZATION AND KEEP IT FOR YOUR RECORDS.
ACH Debit Authorization (External Bank Information:)
Section 4: Account Funding A combination of the options below can be used to fund the account type(s) selected in Section 3.
Please ensure deposits in this section add up to the opening deposit amounts in Section 3 or your application will be rejected. NOTE: Only one
funding method can be used to fund each account.
Name (as it appears on your Discover account)
Full Account Number Amount
Transfer from an existing Discover Bank account
AOCJGKELDLBLCIAOHOFLEKCK
AIEFHKMBBIMNIBJOMJNFEICK
AEJPOHFPJKDICFLCLHFIAPOK
ABCKBNACBJCOJONCALIIHIBK
AEDBFGKCJEEDLJCCDGNKFHNK
ACOOEOOCMOGMMEKGMEKMCCEK
DEPDBP100378 Trustee Application
(to be used on the Trust Account Application pages)
AOCJGKELDLBLCIAOHOFLEOEK
AIEFHKMBBIMNIBJOMJNFEICK
AEJPOHFPJKCPEHKDKDEOEMPK
ABCLBIHHDAEDPNFIPNCKPIBK
AHCNOLCNDEHNMPCGFDECPHMK
AGEOIGOOEKKOCMKCEMAKEKMK
DEPDBP100378 Trust Certification
(to be used on the Trust Certification pages only)
By signing this form, I (we), as a trustee of the trust listed on the first page of this application, agree to abide by the terms of the Deposit Account
Agreement, as may be amended from time to time, a copy of which I have received, and to provide such information as Discover Bank may require
to maintain the Account. I (We) further agree that the Account will be governed by Delaware law.
By signing below, I, individually and as a trustee of the trust, authorize Discover Bank to share my application and Account information with its affiliates
and marketing partners. I, individually, am providing authorization to Discover Bank under the Fair Credit Reporting Act to obtain information from my
personal credit profile or other information. I further authorize Discover Bank to obtain such information solely to confirm my identity.
I (we) understand that Discover Bank: (a) is not a trustee of the trust funds, (b) is not responsible for monitoring actions of trustee(s), and (c) is
not responsible for actions of trustee(s).
In the following W-9 Tax Certification, the number being certified is the “Taxpayer Identification Number of the Trust (applicable SSN, EIN, or ITIN*)”
listed in Section 1.
Signature of Trustee #1 Date
Signature of Trustee #2 Date
Signature of Trustee #3 Date
Signature of Trustee #4 Date
Signature of Trustee #5 Date
The IRS does not require your consent to any provision of this document other than the certifications required to avoid backup withholding.
W-9 Tax Certification
Under penalties of perjury, I certify that:
1) The number shown on this form is the correct Social Security Number/
Taxpayer ID for the grantor/trust; and
2) The grantor/trust is not subject to backup withholding because: (a)
the grantor/trust is exempt from backup withholding, or (b) the grantor/
trust has not been notified by the Internal Revenue Service (IRS) that it is
subject to backup withholding as a result of a failure to report all interest
and dividends, or (c) the IRS has notified the grantor/trust that it is no
longer subject to backup withholding, and
3) The grantor/trust is a U.S. Citizen or other U.S. Person. (as
defined in the W-9 instructions), and
4) The grantor/trust is exempt from Foreign Account Tax
Compliance Act (FATCA) reporting for deposit accounts
maintained in the U.S. by Discover Bank.
If the grantor/trust is presently subject to backup withholding
because it has been notified by the IRS that it has failed to report
all interest or dividends on its tax return, please draw a line
through statement 2.
Section 5: Signatures:
©2023 Discover Bank, Member FDIC. NFTAA.0823
If applicable:
5
AOCJGKELDLBLCIAOHOFLEKCK
AIEFHKMBBIMNIBJOMJNFEICK
AEJPOHFPJKDICFLCLHFIAPOK
ABCKBNACBJCOJONCALIIHIBK
AEDBFGKCJEEDLJCCDGNKFHNK
ACOOEOOCMOGMMEKGMEKMCCEK
DEPDBP100378 Trustee Application
(to be used on the Trust Account Application pages)
AOCJGKELDLBLCIAOHOFLEOEK
AIEFHKMBBIMNIBJOMJNFEICK
AEJPOHFPJKCPEHKDKDEOEMPK
ABCLBIHHDAEDPNFIPNCKPIBK
AHCNOLCNDEHNMPCGFDECPHMK
AGEOIGOOEKKOCMKCEMAKEKMK
DEPDBP100378 Trust Certification
(to be used on the Trust Certification pages only)
X
X
X
X
X
Full Title of the Trust (as it appears in your Trust documents, including Trust date if applicable)
Taxpayer Identification Number of the Trust (applicable SSN, EIN, or ITIN*) Date of Trust (optional if included in Trust Title above)
For Your Information: This Taxpayer ID—SSN, EIN, or ITIN—will be used for IRS Tax reporting purposes.
Street Address
(PO Boxes not accepted) City State Zip Code
Mailing Address (If different from street address) City State Zip Code
Trust is currently Irrevocable Revocable (enter names below)
If revocable, enter names(s) of the individual(s) who has/have the power to revoke the Trust
Notice to the Trustee(s): You must read this certification carefully and confirm that it is consistent with the current terms of the
Trust documents. Discover Bank may rely solely on the information provided in this Trustee Certification to open and maintain deposit
accounts, or to permit the Trustee to exercise powers regarding beneficial interests in Individual Retirement accounts (“IRAs”).
To open an account with Discover Bank, the Trust documents must permit Co-Trustees to each act individually.
In consideration of Discover Bank opening and/or maintaining the deposit accounts (“Deposit Accounts”) for the Trust named
below (“Trust”), or permitting the undersigned trustees (“Trustees”) to exercise all powers regarding beneficial interests of the
Trust in Deposit Accounts that are individual retirement accounts (“IRAs”), I/we the undersigned (“Trustee(s)”) certify the following
is true:
NOTE: All fields required unless otherwise specified.
AOCJGKELDLBLCIAOHOFLEKCK
AIEFHKMBBIMNIBJOMJNFEICK
AEJPOHFPJKDICFLCLHFIAPOK
ABCKBNACBJCOJONCALIIHIBK
AEDBFGKCJEEDLJCCDGNKFHNK
ACOOEOOCMOGMMEKGMEKMCCEK
DEPDBP100378 Trustee Application
(to be used on the Trust Account Application pages)
AOCJGKELDLBLCIAOHOFLEOEK
AIEFHKMBBIMNIBJOMJNFEICK
AEJPOHFPJKCPEHKDKDEOEMPK
ABCLBIHHDAEDPNFIPNCKPIBK
AHCNOLCNDEHNMPCGFDECPHMK
AGEOIGOOEKKOCMKCEMAKEKMK
DEPDBP100378 Trust Certification
(to be used on the Trust Certification pages only)
Trustee Certification
Section 1: Trust Information (Must match Section 1 of Formal Trust Account Application)
Section 2: Trust Type (check one box)
rev. 08.2023
* Social Security Number (SSN), Employer Identification Number (EIN) or Individual Taxpayer Identification Number (ITIN), as applicable.
1-866-515-5283
Monday – Friday (8 a.m. to 10 p.m. (EST)
Saturday/Sunday (10 a.m. to 6:30 p.m. (EST)
The Trustee(s) represent and certify that: (1) the Trust authorizes each Trustee to act individually without the consent of the
other Trustee(s); or (2) the Trustees have consented to each Trustee acting individually and without consent of the other
Trustor(s)/Grantor(s) of the Trust Full Name SSN/ITIN #
Current Trustee(s) of the Trust (Print all Trustee names. They must match Section 2 of your Formal Trust Account Application.)
Successor Trustees (different than Trustees; complete if applicable):
First Successor Trustee(s) Second Successor Trustee(s)
Third Successor Trustee(s)
Section 3: Trustors, Trustees and Successor Trustees
Trustee(s) and that such delegation of authority is expressly authorized by the Trust. The Trust or applicable law authorizes the
Trustee(s) to deposit assets in Deposit Accounts and to exercise powers with respect to beneficial interests of the Trust in IRAs.
The Trust or applicable law authorizes the Trustee(s) to make distributions or transfers of Trust funds to beneficiaries and others.
Discover Bank shall have no responsibility to assure the proper application of Trust funds by any Trustee(s).
The Trustee(s) acknowledge that Discover Bank has not reviewed the Trust document, even if it has been provided with a copy of
the Trust document, and understand that Discover Bank is relying only on representations made in this Trustee Certification.
Trustee(s) state that the Trust is not a statutory business trust as defined under 12 DE Code § 3801 (2019) (or as similarly defined in
other states) requiring business entity registration with a state government. Trustee(s) state that if the Trust is a Trust Under Will,
that the Grantor is deceased and the Grantor’s will has been probated.
The Trustee(s) represent, warrant and certify that the representations made in this Trustee Certification are true, complete and
accurate, that the Trust exists and is in full force and effect, and that the Trust has not been revoked, modified or amended in any
manner that would cause the representations contained in this Trustee Certification to be inaccurate or incorrect. This Trustee
Certification supersedes all prior Trustee Certifications provided to Discover Bank by the Trust regarding Deposit Accounts.
The Trustee(s) agree (jointly and severally) to indemnify Discover Bank, its employees and directors, and hold them harmless from
any liabilities and expenses that arise from Discover Bank’s reliance on the representations, warranties and agreements
included in this Trustee Certification. This agreement to indemnify Discover Bank shall survive termination of the Trust and
closure of the Deposit Accounts.
The Trustee(s) agree to provide a new Trustee Certification to Discover Bank in the event that any of the representations,
warranties, agreements or certifications in this Trustee Certification change or if they may no longer be relied upon by
Discover Bank. The Trustee(s) also agree that Discover Bank may rely upon this Trustee Certification until Discover Bank receives
a new Trustee Certification, executed by all then-serving Trustees seeking to transact on the Deposit Accounts or make elections
regarding an IRA, notifying Discover Bank of any changes involving the Trust, in which case the new Trustee Certification will
supersede this Trustee Certification in all respects, except as otherwise provided in the preceding paragraph.
This form may be executed in counterparts, each of which, when so executed, shall be deemed an original and all of which shall
constitute one and the same instrument.
Signature of Notary Public
My commission expires:
X
SEAL
Date Signature
State of County of
This instrument was acknowledged before me on by
as Trustee of on behalf of whom instrument was executed.
Trustee #1 Information
Notarization Required
Section 4: Notary
Trustee Names / Signatures (in presence of a notary public) Please sign in blue or black ink and make photocopies of the next page
if additional Trustee signatures are needed. NOTE: Every Trustee seeking to transact on and receive information regarding the Deposit Accounts
or make elections regarding an IRA must complete a separate Notary acknowledgement below. (Successor Trustees are not required to sign.)
Today’s Date
Name of Current Trustee (from Section 3 of this Trustee Certification)
Full Title of the Trust (from Section 1 of this Trustee Certification)
AOCJGKELDLBLCIAOHOFLEKCK
AIEFHKMBBIMNIBJOMJNFEICK
AEJPOHFPJKDICFLCLHFIAPOK
ABCKBNACBJCOJONCALIIHIBK
AEDBFGKCJEEDLJCCDGNKFHNK
ACOOEOOCMOGMMEKGMEKMCCEK
DEPDBP100378 Trustee Application
(to be used on the Trust Account Application pages)
AOCJGKELDLBLCIAOHOFLEOEK
AIEFHKMBBIMNIBJOMJNFEICK
AEJPOHFPJKCPEHKDKDEOEMPK
ABCLBIHHDAEDPNFIPNCKPIBK
AHCNOLCNDEHNMPCGFDECPHMK
AGEOIGOOEKKOCMKCEMAKEKMK
DEPDBP100378 Trust Certification
(to be used on the Trust Certification pages only)
Trustee Name
©2023 Discover Bank, Member FDIC. TCF.0823
AOCJGKELDLBLCIAOHOFLEKCK
AIEFHKMBBIMNIBJOMJNFEICK
AEJPOHFPJKDICFLCLHFIAPOK
ABCKBNACBJCOJONCALIIHIBK
AEDBFGKCJEEDLJCCDGNKFHNK
ACOOEOOCMOGMMEKGMEKMCCEK
DEPDBP100378 Trustee Application
(to be used on the Trust Account Application pages)
AOCJGKELDLBLCIAOHOFLEOEK
AIEFHKMBBIMNIBJOMJNFEICK
AEJPOHFPJKCPEHKDKDEOEMPK
ABCLBIHHDAEDPNFIPNCKPIBK
AHCNOLCNDEHNMPCGFDECPHMK
AGEOIGOOEKKOCMKCEMAKEKMK
DEPDBP100378 Trust Certification
(to be used on the Trust Certification pages only)
Trustee #3 Information (if applicable)
SEAL
Signature of Notary Public
My commission expires:
X
SEAL
Date Signature
State of County of
This instrument was acknowledged before me on by
as Trustee of on behalf of whom instrument was executed.
Trustee #2 Information (if applicable)
Notarization Required
Name of Current Trustee (from Section 3 of this Trustee Certification)
Full Title of the Trust (from Section 1 of this Trustee Certification)
Today’s Date
Section 4: Notary (continued)
Trustee Names / Signatures (in presence of a notary public) Please sign in blue or black ink and make photocopies of this page if
additional Trustee signatures are needed. NOTE: Every Trustee seeking to transact on and receive information regarding the Deposit Accounts or
make elections regarding an IRA must complete a separate Notary acknowledgement below. (Successor Trustees not required to sign.)
Signature of Notary Public
My commission expires:
X
Trustee Name Date Signature
State of County of
This instrument was acknowledged before me on by
as Trustee of on behalf of whom instrument was executed.
Notarization Required
Name of Current Trustee (from Section 3 of this Trustee Certification)
Full Title of the Trust (from Section 1 of this Trustee Certification)
Today’s Date
Trustee Name
Discover Bank, Member FDIC BK.DAA.LIN.0624
For security purposes, the daily ATM withdrawal limit was reduced. The following terms apply:
Section 13(d): Debit Card Limits
• The following line will be updated to: “The daily ATM withdrawal limit for each Account
is the lesser of $510 or your available balance.”
Effective June 15, 2024, the following terms will apply:
Section 1: Definitions/Introduction & Various Sections
• The definition of “Affinity” will no longer include the American Association of
Individual Investors (AAII®) deposit program.
• Former AAII® deposit program through Discover Bank customers should use
1-800-347-7000 and DiscoverBank.com for servicing. Our U.S.-based customer
service agents are available to answer your questions, explain things, and take
the time to help you find ways to make the most of your money.
Important Changes to your Discover® Deposit Account Agreement
Section 36: Early Withdrawal Penalties; Account Opening Requirements; Service Charges
• There will no longer be a minimum opening balance requirement for
Money Market Accounts.
(continued)
Deposit
Account Agreement
Effective December 9, 2023
BK.DBATAGT.L.1123
©2023 Discover Bank, Member FDIC
Questions about your Account?
Call us Visit our website
General 1-800-347-7000 DiscoverBank.com
AAA Customers 1-888-204-8990 DiscoverBank.com/AAA
AAII Customers 1-800-529-6987 DiscoverBank.com/AAII
Deposit Account Agreement
Effective December 9, 2023
Table of Contents
1 DEFINITIONSINTRODUCTION 1
2 CUSTOMER INFORMATION AND ELIGIBILITY 2
3 AGREEMENT ACCEPTANCEW9 CERTIFICATION 3
4 FDIC INSURANCE 5
5 INTEREST 5
6 ACCOUNT OWNERSHIP 8
7 CREDIT AND CONSUMER REPORT USAGE 12
8 INCOME TAX REPORTING AND WITHHOLDING 12
9 CHECKS 14
10 ADDING MONEY TO YOUR ACCOUNT 15
11 WITHDRAWALS 18
12 CASHBACK DEBIT REWARDS AND INCENTIVES 21
13 DEBIT CARDS 24
14 FUND TRANSFERS 26
15 FUNDS AVAILABILITY HOLDS 28
16 STOP PAYMENT ON CHECKS 32
17 ACCOUNT TRANSFER OR ASSIGNMENT 32
18 STATEMENTS AND ERROR RESOLUTION 33
19 CD RENEWAL OPTIONS 34
20 RIGHT OF SETOFF 34
21 OVERDRAFT PROTECTION SERVICE 35
22 POWER OF ATTORNEY 35
23 PRIVACY AND DISCLOSURE OF ACCOUNT INFORMATION 36
24 ACCOUNT CLOSURE 36
25 TRANSACTION CORRECTIONS, REVERSALS, AND DELAYS 38
26 AMENDMENTS, ACCOUNT CHANGES, AND NOTICES 38
27 ELECTRONIC FUND TRANSFER EFT 38
28 ERROR RESOLUTIONELECTRONIC FUND TRANSFERS 41
29 WAIVERS 41
30 LEGAL PROCEEDINGS 41
31 ABANDONED ACCOUNTS 42
32 SEVERABILITY 42
33 TELEPHONE COMMUNICATIONS 42
34 LIMITATION OF LIABILITY 43
35 ARBITRATION OF DISPUTES 43
36 EARLY WITHDRAWAL PENALTIES; ACCOUNT OPENING
REQUIREMENTS; SERVICE CHARGES 46
Thank you for choosing Discover Bank
®.
This Deposit Account Agreement
includes the terms and conditions you need to know about your Discover
Bank
deposit Accounts.
Please read this Agreement carefully. This Agreement covers, among other
things:
Our obligations to you
Your obligations as an Accountholder
How we may amend the Agreement and send you notices and
disclosures
Your agreement to waive a jury trial
Your agreement to arbitrate disputes by binding arbitration (and your
right to reject arbitration)
Your agreement to waive your class-action rights
Limitations on our liability to you
Our mutual agreement that Delaware law will control this Agreement
You can always call our knowledgeable customer service team anytime at
1-800-347-7000 (1-888-204-8990 for AAA customers or 1-800-529-6987
for AAII customers). Our U.S.-based customer service agents are available
to answer your questions, explain things, and take the time to help you find
ways to make the most of your money.
21
DEPOSIT ACCOUNT AGREEMENT
Effective December 9, 2023
1 DEFINITIONSINTRODUCTION
The following is a list of terms used throughout this Deposit Account
Agreement (“Agreement”):
“Account” means your Discover
®
Certificate of Deposit Account
(“Non-IRA CD Account”), Discover Individual Retirement
Arrangement Certificate of Deposit Account (“IRA CD”), Discover
Cashback Debit Checking Account (online only, also referred to as
“Cashback Debit Account”), Discover Personal Checking Account,
(branch only, also referred to as “Personal Checking Account”),
Discover Money Market Account (“Money Market Account”), and/
or a Discover Savings Account (“Savings Account,” which includes
Discover IRA Savings, Discover Statement Savings Account
(branch only), and Discover Online Savings Account (online only),
as applicable);
“Affinity” means customers of the AAA
®
or AAII
®
deposit programs
through Discover Bank. Products in such programs are Non-IRA CD
Accounts, IRA CD Accounts, Money Market Accounts, and Online
Savings Accounts;
“Branch” means the Discover Bank retail banking office in
Greenwood, Delaware;
“Business Days” are Monday through Friday, excluding Federal
Reserve Bank holidays;
“CD” includes both “Non-IRA CD Account” and “IRA CD Account,”
unless otherwise specified;
“Checking” includes both “Cashback Debit Account” and “Personal
Checking Account,” unless otherwise specified;
“Debit Card” means a Discover Cashback Debit Account Debit Card,
a Discover Personal Checking Account Debit Card, or a Discover
Money Market Account Debit Card;
“EFT” means Electronic Fund Transfer;
“Existing Customer” means a customer who has a Discover
Checking, Savings Account or Money Market Account open and
funded for at least 30 days;
“IRA” includes an IRA CD and an IRA Savings Account, unless
otherwise specified;
“New Customer” means a customer who has not had a Discover
Checking, Savings Account, or Money Market Account open and
funded for at least 30 days;
“Taxpayer Identification Number” (“TIN”) means an identification
number used by the Internal Revenue Service (IRS). For the
purposes of this Agreement, the term includes Social Security
Number (“SSN”), Employer Identification Number (“EIN”), and
Individual Taxpayer Identification Number (“ITIN”).
“we,” “us,” “our,” and “Discover” refer to Discover Bank, a Delaware-
chartered bank;
“you,” “your,” and “Accountholder” refer to each person or entity in
whose name an Account is held or who has authority to operate
the Account, as well as any permitted assignee or successor in
interest to the Account.
This Agreement, together with any amendments or addendums to these
terms and conditions or other agreements, with respect to specific
products or services that we provide you concerning your Accounts and
services, governs your Accounts with Discover Bank. Please read and
keep this Agreement for your records. You agree to use your Accounts
only for personal, family, or household purposes and not for business or
other non-personal purposes. You accept this Agreement as described
in Section 3. This Agreement supersedes any prior agreements or
communications that you may have had with us. The headings contained
herein are provided for convenience only and are not substantive terms.
Your Account is subject to applicable clearinghouse rules. Your Account
is being opened in and is located in Delaware. Except where noted, your
Account and this Agreement are governed by Delaware and Federal
law. If Delaware and Federal law are inconsistent, or if Delaware law is
preempted by Federal law, then Federal law governs. You may reject the
Arbitration of Disputes as set forth in Section 35, including the waiver
of your right to a jury trial. You must follow the procedures set forth in
Section 35 if you want to reject the arbitration agreement.
2 CUSTOMER INFORMATION AND ELIGIBILITY
(a) Customer Information
To help the government fight the funding of terrorism and
money laundering activities, Federal law requires financial
institutions to obtain, verify, and record information that
identifies each individual and entity that opens an Account.
What this means for you:
When opening an Account, we will ask you to provide your name,
U.S. physical address (no P.O. Boxes), Social Security Number
(“SSN”) or Employer Identification Number (“EIN”), Date of Birth for
individuals, and other information that will help us to identify you.
You may also be asked to provide a copy of your driver’s license,
state ID card, or other identifying documents.
It is your responsibility to maintain and promptly update any
changes in the identifying information you provided to us at
Account opening or during the time your Account is open. Some
identifying information, such as physical address, mailing address,
phone number, and email address, can be updated online through
the Account Center or you can update this information by calling us
at 1-800-347-7000 (1-888-204-8990 for AAA customers or 1-800-
529-6987 for AAII customers).
(b) Eligibility
(i) To open a new Account, each Account owner must be a U.S.
citizen, U.S. resident alien or other U.S. person, and at least
18 years old, and have a valid SSN or EIN and a valid physical U.S.
address. To open an Account under the Delaware Uniform
Transfer to Minors Act, you must be at least 21 years old.
43
(ii) Y ou (for joint Accounts, the Primary Accountholder as defined
in Section 3) are required to be Account Center registered to
maintain your Cashback Debit Account. Failure to register and
maintain registration in the Account Center will result in closure
of your Cashback Debit Account.
(iii) We do not open or maintain Accounts for customers with
foreign tax status (e.g., W-8 filing status). We only open and
maintain Accounts for consumers who can certify their W-9
status. If you notify us that you are no longer eligible to W-9
certify, we will close your Accounts as described in Section 24.
(iv) Affinity customers are not eligible to open Cashback Debit
Accounts, Personal Checking Accounts, or IRA Savings
Accounts under the AAA or AAII deposit programs through
Discover Bank.
(v) There may be additional eligibility requirements imposed at
our discretion. We reserve the right to decline to open an
Account for you for any lawful reason.
3 AGREEMENT ACCEPTANCEW9 CERTIFICATION
As a condition to open and maintain an Account with us, you must do
the following:
(i) Indicate your acceptance of the Agreement.
a. For Accounts opened online, the acceptance of the
Agreement is included as part of the online application.
b. For Accounts opened by phone, fax, mail, or at the Branch,
the acceptance of the Agreement can either occur online
for eligible Accounts, on the Signature Card, or on the
application. We must receive your acceptance of the
Agreement before any debits, including withdrawals, are
permitted on your Cashback Debit Account, Personal
Checking Account, Online Savings Account, Statement
Savings, Money Market Account, or Non-IRA CD Account.
c. You also accept the Agreement by opening or using the
Account.
(ii) Complete W-9 Certification. If we do not receive a completed
W-9 certification from the Accountholder whose name appears
first on the Account (“Primary Accountholder”) or already
have an applicable signed W-9 on file, the Account(s) may be
subject to backup withholding, as set forth in Section 8(b), or we
may close the Account(s) and return the funds to you, without
interest, by mail or other reasonable means as determined by us
and you will not be entitled to any special incentives that may
have been offered to you for opening your Account.
a. For Accounts opened online, W-9 certification is included as
part of the online application, as needed.
b. For Accounts opened by phone, fax, mail, or at the Branch,
W-9 certification can either occur online for eligible
Accounts, on the Signature Card, or on the application.
(iii)(a) New IRA Plans: (1) If you open a new IRA Plan(s), you will have
60 days (starting with your IRA application date) to return the
correctly and fully completed IRA application and Signature
Card (“IRA Documents”). You will have an additional 60 days
from the date we receive the completed IRA Documents to
return the IRA contribution form(s) (“Contribution Form(s)”)
and fund your IRA. If we do not receive the signed IRA
Documents within 60 days from your application date, or if we
do not receive the Contribution Form(s) and funding within
60 days from the date we receive the signed IRA Documents,
your application will be deemed abandoned and your IRA
will not be opened. If you provided ACH funding instructions
or internal transfer funding instructions during the IRA
application process, the instructions will be executed once the
correctly and fully executed IRA Documents and Contribution
Form are received by us. Any type of contribution received
prior to our receipt of the IRA Documents and Contribution
Form will be returned. However, if a check is received prior
to the receipt of the IRA Documents or the Contribution
Form, we will hold it for up to 30 days. If the correctly and
fully executed IRA Documents and Contribution Form are not
received, the check will be sent back to the address noted on
the application after 30 days. IRA funding checks will not be
deposited and no interest will be paid until the IRA is opened.
We are entitled to a reasonable amount of time after receipt of
your IRA Documents and Contribution Form to process them,
open your IRA, and post your contribution. (2) If you revoke a
new IRA Plan(s), you will have 10 days from the date we receive
your fully completed IRA application. If you choose to revoke
your IRA Plan during those 10 days, we will close all of your IRA
Accounts in the revoked IRA Plan and return any funds to you
without interest. For IRA CD Accounts, we will also waive the
applicable Early Withdrawal Penalty.
(b) For Existing IRA Plans: If you open an IRA under an existing
IRA Plan, you will have 60 days starting with the application
date to return the Signature Card and Contribution Form
and fund your IRA. If we do not receive the signed Signature
Card, signed and correctly completed Contribution Form,
and funding within 60 days starting with the application
date, your application will be deemed abandoned and
your IRA will not be opened. If you provided ACH funding
instructions or internal transfer funding instructions during
the application process, the instructions will be executed
once the correctly and fully executed Signature Card and
Contribution Form are received. Any type of contribution
received prior to our receipt of the Signature Card and
Contribution Form will be returned. However, if a
check is received prior to the receipt of the Signature Card
and Contribution Form, we will hold it for up to 30 days. If the
correctly and fully executed Signature Card and Contribution
Form are not received, the check will be sent back to the IRA
Plan mailing address after 30 days.
65
We are entitled to a reasonable amount of time after receipt
of your Contribution Form and contribution to process them,
open your IRA, and post your contribution to it.
(c) If you open a new IRA Plan or a new IRA under an existing IRA
Plan for a prior year contribution, all documents, including
the correctly completed IRA application, Signature Card,
and Contribution Form must be returned to Discover Bank,
along with the prior year contribution, and received and
processed by us by the tax filing deadline. We are entitled to
a reasonable amount of time after receipt to process your
prior year contribution and post it to your IRA. If funding via
check, the check must be postmarked on or before the tax
filing deadline.
(iv) For Formal Trust Accounts, as defined in Section 6(c)(i), we
must receive a correctly and fully completed Formal Trust
Account Application and Trustee Certification Form (“Trust
Documents”) before we will open your Account. If a check is
received prior to the receipt of the correctly and fully completed
Trust Certification Form, we may hold it for up to 30 days. If the
correctly and fully completed Trust Documents are not received,
the check may be returned. Formal Trust Account funding
checks will not be deposited and no interest will be paid until the
Formal Trust Account is opened.
4 FDIC INSURANCE
Funds in Discover Bank Accounts are insured by the Federal Deposit
Insurance Corporation (“FDIC”) to the maximum
allowed by law. For more detailed information on FDIC
insurance coverage, contact the FDIC directly by visiting
www.fdic.gov or by calling 1-877-ASKFDIC (1-877-275-3342), (TDD:
1-800-925-4618).
5 INTEREST
• Interest is compounded daily, credited monthly, and calculated
on a 365-day basis for interest-bearing Accounts.
• We use the daily balance method to calculate the interest on your
Account. This method applies a daily periodic rate to the balance
in the Account each day.
• If we receive your deposit before your Non-IRA Savings, Money
Market, or Non-IRA CD Account is opened, interest will begin
to accrue on the deposit on the Business Day your Account is
opened. Once an Account is opened, interest begins to accrue on
a deposit on the Business Day we receive your deposit.
• For contributions to an IRA under an IRA Plan, interest begins
to accrue on a contribution on the Business Day we post the
contribution to your Account. See Section 3(iii) for additional
information regarding opening an IRA and a new IRA Plan and
Section 10(f) regarding contributions to an IRA Savings Account.
• For internal transfers to interest-bearing Accounts, interest will
begin to accrue the next Business Day if the internal transfer is
completed on or after 10 p.m. Eastern Time.
(a) Certificates of Deposit
(i) Non-IRA CD Accounts
• The maturity date or term, interest rate, and annual
percentage yield (“APY”) in effect on your application date for
your Non-IRA CD Account will be disclosed to you at the time
of application. However, maturity date, the interest rate, and
APY on your Non-IRA CD Account will be determined and the
interest rate will be fixed based on your funding date, not your
application date.
• Once we receive funding for your Non-IRA CD Account, your
interest rate and APY will be determined as of the date of
receipt of the funds and the interest rate will be fixed for the
term of the Non-IRA CD Account.
• If we receive your Non-IRA CD Account funding within ten (10)
days starting with the date that your application is submitted,
your Non-IRA CD Account interest rate and APY will be the
highest of the interest rates we offered (applicable to your
Non-IRA CD Account) on either: (1) the date you submitted
your application, (2) the date your Account was opened, or (3)
the date we received your funding. If we receive your funding
more than ten (10) days (including your application date) after
your application date, your Non-IRA CD Account interest rate
and APY will be the interest rate and APY we offer (applicable
to your Non-IRA CD Account) on the date we receive the
funding. Please note, even though you are provided with an
Account number to facilitate funding, and you may receive
communications thanking you for opening an Account, the
Account is not considered open until we receive the funding
for the Account.
• The interest rate, APY, and maturity date for your Non-IRA
CD Account will be confirmed in your Welcome Kit.
• You will have 45 days to fund your Non-IRA CD Account
starting from the date you apply for the Account.
(ii) IRA CD Accounts
• Your IRA CD Account maturity date and interest rate are fixed
for the term of your IRA CD Account.
• Your IRA CD Account interest rate and APY are determined at
the later of when (i) a correctly completed IRA application,
Signature Card, and Contribution Form have been received by
us and (ii) your IRA CD Account has been funded.
• We will send you written confirmation of the interest rate, APY,
and maturity date of your IRA CD Account after it is opened
and funded.
(iii) Interest Earned During the Grace Period
Interest will not accrue during the Grace Period (as defined
in Section 19); however, if some or all of your CD is renewed, a
catch-up accrual will be processed at the end of your Grace
Period for interest earned at the interest rate that was in effect
on the date your CD matured (the “CD Renewal Rate”). The
catch-up accrual will be calculated as follows:
87
a. If your CD renews automatically (the default setting), or
as a result of your affirmative instructions, interest at the
CD Renewal Rate will be applied to the amount of your
renewed CD at the end of your Grace Period retroactively
to the start of your Grace Period.
b. If a partial withdrawal is made during the Grace Period, the
withdrawn funds will earn interest at the CD Renewal Rate
from the maturity date to (and including) the day before
the withdrawal.
c. If you add to your principal during the Grace Period,
(1) interest at the CD Renewal Rate will be applied
retroactively to the start of your Grace Period for the
original principal amount, and (2) interest at the CD
Renewal Rate will begin to accrue for the amount that you
add as of the date of the additional deposit.
Interest will not be earned during the Grace Period if you
elect not to renew your CD as specified in Section 19.
(iv) General
(a)(i) General CD Terms:
• Any confirmation letter or notice you receive after opening a
CD Account is not a certificate or other instrument and is not
transferable, except on our records.
• The APY assumes interest remains on deposit until maturity.
• A withdrawal of interest or principal will reduce earnings.
• Interest will be paid to and remain in your CD if:
– You do not specify an interest disbursement option;
– The Account designated to receive interest payments is
closed; or
– Interest payments are returned.
(ii) Non-IRA CD Accounts:
• During the term of your Non-IRA CD Account, interest
earned on and posted to your Non-IRA CD Account may:
(i) remain in your Non-IRA CD Account, (ii) be sent via an
official bank check, or (iii) be transferred to an eligible
Discover Account that you own.
(iii) IRA CD Accounts:
• During the term of your IRA CD Account, interest earned on
and posted to your IRA CD Account may: (i) remain in your
IRA CD Account, or (ii) be transferred to an eligible Discover
Account that you own, subject to you providing written
distribution instructions.
(b) Money Market Accounts and Savings Accounts
Your Money Market Account or Savings Account earns interest
at interest rates established by us on a daily basis. Money Market
Account interest rates and APYs are based on your Account balance
and the applicable balance/interest rate tier. At our discretion, we
may change the interest rate and APY on your Money Market Account
or Savings Account at any time. Any change in the interest rate and
APY will be effective on the date of such change. Interest is accrued
daily after debits and credits are posted to your Account.
(c) Checking Accounts
Cashback Debit Accounts do not earn interest. However, special
promotion bonuses and credits may be treated as interest for tax
information reporting and other purposes. Personal Checking Accounts
do not earn interest or Cashback Bonus
®
rewards.
6 ACCOUNT OWNERSHIP
The following chart sets forth the Account type and eligible
ownership categories:
Cashback
Debit and
Personal
Checking
Online
Savings and
Statement
Savings
Money
Market
Non-IRA
CD
IRA Savings
and IRA CD
Individual
Account
P P P P
Joint
Account
P P P P
Formal Trust
Account
P P
Informal Trust
Account (POD)
P P P P
Custodial
Account
P P P
Estate
Account
P P
Individual
Retirement
Account
P
Guardianship
Account
P P P
We limit each person to one (1) Cashback Debit Account,
including individual and joint Accounts. However, if you
currently own more than one (1) Cashback Debit Account, then
the limit does not apply to you except that you may not open
any additional Cashback Debit Accounts unless your existing
Cashback Debit Accounts are closed.
Except as to how ownership and beneficiary designations
determine to whom we pay the Account funds, we make no
representations regarding the effect of ownership and beneficiary
designations or whether such ownership and beneficiary
designations are appropriate. If you have questions about the legal
or tax implications of these ownership types, please consult your
attorney or tax advisor. The following is a more detailed description
of the ownership categories.
109
(a) Individual Account
An individual Account is an Account held solely by one natural
person (i.e., a living person) without a designated beneficiary.
(b) Joint Account
• A joint Account is an Account held by more than one natural
person. All joint Accounts are established as joint tenancy
with right of survivorship only. Joint tenancy with right of
survivorship means that if an owner of a joint Account dies, the
balance in the joint Account passes to the remaining owner(s)
of the joint Account. We do not offer any other type of joint
Account (i.e., tenants in common or tenants by the entirety).
We may use any funds in a joint Account to pay a court or
government agency to satisfy a garnishment, levy, or similar
legal process that identifies any of the joint owners.
• If a joint Account is established without the signature or
agreement of one of the joint owners, we are not obligated to
accept instructions from that joint owner but may do so at our
discretion, and you agree to hold us harmless based on our
reliance upon your designation of the joint owner for whom a
signature or agreement was not provided.
• Any funds deposited to a joint Account by any of its owners
shall be owned by all joint owners.
• Debit card Cashback Bonus
®
rewards may be earned by all
joint Account owners, subject to the conditions and limitations
described in Section 12. Any debit card Cashback Bonus
rewards earned on a joint Account shall be owned and
redeemable by all joint Account owners.
• Each owner of a joint Account may deposit to, make
withdrawals or transfers from, or issue stop payment orders
with respect to the joint Account without notice to or consent
from any of the other owners of the joint Account.
• The joint Account may be closed by any joint owner. However,
a joint owner may not remove another joint owner from the
joint Account.
• Any action of one owner of a joint Account shall be binding
upon all owners of a joint Account.
• We may act upon the direction of one or more owners of the
joint Account without notice to or consent from any of the
other owners of the joint Account.
• Each owner of a joint Account is jointly and severally
responsible and liable for the acts and omissions of each of
the other owners of the joint Account. Each owner of a joint
Account agrees to release us from all liability in connection
with any instructions or payments we receive from any other
owner of the joint Account.
• Each owner of a joint Account appoints each of the other
owners of the joint Account as his or her agent and attorney in
fact with power to endorse and deposit items payable to him
or her in the joint Account.
• If an owner of a joint Account makes adverse claims or
demands concerning the joint Account, we may, in our sole
discretion, refuse to recognize such claims or refuse to take
action until the rights of all interested parties have been
resolved to our satisfaction and we are provided a copy of an
agreement signed by all owners of the joint Account.
(c) Trust Account
(i) Formal Trust Account
A formal trust Account is an Account established in the
name of a trust by a trustee appointed under a written trust
instrument, such as a revocable living trust or testamentary
trust. We will require you to execute a Formal Trust Account
Application and a Trustee Certification Form, which we will
provide to you, and we may require you to provide excerpts
from the trust document or other documentation. Certain
types of Trusts may require additional documentation. We will
act in reliance on the information contained in the Trustee
Certification Form, and we undertake no obligation to either
you or any beneficiary for complying with the terms of the
trust document. We have no duty to monitor Accounts for
formal trusts to ensure that the trustee(s) act according to the
terms of the formal trust and/or in the best interest of the trust
or trust beneficiary(ies). Note: There are certain types of Trusts
that we do not support.
(ii) Informal Trusts—Payable on Death (POD)/In Trust
For (ITF) Account
• An informal trust Account (sometimes called a Payable on
Death (“POD”), In Trust For (“ITF”), or Totten Trust Account) is an
Account established by one or more natural persons naming
one or more natural persons as beneficiaries. Proof of death
that all owner(s) are deceased and additional documentation
is required prior to distribution of the funds to beneficiaries.
• To name a beneficiary on an Account, we may require you to
provide certain personal identifying information (for example,
a Social Security Number and date of birth) of your beneficiary.
• If you establish an Account as trustee for a third person
without providing a Trustee Certification Form or presenting
excerpts from the trust as may be requested, we will treat the
Account as an informal trust Account.
• During their lifetime, the owner(s) of an informal trust Account
may deposit to and withdraw or transfer funds from the
Account, close the Account, change beneficiaries at their
discretion, or take any other permitted action with respect to
the Account as if the Account were an individual Account or a
joint Account, as applicable.
• A beneficiary of the informal trust Account is entitled to funds
in the Account only if the beneficiary is living at the time all
Account owners are deceased.
• Upon our receipt of proof of death that all owners are
deceased and additional documentation as required by us, the
1211
funds in the Account will be distributed to each beneficiary (or
to his or her personal representatives or estate as applicable)
who survives the Account owners. If no beneficiary survives
the death of the Account owners, title to the Account will vest
in the estate of the last surviving Account owner.
• If you designate more than one beneficiary, you may
customize your elections for each beneficiary, in whole
number percentages only (e.g., 5%, 10%), and they must total
100%. If you do not customize your elections, each beneficiary
will receive an equal share of the funds from your Account.
In the case where you have 3 or 6 beneficiaries, some
beneficiaries will receive a fractional percentage more in
order for the total shares to equal 100%.
• If one or more of your designated beneficiaries pre-decease
you, the funds that would have been allocated to the
deceased beneficiary will be distributed to the remaining
living beneficiaries on a pro-rata basis.
• An informal trust Account may be owned individually or as
joint tenants with right of survivorship and is subject to section
6(a) or 6(b), as applicable.
(d) Custodial Account—Delaware Uniform Transfer to
Minors Act
A custodial Account is opened and maintained by an adult (the
“Custodian”) for the benefit of a minor, pursuant to the Delaware
Uniform Transfer to Minors Act (“DE UTMA”). Each custodial Account
may designate only one Custodian on behalf of one minor. A
successor custodian may be named for each custodial Account.
Funds deposited into a custodial Account are irrevocably granted
to the minor and are owned by the minor. The Custodian agrees
to hold, manage, and use the custodial Account and all funds
deposited into the custodial Account for the minor’s benefit until
the minor reaches the age of majority pursuant to applicable law,
(presently, age 21). It is the Custodian’s sole responsibility to transfer
the funds to the minor when the DE UTMA terminates. Upon our
receipt of documentation showing that the minor has reached
the age of majority, we may, at our sole discretion, but are not
obligated to (i) restrict access to and/or limit transactions on the
custodial Account if the Custodian fails to transfer the property as
required by law, (ii) accept direction from the minor with respect
to the closure or re-titling of the custodial Account and delivery of
the funds to the minor. Before accepting direction from the minor,
we may, but are not obligated to, require the Custodian to agree
to such action. We have no duty to monitor custodial Accounts or
the status of the Custodian or minor, nor do we have any duty to
monitor or ensure that the Custodian is acting in the minor’s best
interest. The Custodian agrees on behalf of the Custodian and
the minor to indemnify Discover from all liability, including from
any claim by the minor, resulting from us following instructions
we receive from the Custodian and/or the minor regarding the
custodial Account.
(e) Estate Account
An estate Account is an Account opened in the name of a
decedent’s estate by the estate’s personal representative. If the
estate has more than one personal representative, each personal
representative represents to having the authority to act severally/
independently regarding the estate Account, including the power
to order withdrawals from the Account. We have no duty to monitor
an estate Account to ensure that the personal representative is
acting in the estate’s best interest.
(f) Individual Retirement Account
We offer Traditional and Roth IRA CD Accounts and IRA Savings
Accounts. IRAs are also governed by a separate IRA Plan
Agreement and disclosures that we furnish to you at IRA Plan
opening. There are separate Plan Agreements and disclosures
for Roth and Traditional IRA Plans. The required forms must be
completed and returned prior to funding, as set forth in Section
3(iii).
(g) Guardianship Account
A guardianship Account is an Account maintained by a court-
appointed guardian on behalf of a person who is either a minor
or legally incapacitated (the “Ward”). We have no duty to monitor
Accounts for guardianships to ensure that the guardian(s)
act according to the terms of the guardianship. There may be
withdrawal transaction limitations for guardianships requiring
guardians to call in prior to transactions. There may be limitations
on the types of withdrawal transactions permitted.
7 CREDIT AND CONSUMER REPORT USAGE
We may report information about our experiences regarding
your use of your Account(s) to consumer reporting agencies.
Unresolved overdrafts and other defaults on or misuse of your
Account(s) may be reflected in your report.
If you believe the information reported is inaccurate or incomplete,
or that you have been a victim of identity theft, please send us
supporting documentation by mail to Discover Bank, P.O. Box
30416, Salt Lake City, UT 84130 or by fax to 1-224-813-5214.
As part of the Account application process, we may obtain
information about you from third parties, such as credit and
consumer reporting agencies, to verify your identity and other
information about you to help us to determine if we will open the
Account(s) you have requested. These inquiries may delay
Account opening.
You authorize Discover Bank to use your credit and consumer
report data for each of the scenarios described in this Section 7,
and your authorization applies to all of your Accounts.
8 INCOME TAX REPORTING AND WITHHOLDING
(a) Taxpayer Identification Number
We will use the Taxpayer Identification Number (“TIN”) described
below for income tax reporting purposes:
1413
(i) Individual Account (including informal trust Accounts and
IRAs): The TIN provided by the Accountholder.
(ii) Joint Account (including informal trust Accounts): The TIN of
the Primary Accountholder.
(iii) Custodial Account: The TIN of the minor.
(iv) Trust Account: The Employer Identification Number (“EIN”)
of the trust, or, if none, the TIN of the grantor.
(v) Estate Account: The EIN of the decedent’s estate or the
decedent’s Social Security Number if the estate is not
issued an EIN or the EIN is not provided to us.
(vi) Guardianship Account: The TIN of the Ward.
(b) Backup Withholding
We may be required by the Internal Revenue Service (“IRS”) to
withhold interest or other reportable income on your Account(s)
if you do not furnish us with your correct TIN or do not properly
certify that you are not subject to backup withholding (e.g.,
complete the W-9) or if otherwise instructed by the IRS.
(c) State Tax Withholding
(i) Cashback Debit, Personal Checking, Online Savings,
Statement Savings, Money Market, and Non-IRA CD
Accounts
Your state of residence (as determined by your physical
address of record with us) will determine if you are subject
to state income tax withholding. Some states have no state
income tax. For additional information and details that are
specific to you on state tax withholding requirements, you
should consult a tax advisor or your state’s tax authority.
(ii) IRA Accounts
State tax withholding laws on IRA distributions vary by state.
Therefore, when requesting an IRA distribution, any state
tax withholding will be based on your state of residence, as
determined by your physical address of record with us.
• For Traditional IRAs, your state’s tax laws may require that
we withhold a portion of the gross IRA distribution.
• For Roth IRAs, state tax is typically not withheld unless
requested by you.
Even if you elect in writing not to have federal and/or state
income tax withheld, you are liable for payment of federal
and state income taxes, if applicable, on the taxable portion
of your distribution. You may also be subject to tax penalties
under the estimated tax payment rules if your withholding and
payment of estimated tax, if any, are not adequate. We may be
required to withhold more federal and/or state taxes on your
IRA distribution than you have requested in your withholding
election. Your income tax withholding election will apply to
all distributions from your IRA Plan, including recurring and
one-time distributions, from the time the withholding election
is received and applied until you revoke and/or provide new
withholding instructions for that plan. A change of address
may cause a delay in processing an IRA distribution, if state
withholding requirements are impacted. For more information,
consult your tax advisor.
9 CHECKS
(a) Checks
• We reserve the right not to accept checks or deposits or
withdrawal forms not provided by us.
• Checks may not be drawn against Savings Accounts or CDs.
• We reserve the right to refuse to honor any checks drawn
against your Account on which there is either no signature or a
signature of questionable validity if we suspect the check was not
authorized by you.
• We reserve the right to pay any check before the date you have
written on it (i.e., a postdated check) or if it is more than six (6)
months old (i.e., a stale check).
• Our check payment process is highly automated and we receive
checks in great volume. Although we inspect some checks and
other items from time to time, at our discretion, you agree that
reasonable commercial standards do not require us to do so. If we
return a check because we believe it was not authorized by you,
we are not liable to you even if the check was actually authorized.
We have no duty to prevent a check from being presented more
than once.
• If you use a facsimile or system-generated signature, we may pay a
check or any withdrawal from your Account that bears or appears
to bear a facsimile signature that resembles or purports to be the
signature of a person who is authorized to withdraw funds from the
Account. You are solely responsible for any check bearing such a
signature, and for maintaining the security of each facsimile device
or system you use to affix your signature. For the avoidance of
doubt, no facsimile or system-generated signature shall be deemed
to be an unauthorized signature, regardless of whether the person
has the authority to use such signature to withdraw funds. You are
solely responsible for any losses, incurred in connection with the
use of the facsimile or system-generated signature, and you agree
to reimburse us for all claims, costs, losses, and damages (including
attorney’s fees) that result from our payment of a check or other
withdrawal bearing a facsimile signature that resembles or purports
to be your signature, and any such amounts owed to us is a Debt as
described in Section 20.
• If a check drawn on your Account is presented for payment at our
Branch, by a person who is not a Discover deposit Accountholder
(a “non-Discover customer”), you agree that we may require the
non-Discover customer to provide identification as a condition for
cashing a check drawn on your Account. You also agree that we may
refuse to pay any such check if the non-Discover customer refuses
to furnish such identification. Such refusal shall not be considered
wrongful dishonor of the check by us. You also agree that we may
refuse to cash or otherwise honor any check exceeding $5,000,
which is presented to us at the Branch by any person, even if the
1615
check is properly payable and that person can verify his/her identity
as the holder of such check. Such refusal shall not be considered
wrongful dishonor of the check by us. In such cases, the holder of
the check is expected to deposit the check with his/her financial
institution and have the check presented to us through regular
banking channels.
(b) Preauthorized Checks
You may allow a third party to create a check drawn against
your Cashback Debit Account, or Money Market Account by
communicating your Account number to that third party. However,
if you choose to permit such a check, you agree: 1) to accept sole
responsibility for ensuring that the amount of the check is both
authorized and accurate; and 2) that we are not liable if we either
pay or refuse to pay any check that you have authorized a third
party to create if that check does not bear your signature.
(c) Check Conversion
You may authorize a merchant or other payee to use your
Cashback Debit, Personal Checking, or Money Market Account
check as a source of Account information to initiate an electronic
withdrawal from your Account. The merchant/payee uses the
check information, along with the transaction amount, to initiate
an Automated Clearing House (“ACH”) debit transaction. Please
note that this type of transaction generally results in funds
being withdrawn from your Account faster than a normal check
transaction. This type of transaction from a consumer Account is
governed by the Electronic Fund Transfer Act, and is subject to the
Electronic Fund Transfer disclosures found in Sections 27 and 28
of this Agreement.
10 ADDING MONEY TO YOUR ACCOUNT
(a) General
(i) You may add money by:
• Mailing a check deposit to us (do not mail us cash)
• Mobile check deposit, subject to the Mobile Check Deposit
Service User Agreement Addendum
• ACH transfer
• Internal transfer
• Wire transfer
• Depositing cash, checks, or travelers checks in person at the
Branch
• Using the Add Cash service to add cash to your Cashback
Debit, Personal Checking, or Money Market Account at
participating merchant retail locations (see Section 13 for
additional details about the Add Cash service)
(ii) We will not accept mailed cash deposits.
(iii) For posting times regarding check and cash deposits, see
the chart in Section 10(e).
(iv) We reserve the right to refuse, limit, or return any deposit.
Any non-cash items deposited to your Account (including
items drawn “on us”) will be given provisional credit until
final payment of the item.
(v) Travelers Checks: Travelers checks received by us for deposit
by mail will be returned to you.
(vi) Returned Deposited Items: We will reverse any interest,
accrued or paid, on any returned item. If the reversal
results in your Account being overdrawn, the overdrawn
amount is a Debt as described in Section 20. You also
agree to indemnify and hold us harmless against:
• any additional losses resulting from nonpayment of any
item cashed against or deposited into your Account; and
• all losses due to any preauthorized credit to your
Account that we do not receive.
These losses include, but are not limited to, all related costs,
expenses, and reasonable attorney fees (including the cost of
any attorney employed by us), which, if incurred, are also a Debt.
(vii) Early Pay: At our discretion and dependent on the timing
of our Automated Clearing House (ACH) direct deposit
instructions, we may make funds from ACH direct deposits
available to you before we receive final funds from your
payor. This feature is automatically available to Cashback
Debit, Personal Checking, Statement Savings, Online Savings,
and Money Market customers who receive qualifying ACH
direct deposits (such as salary, pension, or government
benefits) from a business, government entity, or other
organization. There is no fee for the service, and customers
do not need to enroll. Not all ACH direct deposits are eligible
for Early Pay, eligibility may vary between pay periods, and
transaction limits apply.
If your payor reduces or reverses the direct deposit, or we
are otherwise unable to collect the funds, then you are
responsible for returning the funds to us, even if you have
withdrawn the funds. We may withdraw any amount due as
a result of your withdrawal of uncollected funds from your
Account, even if it creates an overdraft. We may change
or terminate the Early Pay feature, in our sole discretion,
without prior notice.
(b) Checks
(i) Domestic Checks
• To help avoid returned checks, please make sure checks
submitted for deposit are payable to you and properly
endorsed by all parties.
• We reserve the right to reject all third party checks.
• You may be eligible to deposit checks using your mobile
phone. Mobile check deposits are subject to the Discover
Bank Mobile Check Deposit Service User Agreement
Addendum, located in the Account Center.
1817
• If you deposit a check that is returned to us unpaid, we will
deduct the amount of the returned check from your
Account balance.
• If you deposit a check that is returned for insufficient or
uncollected funds, we may re-present the check for payment
a second time without notice to you. At our discretion, the
check may be re-presented electronically by us.
(ii) Foreign Checks
• We reserve the right to refuse items payable in foreign
currency or drawn on a foreign bank located outside the
United States (“Foreign Item”).
• If we accept a Foreign Item, we may accept it for collection
only and you bear all risks associated with the collection
of the item, including any fees charged by other banks
associated with collection and any exchange rate risk.
• We may not credit funds from a Foreign Item to your
Account until the first Business Day after we receive final
payment, which includes receiving the credit and required
documentation, for such funds from the paying bank. The
paying institution determines if and when it will pay a Foreign
Item that we accepted for collection.
• The Funds Availability policy set forth in Section 15 does not
apply to Foreign Items.
(c) Endorsements
If any check deposited to your Account does not have your
endorsement, we may endorse it for you or treat the check as
if you had endorsed it. We are not bound by any conditional or
restrictive endorsement on a check you cash or deposit, or any
endorsement made “without recourse.”
(d) CDs
After a CD is opened and funded, additional deposits are not
allowed. For renewing CDs, deposits are only allowed on the
maturity date and during the Grace Period (as defined in
Section 19).
(e) Cutoff Times
The following chart describes the cutoff times for posting
deposit transactions to your Account:
Check Deposits
sent via Mail
Received by
12 p.m. (ET) on a
Business Day
Received after 12 p.m. (ET) on
a Business Day or any time
on a Non-Business Day
Will Post:
Day of Receipt
Will Post:
Next Business Day
Check/Cash Deposits made in
person to one of our employees
at the Branch
Received before
close on a
Business Day
Will Post:
Day of Receipt
As explained elsewhere in this Agreement, for deposits that
are accompanied by documentation that requires additional
processing (e.g., IRA Documents, Trust Documents), we may
require a reasonable time to process documents before the
deposit will post.
(f) IRA Savings Account Contributions
In order to make a contribution to your existing IRA Savings
Account, you must submit a valid Contribution Form. If you
provided ACH funding instructions or internal transfer funding
instructions, the instructions will be executed once the correctly
and fully executed Contribution Form is received by us. We are
entitled to a reasonable amount of time after receipt of your
Contribution Form to process it and post your contribution.
Any type of contribution received prior to our receipt of the
Contribution Form will be returned. However, if a check is
received prior to the receipt of the Contribution Form, we will
hold it for up to 30 days. If the correctly and fully executed
Contribution Form is not received, the check will be sent back to
the mailing address of record for the IRA Plan. IRA contribution
checks will not be deposited and no interest will be paid until
the Contribution Form is received.
11 WITHDRAWALS
(a) Product Restrictions
(i) CD Withdrawals and IRA Distributions
(a) CD Interest
See Section 3 and Section 5(a).
(b) CD Principal
If your Account is a CD, you have agreed to keep the CD
Principal on deposit until maturity. If we allow you to
withdraw all or part of the amount of your initial deposit
or the amount of your renewed deposit in the case of a
renewed CD (“Issue Amount”) from your CD except at
maturity or during the Grace Period (as defined
in Section 19) and except as provided in Sections 3(iii) and
24(c), we may assess an Early Withdrawal Penalty.
(c) CD Initial Funding Withdrawal
You may withdraw funds from a Non-IRA CD only after seven
(7) days from the date of initial funding.
If you request to withdraw funds sent to us via ACH or wire
transfer within sixty (60) days of the initial funding, the funds
may be returned to the same Account from which the funds
were sent to us to be deposited into the new CD.
(d) Early Withdrawal Penalty
An Early Withdrawal Penalty, as outlined in Section 36, will
be assessed if you withdraw funds from your CD before the
Maturity Date.
(e) IRAs
(i) Required Minimum Distribution: To request a
required minimum distribution, a correctly completed
distribution form (“Distribution Form”) must be
received by us on or before December 15th. We are
entitled to a reasonable amount of time after receipt of
your Distribution Form to process it. If your Distribution
2019
Form designating a required minimum distribution is
received after December 15th, we make no guarantee
that the distribution will occur before December 31st.
(ii) Transfer: To request a bank-to-bank transfer, a
correctly completed transfer form (“Transfer Form”)
from the receiving institution must be received by
us. Transfer Forms that are not complete, signed and
dated by the receiving Institution will not be honored.
For distributions from IRA CD Accounts during the
Grace Period through a bank to bank transfer, the
correctly completed Transfer Form must be received
by us before the end of your IRA CD Account Grace
Period. If the Transfer Form is received by us after the
end of the Grace Period, your transfer distribution may
be subject to an Early Withdrawal Penalty.
(iii) Rollover: To request a rollover distribution from your
IRA, a Distribution Form must be completed and
received by us. Distribution Forms that are not correctly
completed, signed and dated will not be honored. For
rollover distributions from an IRA CD Account during
the Grace Period, the correctly completed Distribution
Form must be received by us before the end of your
IRA CD Account Grace Period. If the Distribution Form
is received by us after the end of the Grace Period,
your rollover distribution may be subject to an Early
Withdrawal Penalty. We are entitled to a reasonable
amount of time after receipt of your Distribution Form
to process it.
(f) Please see Section 36 for more information on Early
Withdrawal Penalties.
(ii) Money Market Account and Savings Account Withdrawals
The number of certain types of withdrawals and transfers
from your Money Market Account or Savings Account is
limited to a combined total of six (6) per calendar month
per Account. The chart below describes the transactions
that are limited and those that are not.
Withdrawals and Transfer Transactions
Limited to a combined total of six (6) per
calendar month per Account:
• Checks (applicable to Money Market Accounts
only)
• Point-of-sale (“POS”) Debit Card transactions
(applicable to Money Market Accounts only)
• ACH transfers
• Wire transfers
• Telephone transfers
• Online transfers
• Transfers to repay a loan at Discover Bank
• Peer-to-Peer (P2P) payments
• Overdraft Protection Service transfers
Unlimited number of
withdrawals and transfers:
• Made in person
• At an ATM (applicable to Money Market
Accounts only)
• By messenger
• By mailing a request or speaking to a
telephone representative to have an
official bank check mailed to you
If during any calendar month you exceed these transaction
limitations, we may refuse to pay each transaction in excess of
the limitations. Transactions are counted based on the posting
date. If you exceed these transaction limitations on more
than an occasional basis, we reserve the right to close your
Money Market or Savings Account or change the Account to
a Cashback Debit. We retain the right to require at least seven
(7) days prior written notice for any withdrawal.
(iii) Cashback Debit and Personal Checking Accounts and
Withdrawals
You may make unlimited withdrawals and transfers of any
type from your Cashback Debit Account and Personal
Checking Account up to your available balance and in
accordance with the transaction limitations stated in this
Agreement, and other agreements we may have with you,
regardless of the withdrawal method.
(b) Posting Order for Cashback Debit, Personal Checking, Money
Market, Statement Savings, and Online Savings
The following chart describes when items will be posted to
your Account:
Posting Order for Cashback Debit, Personal Checking, Money Market, Statement Savings, and
Online Savings
Beginning of each Business Day • Internal transfers previously scheduled for that
Business Day
Throughout the
Business Day
• ACH Deposits
• ACH withdrawals initiated externally
• ACH withdrawals you initiate in the Account Center
from your Account to an external Account and Discover
online bill payments sent as electronic payments
• ATM withdrawals and related third party fees
• POS Debit Card purchases (including temporary holds
and settlements)
• Cash and official bank check withdrawals
• Cash deposits
• Cash added via the Add Cash service at participating
retail merchant locations (only applicable for Accounts
with a contactless Debit Card)
• Internal transfers scheduled for the same day
• Incoming and outgoing wire transfers and related
service charges
• Checks that you deposited to your Account that have
been returned unpaid
• Peer-to-Peer (P2P) payments
End of each
Business Day
• Check Deposits
• Interest
• Other Debits (Discover online bill payments by checks,
other checks)
• Overdraft Protection Service transfers
To provide prompt credit when a check drawn on Discover Bank is
deposited to another Discover Bank Account, we debit the Account
on which the check is drawn at the same time that we credit the
Account to which the check is deposited. In this circumstance, the
debit may be processed prior to other credits to the same Account.
2221
Generally, items posted to your Account are paid in the order they
are received by type of transaction. However, for transactions
processed at the end of the Business Day, if there are insufficient
funds in your Account to pay all debits presented, we will post
and pay checks, and check-based bill payments initiated by you
through the Account Center in order from lowest to highest dollar
amount. If an item presented to us for payment is being returned
unpaid, the return transaction will post to your Account on the
following Business Day.
(c) Insufficient Funds
Unless we otherwise permit, generally, we will not pay or honor
any withdrawal or transfer against your Account if there are
insufficient available funds to satisfy the full amount. In this case,
the transactions will be returned unpaid. In the event we pay an
overdraft in our discretion, that amount is a Debt as described in
Section 20 and you agree to repay us that amount. Should we have
to collect on that Debt, you agree to pay the fees and costs of our
doing so.
(d) Unusual Transactions and Competing Claims
• We reserve the right to delay or decline any transaction on your
Account if we suspect fraud, possible illegal activity, an Account
takeover or any other unusual activity that may affect your
Account, or receive competing claims regarding your Account.
• Further, we reserve the right to suspend or freeze the funds in your
Account or any other Accounts you maintain with us if you don’t
provide information we request, or we believe your Account may be
subject to unauthorized, irregular, illegal, or fraudulent activity. If we
freeze or suspend any of your transactions on your Account, we may
provide you notice as soon as is reasonably possible. However, we
reserve the right to not provide such notice if we believe that such
notice could result in a security risk to the owner of the funds, the
Account, or to us.
• We reserve the right to limit the amount of funds that may
be withdrawn from your Account in cash, for security, and
other purposes.
12 CASHBACK DEBIT REWARDS AND INCENTIVES
(a) Earn Rewards:
You may earn debit card Cashback Bonus
®
rewards based on
qualifying debit card purchases made using your Discover
Cashback Debit Account debit card. You will earn debit card
Cashback Bonus rewards of 1% on qualifying debit card purchases
on up to $3,000 in purchases per calendar month. The maximum
amount of Cashback Bonus rewards that may be earned each
month is $30 per Account, including joint Accounts.
Debit Card Cashback Bonus Rewards are calculated based on
each eligible debit card purchase rounded to the nearest dollar.
For example, an eligible purchase of $25.50 would be rounded to
$26.00 and you would earn $0.26 in debit card Cashback Bonus,
while an eligible purchase of $25.49 would be rounded to $25.00
and you would earn $0.25 in debit card Cashback Bonus. An eligible
purchase of $0.49 or less would be rounded down to $0.00 and
would not earn a Cashback Bonus.
(i) Except as provided in Section 12(a)(ii), qualifying debit card
purchases include:
(a) Point-of-sale purchases made with your debit card; and
(b) Online purchases made with your debit card.
(ii) Debit card transactions that are not eligible for 1% debit card
Cashback Bonus rewards include:
(a) Transactions conducted at an ATM;
(b) The purchase of money orders, currency, coins, or other
cash-equivalents, such as Bitcoins, negotiable items
not yet deposited, U.S. treasury bills, and commercial
paper;
(c) Peer-to-Peer or Person-to-Person (P2P) payments,
which are electronic money transfers made from one
individual’s bank Account or credit card to another
individual’s bank Account or credit card through a P2P
payment application;
(d) Cash over portion of a point-of-sale purchase;
(e) Loan payments or Account funding made with your
debit card, such as auto loan payments or prepaid
card loading;
(f) Purchases made using third-party payment Accounts
(P2P payments using services such as Venmo
®
or
PayPal
®
) unless otherwise agreed to by us; and
(g) Online sports betting or internet gambling
transactions.
Merchants who accept Discover debit cards are assigned merchant
codes based on the kinds of products and services they primarily
sell. Merchant codes are not assigned by Discover. Even though
a merchant or some of the items it sells may seem to fit within a
rewards eligible category, the merchant code may not fall into that
category. Rewards eligibility is determined based on the merchant
code Discover receives in connection with a debit card transaction.
Your debit card Cashback Bonus
®
rewards will be earned each
calendar month on qualifying purchases and will be posted to your
debit card Cashback Bonus balance on the Business Day following
your statement end date. Your Cashback Debit Account must be
open when debit card Cashback Bonus rewards are posted.
(b) Redeem Rewards:
(i) Customer Redemption
You may redeem your debit card Cashback Bonus on
DiscoverBank.com. You may redeem your debit card Cashback
Bonus in any available amount via:
• A transfer to any of the following Discover Bank Accounts
you own: Cashback Debit, Money Market, or Online Savings
Accounts;
2423
• Discover Auto Redemption of Cashback Bonus to Online
Savings Service. You may enroll in our optional Auto
Redemption to Online Savings Service for your Cashback Debit
Account by visiting the Account Center. The Auto Redemption
Service allows you to link an eligible Online Savings Account
in order to automatically transfer your debit card Cashback
Bonus on a monthly basis to the eligible Online Savings
Account; and/or
• Other debit card Cashback Bonus rewards redemption options
advertised on DiscoverBank.com from time to time.
Your Cashback Debit Account must be open to redeem
your debit card Cashback Bonus. For full details about
redemption methods and amounts for debit card Cashback
Bonus, visit DiscoverBank.com.
(ii) Discover Redemption
We will redeem the rewards that are in your debit card
Cashback Bonus balance into the Cashback Debit Account
where the rewards were earned if either: (i) your Cashback
Debit Account has been at a $0 balance for at least 180
consecutive days, or (ii) there has been no customer-initiated
activity on or customer contact regarding your Account for at
least 365 consecutive days.
(c) Rewards and Cashback Debit Account Closure:
Debit card Cashback Bonus rewards do not expire, but if your
Cashback Debit Account is closed for any reason, unredeemed
debit card Cashback Bonus rewards may be forfeited. If your
debit card or Account number is lost or stolen, or we issue you
a new Account number for any other reason, we will transfer
your debit card Cashback Bonus balance to your new Cashback
Debit Account.
(d) Rewards Adjustments and Termination:
We may make adjustments to your debit card Cashback Bonus
based on your debit card activity. For example, we will decrease
the balance in your debit card Cashback Bonus Account to
correspond with the return of a debit card purchase or the
amount of a reward disbursed by us in error. Any qualifying
debit card purchases in excess of $3,000 each month will
be used to offset the amount of debit card returns, prior to
the corresponding debit card returns reward amount being
deducted from your current month’s Cashback Bonus rewards
earned or your current Cashback Bonus balance.
Adjustments to your debit card Cashback Bonus from debit
card transactions that are not rewards eligible but for which
you received rewards or debit card purchase returns will be
applied to your Cashback Bonus balance in a subsequent
month and will be reflected in your debit card Cashback Bonus
ending balance. In certain circumstances, it is possible to have
a negative debit card Cashback Bonus balance.
Cashback Debit Accounts deemed to have an excessive or
unusual number of debit card return transactions may be: (i)
frozen, (ii) no longer eligible to participate in the debit card
Cashback Bonus rewards program, or (iii) closed in accordance
with Section 24(a) of this Agreement.
(e) Proof of Purchase:
We reserve the right to request receipts of your debit card
purchases within sixty (60) days of the purchase date and you
agree to provide such receipts upon request. Failure to provide
requested receipts will result in those debit card purchases not
being eligible for Cashback Bonus rewards.
13 DEBIT CARDS
(a) Debit Card Transactions
You may use your Debit Card in North America and the Caribbean
where the PULSE
®
, Discover
®
, Diners Club International
®
, MoneyPass
®
or Allpoint
®
symbol is displayed.
Subject to limitations set forth in Section 11 (applicable to Money
Market Accounts only) and Section 13(d) and to limitations set by
the ATM owner or merchant, you may use your Debit Card in the
following ways:
(i) At an ATM, withdraw cash from your Cashback Debit
Account, Personal Checking Account, or Money Market
Account.
(ii) Pay for purchases in person, online, or by phone.
(iii) Obtain cash-over from participating merchants.
(iv) Add cash to your Cashback Debit Account, Personal Checking
Account, or Money Market Account with your contactless Debit
Card at participating retail merchant locations using the Add Cash
service. There is no fee for this service. Transaction limits may
apply.
Note: At our Branch, you may use your Debit Card at the teller line to
obtain your Account number to help facilitate transactions.
(b) Foreign Transactions
If you make a purchase or withdraw cash using your Debit Card in a
foreign currency, we will convert it to U.S. dollars using conversion
rates sourced from one of the following methods: a government-
mandated rate, a government-published rate, or an interbank or
wholesale exchange rate, depending on the country and currency
in which the transaction is made. We use the rate in effect on the
conversion date for the transaction. This rate may be different than
the rate in effect on the transaction date. “Interbank or wholesale
exchange rate” means the foreign exchange rate that banks
charge each other when buying and selling currencies.
(c) ATM Fees
We will not charge a fee for using an out-of-network ATM. However,
when you initiate a transaction with your Debit Card at an ATM that
is outside of our No Fee network, you may be charged a fee by the
ATM operator or any network used for your transaction, including,
but not limited to, balance inquiries.
2625
(d) Debit Card Limits
• For the first 30 days from when you open your first deposit Account
with us, the daily combined point-of-sale (“POS”) purchase limit per
active Debit Card is the lesser of $2,500 or your available balance.
• After the first 30 days from when you open your first deposit
Account with us, the daily combined POS purchase limit per active
Debit Card is the lesser of $5,000 or your available balance.
• The daily ATM withdrawal limit for each Account is the lesser of
$2,000 or your available balance. When you use an ATM not owned by
us, you may be subject to other daily limits set by the ATM operator.
• These Debit Card transaction limits are in addition to the limits set
forth in Section 11 of this Agreement. For security reasons, there may be
limits on the number of ATM withdrawals using your Debit Card.
• In addition, we reserve the right to decline any Debit Card
transaction if we suspect fraud, Account takeover, possible illegal
activity, or any other unusual activity affecting your Account.
• If you utilize the Add Cash Service to add cash to your Cashback
Debit Account or Money Market Account, each addition of cash
must be at least $20. The maximum amount of cash that can be
added per transaction through the service at participating retail
locations is $1,000 in all states except Arizona and New Mexico.
In Arizona and New Mexico, the per transaction limit is $999.99.
Within a 24-hour window, customers can add up to $1,000 in all
states except Arizona and New Mexico. In Arizona and New Mexico,
the limit per 24-hour window is $999.99. Additional limits include
7 transactions or $7,000 in cash added per rolling 7 days and 20
transactions or $20,000 in cash added per calendar month.
(e) Personal Identification Number (PIN)
You may activate your Debit Card and create or change your PIN
via the Discover App, Account Center online, or by calling our
automated system. You should protect your PIN as you would your
Debit Card.
(f) Debit Card Freeze
You may request that Discover freeze your Debit Card, which
means that new purchases (in-store, online, mobile, or phone) and
ATM transactions will not be authorized, allowed, or processed with
the Debit Card you have frozen. If more than one Debit Card has
been issued to access your Account, such as a joint Accountholder
Debit Card, only the Debit Card you have identified will be frozen.
All other Debit Cards issued to access your Account will continue
to be available for transactions. Freezing your Debit Card will not
stop bill payments, transactions that merchants have marked
as recurring, returns, deposits, dispute adjustments, internal or
external transfers, reward redemptions, or checks. You may freeze
your Debit Card via the Discover App, online by visiting the Account
Center, calling customer service, or by visiting the Branch.
(g) Debit Card for Discover Cashback Debit Account
By opening a Discover Cashback Debit Account, you are also
requesting a Debit Card.
14 FUND TRANSFERS
(a) Internal Transfers Between Discover Accounts
Accountholders can transfer funds between their deposit Accounts,
or transfer funds from such Accounts to fund a new Account. We may
require a written request for an internal transfer to close one Account
and open another with new Accountholders or if at any time the
validity of a transaction is in question. Internal transfers scheduled for
the same day are processed immediately. For transfers to interest-
bearing Accounts, interest will begin to accrue the next Business
Day if the internal transfer is completed on or after 10 p.m. Eastern
Time. Internal transfers scheduled for the next Business Day or later
are processed at the beginning of the scheduled transfer date. For
transfers to or from an IRA Savings Account that will be a contribution
or distribution from the IRA Plan, we require receipt of a correctly
completed and signed Contribution or Distribution Form.
(b) Wire Transfers
(i) Incoming Wire Transfers
Please contact us at 1-800-347-7000 (1-888-204-8990 for
AAA customers or 1-800-529-6987 for AAII customers) for
wire transfer instructions as certain incoming wire transfers
are processed through an intermediary bank. Wire transfers
received before 4 p.m. Eastern Time are posted to your
Account on the Business Day we receive them. Wire transfers
received after 4 p.m. Eastern Time are posted to your Account
on the next Business Day, with an effective date of the Business
Day the funds were received. In some circumstances, a wire
transfer may require additional processing time and will be
posted to your Account upon completion of processing,
with an effective date (regarding when interest starts) of the
Business Day the funds were received. A wire transfer that
does not comply with applicable law will not be processed
and will be returned. Funds from incoming wire transfers are
made available as set forth in Section 15(b)(i). For international
wire transfers received in a foreign currency, the funds will
be converted to U.S. dollars at a currency exchange rate
determined by intermediary banks and that exchange rate will
determine the amount received by us.
(ii) Outgoing Wire Transfers
Outgoing wire transfers from your Account to another financial
institution may be made upon request by completing the
Discover Wire Transfer Form or by submitting the request
online. Outgoing international wire transfer requests from
your Account to another financial institution may be made
in the Discover App. Please note that Discover Bank only
sends international wires funded in U.S. dollars. All requests
must include the receiving Accountholder and receiving
bank information, as required by us. You may be assessed an
Outgoing Wire Transfer Service Charge for each outgoing wire
transfer you initiate (not applicable to IRAs). For wire transfers
from an IRA, we require receipt of a correctly completed,
signed Distribution Form.
2827
(a) We reserve the right to verify or authenticate any request
for a wire transfer or any information you provided to
us on the Discover Wire Transfer Form and to refuse
to honor any request if we, in good faith, are unable to
verify that the individual requesting such transfer has the
authority to do so or we detect any other unusual activity
of the Account or person. There may be more than one
level of verification required.
(b) Requests received and fully verified at or before 3 p.m.
Eastern Time on a Business Day will be processed as of
that Business Day. Wire transfer requests received and
fully verified after 3 p.m. Eastern Time on a Business Day,
or at any time on a day that is not a Business Day, will be
processed no later than the next Business Day.
(c) ACH Transfers Between Discover and
Non-Discover Accounts
• You can transfer funds via Automated Clearing House (“ACH”)
between any of your eligible Discover Bank Accounts and eligible
Accounts you own at other U.S. financial institutions, subject to the
restrictions identified in Section 11.
• In order to initiate an ACH transfer, you must be an owner of, or
signer on, the bank Account from which funds are being debited
or to which the funds are being credited. You are required to
provide the routing number, Account number, and bank name for
the Account from which the funds will be debited or to which the
funds are being credited.
• ACH requests made by phone or in the Account Center before
5 p.m. Eastern Time on a Business Day will be initiated by us on the
same day.
• ACH requests made by phone or in the Account Center after 5 p.m.
Eastern Time on a Business Day or at any time on a non-Business
Day will be initiated by us on the next Business Day.
• Funds deposited via ACH will be available as set forth in Section 15
(Funds Availability).
• ACH transfers initiated by phone are permitted for initial Account
funding only. Some product types might not be eligible.
• For security reasons, there may be limits on the dollar amount and
the number of external transfers from your Account. We reserve
the right to terminate, change, discontinue, or add funds transfer
functionality at any time, within our sole discretion.
• For transfers to or from an IRA that will be a contribution to or
distribution from the IRA Plan, we require receipt of a correctly
completed, signed Contribution or Distribution Form.
ACH transfers initiated via the Account Center are subject to the
Account Center (Banking) Agreement.
(d) Zelle
®
Person-to-Person Transfers
You may be eligible to enroll in our optional Zelle
®
P2P Transfer
Service. The Zelle
®
P2P Transfer Service allows you to send, receive,
and request transfers from third parties who are also enrolled in the
service at Discover or another participating financial institution. To
enroll, visit the Account Center.
15 FUNDS AVAILABILITY HOLDS
Our policy is to make funds from your cash, check, and other deposits
to your Account available to you as set forth in this Section 15. Once
funds are available, the funds can be used to cover debit transactions
on the Account (e.g., cash withdrawals at the Branch or ATM, ACH or
wire transfers, internal transfers, Zelle
®
transfers, and checks written).
(a) Check Deposits
Section 15(a)(i) sets forth our general funds availability schedule for
checks for Existing and New Customers. Please note Section 15(a)
(ii), which sets forth our availability schedule for check deposits
under other special circumstances.
Funds availability is determined by a variety of factors, including,
but not limited to, check type, whether a customer is an Existing
Customer or New Customer, and whether the check is deposited in
person at the Branch, by mail, or using Mobile Check Deposit.
Checks Deposited Using Mobile Check Deposit: Please note that
checks transmitted using Mobile Check Deposit are not subject to
the Funds Availability time frames in the Table below. Please refer
to the Table in the Discover Bank
®
Mobile Check Deposit Service
User Agreement Addendum for general funds availability for
checks deposited through Mobile Check Deposit. The remainder
of the provisions in Section 15(a) also applies to checks deposited
through Mobile Check Deposit (unless otherwise stated).
(i) General Availability
Funds from checks, drafts, and money orders drawn on any
financial institution located in the United States (including a
financial institution located in a U.S. territory or a U.S. branch
or agency of a foreign bank) will be available for withdrawal
as follows:
3029
The Funds Availability tables are indicative of general funds
availability. Discover reserves the right to expedite funds availability. In
some cases, we make funds from your deposited checks available to
you sooner than we are able to collect the checks. Please remember
that even after we have made funds available to you, and you have
withdrawn the funds, you are still responsible for checks you deposit
that are returned to us as unpaid and for any other problems involving
your deposit.
(ii) Delayed Availability
The availability of funds from checks deposited may be
delayed for a longer period of time under circumstances
including, but not limited to, the following:
• We have reason to believe a check you deposit will not be
paid.
• If you deposit checks totaling more than $5,550 on any one
Business Day (“Large Deposit”).
• A check you redeposited was previously returned unpaid.
• You have overdrawn your Discover Account repeatedly in
the last six (6) months.
• You have multiple deposits returned in your Account over
the immediately preceding 90-day period.
• We have been notified that the deposited check has been
lost or damaged in collection.
• We suspect fraudulent or other unusual activity on your
Account.
• The deposited check is post-dated, expired, or more than
six (6) months old.
• The routing number on the deposited check is not a current
routing number.
• There are erasures or other apparent alterations on the
deposited check.
• An emergency, such as failure of computer or
communication equipment, has occurred.
We will notify you if we delay your ability to withdraw funds
for any of the reasons set forth in this Section 15(a)(ii), and
we will tell you when the funds will be available. The funds
will generally be available no later than the seventh (7th)
Business Day after the date of your deposit.
(b) Electronic Deposits
(i) Funds from ACH credit transfers and wire transfers
initiated at an external bank to your Discover Bank
Account (i.e., funds being sent to Discover) will be
available for withdrawal no later than the Business Day we
receive the funds.
Type of Deposit
How
Deposit is
Made*
Business
Day of
Deposit
Business
Day 1 after
Deposit Date
Business
Day 2 after
Deposit Date
Business
Day 5 after
Deposit Date
Checks drawn on
Discover Bank
Made in
person
Full amount of
the deposit
Not made in
person
Full amount of
the deposit
U.S. Treasury
Checks
Made in
person
Full amount of
the deposit
Not made in
person
Up to $15,000
of the deposit
Remainder
Special Check Types**
Made in
person
Full amount of
the deposit
Not made in
person
First $250 of
the deposit
Next $5,300 of
deposit
Remainder
Other Checks
Made in
person
First $250 of
the deposit
Remainder
Not made in
person
First $250 of
the deposit
Next $5,300 of
deposit
Remainder
Type of Deposit
How
Deposit is Made*
Business
Day 1 after
Deposit Date
Business
Day 2 after
Deposit Date
Business
Day 5 after
Deposit Date
Checks drawn on
Discover Bank
Made in
person
Full amount of the
deposit
Not made in
person
Full amount of the
deposit
U.S. Treasury
Checks
Made in
person
Full amount of the
deposit
Not made in
person
Up to $5,550
of the deposit
Remainder
Special Check Types**
Made in
person
Full amount of the
deposit
Not made in
person
First $250 of
the deposit
Next $5,300 of
deposit
Remainder
Other Checks
Made in
person
Full amount of the
deposit
Not made in
person
Full amount of the
deposit
*A check deposit “made in person” means the deposit was made to one of our employees at the Branch.
**Special Check Types Include: U.S. postal money orders and Federal Reserve Bank, cashier’s, official,
certified, teller, state and local government, and travelers checks.
New Customer Funds Availability Chart
Existing Customer Funds Availability Chart
31
(ii) Funds from ACH transfers initiated at Discover Bank to be
withdrawn from your external bank Account, and sent and
deposited to your Discover Bank Account are generally
available within four (4) Business Days after the date your
request is initiated.
The availability of funds from ACH transfers initiated at
Discover Bank from your external bank Account and sent
and deposited to your Account at Discover Bank may be
delayed for a longer period of time (up to ten (10) Business
Days) to ensure that the funds have cleared the external
bank from which the funds were obtained and under
circumstances including, but not limited to,
the following:
• You are a New Customer.
• We suspect fraudulent, illegal, or other unusual activity on
your Account.
• You have overdrawn your Account repeatedly in the last six
(6) months.
• You have multiple deposits returned in your Account over
the immediately preceding 90-day period.
(iii) Funds from Zelle
®
transfers to your Account. Please refer
to Section 8 of Zelle
®
Person to Person Transfer Service
User Agreement Addendum for availability of funds from
Zelle
®
transfers to your Account.
(c) Cash Deposits
Do not deposit cash through the mail. For cash deposits that are
not made in person to one of our employees at the Branch, your
funds will be available no later than the first Business Day after the
date of your deposit. If you make a cash deposit in person to one of
our employees at our Branch, your funds will be available no later
than the day we receive the deposit.
(d) Electronic and Cash Deposits by New Customers:
The availability of funds from cash and electronic deposits does not
change for New Customers, except as provided in Section 15(b)(ii)
above, and is set forth in Sections 15(b) and 15(c).
(e) Determining When Your Deposit is Received
(i) Checks and Cash
The following chart describes when items are determined to have
been received by Discover:
32
Times for when Check & Cash
Deposits will be Considered Received
Mailed to our deposit
processing center
(checks only)
By 12 p.m. Eastern Time
on a Business Day
After 12 p.m. Eastern Time on a Business
Day or any time on a Non-Business Day
Day of Receipt Next Business Day
In person made to one
of our employees at
the Branch
Business Day of Receipt
Business Day of Receipt
Via Mail to the Branch
(checks only)
Business Day of Receipt
Note: Cash added through the Add Cash service at participating
retail merchant locations is considered received day of receipt.
(ii) Wire Transfers
Wire transfers received before 4 p.m. Eastern Time on a
Business Day are considered received on the Business Day
we receive them. Wire transfers received after 4 p.m. Eastern
Time on a Business Day are considered received on the next
Business Day. See Section 14(b)(i) for additional information.
16 STOP PAYMENT ON CHECKS
You may stop payment on a check drawn on your Cashback Debit
Account, Personal Checking Account, or Money Market Account in
person at our Branch, by calling us, or by sending a written request
to us. A stop payment order may apply to either a continuous range
of checks or a single check. A stop payment order will be effective if
we receive the stop payment order at such time and in such manner
that we have a reasonable opportunity to act upon the request. The
stop payment order is effective for six (6) months from the date you
ordered the stop payment. To make a stop payment order, you must
provide us with your Discover Account number, the check amount
and/or the number and, if available, the payee name. Our acceptance
of a stop payment order will not constitute a representation that
the check has not already been paid or that we have a reasonable
opportunity to act upon the order. Further, you may not stop payment
on a check after we have paid the check.
If we fail to stop payment on a check for which a timely request is
made, our liability is limited to the face amount of the check. If you
would like to renew the stop payment after the effective period of
six (6) months, you must call us, come into the Branch, or send us a
written request.
See Section 27(a) for information on stop payment orders for
preauthorized transfers.
17 ACCOUNT TRANSFER OR ASSIGNMENT
Except as set forth in Section 20, you may not transfer, assign, or
grant a security interest in your Account or any portion of the funds
in your Account without our prior written consent. No such transfer,
assignment, or security interest grant will be binding on us unless
and until we consent in writing to it. We reserve the right to refuse to
allow you to change, add, or delete your name or the names of other
Accountholders.
33
18 STATEMENTS AND ERROR RESOLUTION
(a) Statement Frequency
For an account to or from which EFTs can be made, we will send
a periodic statement for each monthly cycle in which an EFT has
occurred. If no EFT has occurred, we will send a periodic statement
at least quarterly (except IRA CDs). IRA (Plan) statements will be
available annually.
For Cashback Debit, Personal Checking, and Money Market
Accounts, Checks will not be returned to you in your statement.
However, you may view check images in the Account Center. Check
copies are available upon request.
(b) Statement Error Resolution
You must review and call us or write us promptly after we mail or
otherwise make a statement available if:
• An item (other than an EFT from a Cashback Debit, Personal
Checking, Online Savings, Statement Savings, Money Market, or
Non-IRA CD Account) that you did not authorize or that contains
an unauthorized alteration is listed on the statement;
• Your statement contains any errors (other than EFT-related
errors from a Cashback Debit, Personal Checking, Online Savings,
Statement Savings, Money Market, or Non-IRA CD Account); or
• You did not receive your scheduled statement.
If you do not notify us of unauthorized or altered items, or other
errors (other than EFTs from a Cashback Debit, Personal Checking,
Statement Savings, Online Savings, Money Market, or Non-IRA
CD Account), or of a missing statement within 60 days after a
statement is mailed or otherwise made available, then you waive all
claims you may have against us regarding these items.
If you do not call or write us regarding an item that you did not
authorize or that contains an unauthorized alteration within 30
days after a statement is mailed or otherwise made available, we
are not liable to you for subsequent unauthorized transactions on
your Account that we could have prevented if you had timely told
us of the unauthorized alteration.
You must call us or write us within six (6) months after a statement
is mailed or made available to you to report an unauthorized or
missing endorsement on an item you issued.
You must provide us with all information we need to investigate
the alleged error or item and file any police reports, and provide
supporting affidavits and testimony we reasonably request. If
you do not comply with the requirements, we are not required to
reimburse you for any claimed loss, and you cannot bring any legal
claim against us in any way related to the item or errors.
(c) Undeliverable Statements
You are responsible for maintaining a current address with us. Your
statements will be considered available as of the date that the
statement is mailed to you or otherwise made available to you. Your
Checking, Savings, Money Market, Non-IRA CD Account, IRA Savings,
and IRA CD statements are also available through Account Center.
34
(d) EFT Error Resolution
Section 18(b) on statement error resolution does not apply to errors
regarding EFTs from a Cashback Debit, Personal Checking, Online
Savings, Statement Savings, Money Market, or Non-IRA CD Account.
For resolution of errors regarding EFTs from a Cashback Debit,
Personal Checking, Online Savings, Statement Savings, Money
Market, or Non-IRA CD Account, see Section 28.
19 CD RENEWAL OPTIONS
• We will send you a notification 30 days before your CD matures.
• When your CD matures, you may make a deposit or withdrawal (in
whole or in part), or change the length of the term of the renewed
CD once during the Grace Period. The “Grace Period” consists of the
nine (9) days immediately following the maturity date.
• Any term change, or deposit or withdrawal (including interest
disbursement), during the Grace Period, will end the Grace Period.
• Your CD will automatically renew if no action is taken during the
Grace Period.
• If you elect not to renew your CD, you will not be paid interest after
the maturity date. Interest will be paid on partial withdrawals during
the Grace Period as specified in Section 5(a).
• For IRA CD Accounts:
– If you are withdrawing funds, we must receive a correctly
completed IRA Distribution or Transfer Form before the end of
your Grace Period in order for us to process any distribution(s)
from your IRA CD Account before the end of the Grace Period.
– If you would like to make a contribution to your IRA CD Account at
maturity or during your Grace Period, we must receive a correctly
completed Contribution Form and the additional funds prior to
the end of the Grace Period. If we do not receive the Contribution
Form and funds prior to the end of the Grace Period, we will either
return the funds to you in the same way we received the funds
or you may apply for and establish a new IRA CD Account or IRA
Savings Account.
20 RIGHT OF SETOFF
(a) Set-Off
If you owe us or our affiliate(s) money under any agreement,
now or in the future (“Debt”), you grant us (and our affiliate(s),
as applicable) a security interest in all of your Accounts (except
for IRAs) in which you have an interest, to secure the Debt, plus
reasonable attorney fees and costs incurred by us (and our
affiliate(s), as applicable) in connection with collecting on the Debt.
We also have a right to set off the balance in any of your Accounts
(except for IRAs) against any Debt that is due and payable. If the
Debt is due and payable, we may exercise our right of set-off
and our rights under the security interest to satisfy or reduce the
Debt, without giving you notice, before or after the set-off (unless
required by applicable law) by withdrawing funds from such
Account(s) and applying them to the Debt, and to any associated
fees, charges, and costs. We may exercise these rights even if the
35
withdrawal leaves insufficient funds in your Account(s) to pay
outstanding checks or other items, or results in an Early Withdrawal
Penalty being assessed against your Account(s). We may withdraw
funds from a joint Account to pay a Debt of any joint Accountholder,
regardless of the contributions of each Accountholder. We will not
exercise these rights to pay a credit card Debt, or where otherwise
prohibited by law. Some government payments may be protected
from attachment, levy, or other legal process under federal or state
law. If such protections may apply, to the extent that you may do so
by contract, you waive these protections and agree that we may
take or set-off funds, including federal and state benefit payments,
from your Accounts to pay Debts.
(b) Overdrafts
Any overdraft in your Account, regardless of the reason for the
overdraft, is immediately due and payable by you without notice of
demand from us.
21 OVERDRAFT PROTECTION SERVICE
We offer an optional overdraft protection transfer service. You may
only enroll in the Overdraft Protection Service for your Checking
Account, Savings Account, or Money Market Account through the
Account Center. The Overdraft Protection Service allows you to link an
eligible Account to another eligible Account to help avoid overdrawing
your Account. Until you have enrolled your eligible Accounts in the
Overdraft Protection Service you will not have the benefit of the
Overdraft Protection.
22 POWER OF ATTORNEY
If you wish to designate another person (your “Attorney-in-Fact”), other
than another owner of your Account, to transact on your Account on
your behalf, you must deliver to us a Power of Attorney (“POA”) form
that complies with applicable law. Subject to applicable law, we may
decline to honor a POA for any reason, at any time, and we may refuse to
recognize a successor Attorney-in-Fact, even if we recognized the first
Attorney-in-Fact named in your POA. If your POA names more than one
Attorney-in-Fact, you agree that we may rely on the instructions of one
Attorney-in-Fact as representing joint action by every Attorney-in-Fact
you named in the POA. You agree we do not have the responsibility to
monitor for, or enforce, any joint Attorney-in-Fact requirement. We may
require the Attorney-in-Fact to execute an affidavit form, which we
will provide. The Attorney-in-Fact must notify us immediately upon
learning of the principal’s death. We may rely on your POA until we
have received notice (i) from you that it has been revoked, or (ii) that
it has otherwise been terminated. An Attorney-in-Fact is not an owner
of the Account and does not have an FDIC-insurable interest in the
Account.
36
23 PRIVACY AND DISCLOSURE OF ACCOUNT INFORMATION
We will disclose information to third parties about your Account or the
transfers you make: (i) where it is necessary for completing transfers,
or (ii) in order to verify the existence and condition of your Account
for a third party, such as a credit bureau or other consumer reporting
agency or merchant, or (iii) in order to comply with government
agency or court orders, or (iv) if you give us written permission, or (v)
as explained in our Privacy Statement.
You authorize your wireless carrier to use or disclose information
about your Account and your wireless device, if available, to Discover
Bank or its service providers for the duration of your business
relationship, solely to help them identify you or your wireless device
and to prevent fraud. See our Privacy Policy at https://www.discover.
com/privacy-statement/ for how to see how we treat your data.
24 ACCOUNT CLOSURE
(a) Closure by Us
We reserve the right to close your Account at any time for any
reason, including if the balance in your Account is zero. If we
close your Account, funds on deposit will be disbursed to the
Accountholder(s).
You will have 45 days, starting with the Account open date, to fund
your Cashback Debit Account, Personal Checking Account, Online
Savings Account, Statement Savings Account, or Money Market
Account. If we do not receive funding within 45 days, starting with
the Account open date, your Account will be closed. For Non-IRA
CD Accounts, you will have 45 days from the application date to
fund the Account, otherwise, your Non-IRA CD Account application
will be deemed abandoned.
(b) Closure by You
Subject to Section 11(a), you can close your Account at any time by
notifying us in person, in writing, or calling us. For phone requests, we
may require you to submit an Account closure request in writing.
(c) All Closures
(i) Cashback Debit, Personal Checking, Money Market, Statement
Savings, and Online Savings Accounts: If any transactions are
received after your Account is closed, the transactions will
generally be rejected, and debit transactions will be returned
unpaid. For interest-bearing Accounts, no interest will be paid
on deposits received after your Account has been closed.
(ii) Non-IRA CD Accounts: Closure of your Non-IRA CD Account is
subject to the restrictions stated in Section 11(a)(i) and Section
36 of this Agreement. If your Non-IRA CD Account is closed
prior to maturity, we will assess an Early Withdrawal Penalty.
However, we do not assess an Early Withdrawal Penalty for
withdrawals following the death of an owner or when an
owner is determined to be legally incompetent by a court or
other appropriate administrative body, in each case subject
to the provision of supporting documentation satisfactory
to us.
3837
25 TRANSACTION CORRECTIONS, REVERSALS, AND DELAYS
(a) Transaction Corrections and Merchant Chargebacks
We may review transactions after they are posted to your Account.
If we determine that we credited or debited your Account in
error, we may reverse the transaction at any time without notice
to you and even if a reversal overdraws your Account. You will
be responsible for settling any remaining amount owed to the
merchant directly with the merchant.
At our discretion and in accordance with applicable network rules,
we may seek a merchant chargeback on transactions after they are
posted to your Account. Regarding such debit card transactions
that we charge back to a merchant, you may be responsible for
settling any remaining amount owed to the merchant directly with
the merchant.
(b) Return of Benefit Payments
If we are required to return any federal benefits or other payments
that were deposited to your Account after you became ineligible
to receive them, we may debit your Account balance, or debit any
other Account you own, and return them to the sender. If any of the
funds were withdrawn, you agree to repay them upon our request.
(c) Transaction Delays
If we are unable to automatically post a transaction to your Account
for any reason, including, but not limited to, your failure to provide
a deposit slip, or there is a freeze on your Account, or the deposit
is to a CD that has not yet matured, we are entitled to a reasonable
amount of time to review the transaction and post it to your
Account, or in our discretion, return it.
26 AMENDMENTS, ACCOUNT CHANGES, AND NOTICES
We may change the terms of this Agreement at any time. Unless
the law requires us to send you a specific notice, we will decide
what kind of notice we will give you, the timing of the notice, and
the method of providing the notice. If you are unwilling to agree
to such amendments, you have the right to close your Account
prior to the changes taking effect, subject to any Early Withdrawal
Penalties. Your continued use of the Account after the effective date
of the change constitutes your agreement to the Deposit Account
Agreement as amended. Notices will be sent to the most recent
address shown on our records for your Account. Any notice to one
Accountholder constitutes notice to all Accountholders. It is your
responsibility to notify us of any changes in your address or name, or
if an Accountholder dies. If we are notified by the U.S. Postal Service
that your address has changed, we may change your address in our
records and send notice to you of the change.
27 ELECTRONIC FUND TRANSFER EFT
“EFT” or “transfer,” as used in Sections 27 and 28, means any electronic
fund transfer transaction that is initiated through an electronic
terminal, telephone, facsimile machine, computer, or magnetic tape
for the purpose of ordering, instructing, or authorizing us to debit
(iii)(a) IRA CD Accounts: Closure of your IRA CD Account is
subject to the restrictions stated in Section 11(a)(i) and
Section 36 of this Agreement and the provisions set forth
in Section 3(iii) governing revocation of an IRA Plan. If
your IRA CD Account is closed prior to maturity, we will
assess an Early Withdrawal Penalty. However, we do
not assess an Early Withdrawal Penalty for withdrawals
following the death of an owner or when an owner is
determined to be legally incompetent by a court or other
appropriate administrative body, or for withdrawals that
constitute required minimum distributions from your
IRA CD Account, in each case, subject to the provision of
supporting documentation satisfactory to us. Upon the
death of an IRA CD Account Accountholder, if a surviving
spouse is the sole beneficiary, then the surviving spouse
must close the IRA CD Account and either (a) open a
new IRA CD Account in the surviving spouse’s name
with the IRA CD Account term ending on the same date
and with the same interest rate and APY as the original
IRA CD Account, or (b) receive the funds as a transfer,
distribution, or a rollover.
(b) IRA Savings Accounts: Closure of your IRA Savings
Account is subject to the restrictions stated in Section
11(a)(i) and the provisions set forth in Section 3(iii)
governing revocation of an IRA Plan. Upon the death
of an IRA Savings Account Accountholder, if a surviving
spouse is the sole beneficiary, then the surviving spouse
must close the IRA Savings Account and either (a) open a
new IRA Savings Account in the surviving spouse’s name,
or (b) receive the funds as a transfer, distribution, or a
rollover.
(iv) IRAs generally: Closure of an IRA may result in tax
consequences, depending on the circumstances, including
tax penalties and assessment of income tax on funds
distributed from the closed Account. We may be required
to withhold certain amounts for federal income tax. We
might also be required to withhold certain amounts of state
withholding tax. See your applicable IRA Plan Agreement
and disclosures for more information.
(v) General Account Closure: If an Account is closed before
interest is credited, you will receive the accrued interest.
Closed Accounts remain subject to the other provisions of
this Agreement. We may advise consumer reporting
agencies and other third parties of an Account that is closed
for misuse, as permitted by law.
4039
• Preauthorized Credits: If you have arranged to have direct
deposits made to your Cashback Debit Account, Personal
Checking Account, Statement Savings Account, Online Savings
Account, or Money Market Account at least once every 60 days
from the same person or company, you can call us at 1-800-347-
7000 (1-888-204-8990 for AAA customers or 1-800-529-6987 for
AAII customers) or visit DiscoverBank.com to verify whether or not
the deposit has been made. You will not receive a separate receipt
for these transactions.
• ACH Transactions Initiated Through the Account Center or By
Phone: You will receive a written notice confirming the verbal
authorization to process an ACH by phone. You will be presented
with a confirmation screen, confirming the authorization to
process an ACH through the Account Center.
• Statements: All transfers will be included on your statements.
(e) Your Liability for Unauthorized Transfers
Tell us AT ONCE if you believe your Debit Card or PIN has been lost
or stolen, or if you believe that an electronic fund transfer has been
made without your permission using information from your check, by
calling us at 1-800-347-7000 (1-888-204-8990 for AAA customers or
1-800-529-6987 for AAII customers) or by writing us at Discover Bank,
P.O. Box 30411, Salt Lake City, UT 84130-0411. Telephoning is the best way
of keeping your possible losses down. You could lose all the money in
your Account. If you tell us within two (2) Business Days after you learn
of the loss or theft of your Debit Card or PIN, you can lose no more than
$50 if someone used your Debit Card or PIN without your permission.
If you do NOT tell us within two (2) Business Days after you learn of the
loss or theft of your Debit Card or PIN, and we can prove we could have
stopped someone from using your Debit Card or PIN without your
permission if you had told us, you could lose as much as $500 (if you
reside in California or New York, this amount is as much as $50). Also, if
your statement shows transfers that you did not make, including those
made by card, code, or other means, tell us AT ONCE. If you do not tell
us within 60 days after the statement was made available to you, you
may not get back any money you lost after the 60 days if we can prove
that we could have stopped someone from taking the money if you
had told us in time. If a good reason (such as a long trip or a hospital
stay) kept you from telling us, we will extend the time periods.
(f) Our Liability for Failure to Make Electronic Transfers
If we do not complete a transfer to or from your Account on time
or in the correct amount according to your instructions and this
Agreement, we will be liable for losses or damages. However, there
are some exceptions. We will not be liable, for instance:
• If, through no fault of ours, there is insufficient money in your
Account to make the transfer.
• If the terminal or system was not working properly and you knew
about the breakdown when you started the transfer.
•
If circumstances beyond our control (such as fire or flood) prevent
the transaction, despite reasonable precautions that we have taken.
or credit your Cashback Debit, Personal Checking, Online Savings,
Statement Savings, Money Market, and Non-IRA CD Account. The
following details your rights in regards to EFTs. You may call us if you
have any questions about your rights. Refer to Section 28 for written
notification requirements.
(a) Stop Payment of Preauthorized Transfers
If you have arranged to make preauthorized recurring electronic
payments out of your Account, you can stop any of these
payments. Here’s how: Call us at 1-800-347-7000 (1-888-204-8990
for AAA customers or 1-800-529-6987 for AAII customers), come
into the Branch, or write us at Discover Bank, P.O. Box 30416, Salt
Lake City, UT 84130. You may also use this contact information
to revoke your stop payment order. For payments you have
authorized us or a third party to make from your Account via EFT,
we must receive your order in such time and in such manner as to
allow us a reasonable opportunity to act upon it, which will be no
less than three (3) Business Days. If you call, we may also require
you to put your request in writing and get it to us within 14 days
after you call. You must provide us with your Discover Account
number, the name of the payee, the date, and the payment
amount. The stop payment order is effective indefinitely. Once
your stop payment order is effective, the stop payment order will
continue in effect until the ACH transfer is stopped (for a one-time
stop payment order) or for recurring ACH the stop payment order
is effective until you revoke the stop payment order with us. For
payments initiated by a third party, you should notify the third party
that you have withdrawn your authorization for the payment.
(b) Notice of Varying Amounts
If these regular payments vary in amount, the person you are going
to pay will tell you ten (10) days before each payment when it will be
made and how much it will be. You may choose instead to get this
notice only when the payment would differ by more than a certain
amount from the previous payment, or when the amount would fall
outside certain limits that you set.
(c) Liability for Failure to Stop Payment
If you order us to stop one of these payments within the time
frames set forth in Section 27(a), and we do not do so, we will be
liable for your losses or damages.
(d) Documentation of Transfers
Your EFTs will be documented as follows:
• Terminal Transfers (i.e., ATMs): You can get a receipt at the time
you make any transfer/withdrawal from your Cashback Debit,
Personal Checking, or Money Market Account using an ATM or POS
terminal. Save this receipt in order to reconcile your Account and/
or to report any discrepancies or malfunctions.
4241
proceedings. We shall be entitled to rely upon the representations,
warranties, and statements made in such legal processes. You agree
to hold harmless and indemnify us for any losses, expenses, and
costs, including reasonable attorneys’ fees incurred by us as a result
of complying with such legal proceedings. In the event of your death,
we will not release funds on deposit until all legal documents we
require are delivered to us. We may pay all or any part of the funds in
a joint Account to a court or governmental agency upon receipt of a
garnishment, order, tax levy, or similar legal process identifying any
one or all of the owners of the joint Account.
31 ABANDONED ACCOUNTS
State laws governing abandoned Accounts may vary from state to
state. If we have not had contact from you, there is no activity on your
Account, and you have not otherwise indicated an interest in the
Account for a period of time specified by state law, the laws in most
states require us to treat the funds in such Account as abandoned
property and deliver the abandoned funds to the applicable state.
Once the property is turned over to the applicable state, you would
have to follow the state’s requirements and process to obtain return
of the funds we turned over to the state.
32 SEVERABILITY
Any term contained in this Agreement which is determined by a
court of competent jurisdiction to be invalid or unenforceable
under applicable law or regulation shall not affect the validity or
enforceability of the remaining terms.
33 TELEPHONE COMMUNICATIONS
(a) Authorization to Record Calls
You agree that Discover and its affiliates, agents, contractors, and
marketing partners may listen to or record telephone calls between
you and our representatives without additional notice to you.
(b) Authorization to Contact You by Phone
You agree that we (and our affiliates, agents, and contractors)
may monitor or record any calls between you and us. If we need
to contact you to service your Account, or to collect amounts
you owe to us, you authorize us (and our affiliates, agents, and
contractors) to contact you at any number (i) you have provided
to us, (ii) from which you called us, or (iii) which we obtained
and believe we can reach you at. We may contact you in any
way, such as calling, texting, or email. We may contact you using
an automated dialer or using pre-recorded messages. We may
contact you on a mobile, wireless, or similar device, even if you are
charged for it by your provider.
(c) Authorization to Contact You by Other Means
You also agree that Discover and its affiliates, agents, and
contractors may use other medium, as permitted by law and
including, but not limited to, mail and email, to contact you about
your Account or to offer products or services that may be of value
to you.
• If the transaction would have violated the terms of any of our
agreements with you or with governmental regulations.
• If the ATM where you are making the transfer does not have
enough cash.
There may be other exceptions not stated in this Agreement.
28 ERROR RESOLUTIONELECTRONIC FUND TRANSFERS
In case of errors or questions about EFTs, call us or write us as soon as you
can if you think your statement or receipt is wrong or if you need more
information about a transfer listed on the statement or receipt. We must
hear from you no later than 60 days after we made the FIRST statement
available on which the problem or error appeared. Call 1-800-347-7000
(1-888-204-8990 for AAA customers or 1-800-529-6987 for AAII customers)
or send your inquiry to us at Discover Bank, P.O. Box 30411, Salt Lake City, UT
84130-0411.
In order to more effectively serve you:
• Tell us your name and Account number.
• Describe the error or the transfer you are unsure about and explain
as clearly as you can why you believe it is an error or why you need
more information.
• Tell us the dollar amount of the suspected error.
If you tell us orally, we may require that you send us your complaint or
question in writing within ten (10) Business Days. We will determine
whether an error occurred within ten (10) Business Days after we hear
from you and will correct any error promptly. If we need more time,
however, we may take up to 45 days to investigate your complaint or
question. If we decide to do this, we will credit your Account within
ten (10) Business Days for the amount you think is in error, so that you
will have use of the money during the time it takes us to complete
our investigation. If we ask you to put your complaint or question in
writing and we do not receive it within ten (10) Business Days, we
may not credit your Account. For errors involving new Accounts,
POS, or foreign-initiated transactions, we may take up to 90 days to
investigate your complaint or question. For new Accounts, we may
take up to 20 Business Days to credit your Account for the amount you
think is in error. We will tell you the results within three (3) Business
Days after completing our investigation. If we decide that there was
no error, we will send you a written explanation. You may ask for
copies of the documents that we used in our investigation.
29 WAIVERS
No delay in our exercise of our rights, powers, or remedies will
affect your obligations under this Agreement. If we waive any of the
provisions of this Agreement, such waiver will only apply on that
occasion.
30 LEGAL PROCEEDINGS
We may comply with any writ of attachment, adverse claim,
garnishment, tax levy, restraining order, subpoena, warrant, or other
legal process which we believe (correctly or otherwise) to be valid
and we may restrict use of your Account if it is subject to any legal
4443
(c) Your and Our Right to Go To Small Claims Court
You and we will not choose to arbitrate any individual Claim you
or we bring in small claims court (or an equivalent court). This
means you or we may bring an action in small claims court (or an
equivalent court) without being subject to arbitration. However,
if a Claim is transferred, removed, or appealed from small claims
court (or an equivalent court) to a different court, or if any Claim
brought in small claims court exceeds the small claims court limit,
you or we may then choose to arbitrate.
(d) Governing Law and Rules
This arbitration agreement is governed by the Federal Arbitration Act
(“FAA”). Arbitration must proceed only with the American Arbitration
Association (“AAA”). The rules for the arbitration will be those in this
arbitration agreement and the procedures of the AAA, but the rules
in this arbitration agreement will be followed if there is disagreement
between the agreement and the AAA’s procedures. If the AAA’s
procedures change after the Claim is filed, the procedures in effect
when the Claim was filed will apply.
For a copy of the AAA’s procedures, to file a Claim, or for other
information, please contact the AAA at 1101 Laurel Oak Rd., Voorhees, NJ
08043, www.adr.org.
If the AAA is completely unavailable, and if you and we cannot agree
on a substitute, then either you or we may request that a court with
jurisdiction appoint a substitute.
(e) Fees and Costs
The parties shall pay filing, administrative, and arbitrator fees in
accordance with the Administrator’s rules and applicable law. If
you cannot afford to pay arbitration filing fees and you are not able
to obtain a waiver of fees from the Administrator, we will advance
them for you. You may obtain a waiver of these fees by sending
us a written request, personally signed by you, stating that you
cannot afford to pay your portion of said fees. Any request for us to
pay these fees should be sent to Discover, P.O. Box 30421, Salt Lake
City, UT 84130-0421. If you lose the arbitration, the arbitrator will
decide whether you must reimburse us for money we advanced
for you for the arbitration. If you win the arbitration, we will not ask
for reimbursement of money we advanced. Additionally, if you win
the arbitration, the arbitrator may decide that you are entitled to be
reimbursed your reasonable attorneys’ fees and costs (if actually
paid by you). Provided such an award is permitted by applicable
law, the arbitrator may also require a party to pay compensation,
expenses, and administrative fees (which include filing and hearing
fees) to the Administrator and/or to another party upon the
arbitrator’s determination that the party’s claim or counterclaim was
filed for purposes of harassment or is patently frivolous.
34 LIMITATION OF LIABILITY
YOU AGREE THAT WE SHALL NOT BE LIABLE FOR INDIRECT, SPECIAL,
OR CONSEQUENTIAL DAMAGES, INCLUDING WITHOUT LIMITATION, LOST
PROFITS OR ATTORNEYS’ FEES, REGARDLESS OF THE FORM OF ACTION
AND EVEN IF WE HAD ADVANCE WARNING OF THE POSSIBILITY OF
SUCH DAMAGES.
35 ARBITRATION OF DISPUTES
(a) Agreement to Arbitrate
In the event of a dispute between you and us arising out of or
relating to this Account or the relationships resulting from this
Account, or any other dispute between you and us, including, for
example, a dispute based on a federal or state statute or local
ordinance (“Claim”), either you or we may choose to resolve the
Claim by binding arbitration, as described below, instead of in
court. Any Claim (except for a Claim challenging the validity or
enforceability of this arbitration
agreement, including the Class
Action Waiver) may be resolved by binding arbitration if either party
requests it. THIS MEANS IF EITHER YOU OR WE CHOOSE ARBITRATION,
NEITHER PARTY SHALL HAVE THE RIGHT TO LITIGATE SUCH CLAIM
IN COURT OR TO HAVE A JURY TRIAL. ALSO, DISCOVERY AND APPEAL
RIGHTS ARE LIMITED IN ARBITRATION. Even if all parties have opted
to litigate a Claim in court, you or we may elect arbitration with
respect to any Claim made by a new party or any new Claims later
asserted in that lawsuit. This arbitration agreement does not apply
if, on the date you submit your Application or on the date we seek to
invoke this arbitration agreement, you are a member of the Armed
Forces or a dependent of such a member covered by the federal
Military Lending Act. If you would like more information about
whether you are covered by the Military Lending Act, please contact
us at 1-844-DFS-4MIL (1-844-337-4645) or if you are calling from
outside the U.S. at +1-801-451-3730.
(b) Class Action Waiver
ARBITRATION MUST BE ON AN INDIVIDUAL BASIS. THIS MEANS
NEITHER YOU NOR WE MAY JOIN OR CONSOLIDATE CLAIMS
IN ARBITRATION BY OR AGAINST OTHER ACCOUNTHOLDERS,
OR LITIGATE IN COURT OR ARBITRATE ANY CLAIMS AS A
REPRESENTATIVE OR MEMBER OF A CLASS OR IN A PRIVATE
ATTORNEY GENERAL CAPACITY. The arbitrator may award
injunctive relief only in favor of the individual party seeking relief
and only to the extent necessary to provide relief warranted by
that party’s individual Claim. The arbitrator may not award class,
representative, or public injunctive relief. If a court decides that
applicable law precludes enforcement of any of this paragraph’s
limitations as to a particular Claim for relief, then after all appeals
from that decision have been exhausted, that Claim (and only that
Claim) must be severed from the arbitration and may be brought
in court. Only a court, and not an arbitrator, shall determine the
validity, scope, and effect of the Class Action Waiver.
4645
(i) Survival of this Agreement
This arbitration agreement shall survive:
• Closing of your Account;
• Any legal proceedings to collect money you owe;
• Any bankruptcy by you; and
• Any sale, assignment, or transfer by us or your Account.
(j) You Have the Right to Reject Arbitration for this Account. You
may reject the arbitration agreement, but only if we receive from
you a written notice of rejection within 30 days of your receipt of
this Agreement. You must send the notice of rejection to:
Discover Bank, P.O. Box 30411, Salt Lake City, UT 84130-0411.
Your rejection notice must include your name, address, phone
number, Account number, and personal signature. No one else
may sign the rejection notice for you. Your rejection notice
must not be sent with any other correspondence. Rejection of
arbitration will not affect your other rights or responsibilities under
this Agreement. If you reject arbitration, neither you nor we will be
subject to the arbitration agreement for this Account. Rejection of
arbitration for this Account will not constitute rejection of any prior
or future arbitration agreement between you and us.
36 EARLY WITHDRAWAL PENALTIES; ACCOUNT OPENING
REQUIREMENTS; SERVICE CHARGES
Early Withdrawal Penalties
For New CDs: Beginning on the 8th day after your CD is opened and
funded and for the next 22 calendar days, we will deduct each day’s
simple interest on the Issue Amount withdrawn from the funding
date to the date of withdrawal. Thereafter, the Early Withdrawal
Penalty will be calculated as described in the chart below.
For Renewing CDs: Beginning on the day your CD’s Grace Period
ends and for the next 20 calendar days, we will deduct each day’s
simple interest on the Issue Amount withdrawn from the maturity
date to the date of withdrawal. Thereafter, the Early Withdrawal
Penalty will be calculated as described in the chart below.
(f) Hearings and Decisions
Arbitration hearings will take place in the federal judicial district
where you live. A single arbitrator will be appointed.
The arbitrator must:
• Follow all applicable substantive law, except when contradicted by
the FAA;
• Follow applicable statutes of limitations;
• Honor valid claims of privilege; and
• Issue a written decision including the reasons for the award.
The arbitrator’s decision will be final and binding except for any
review allowed by the FAA. However, if more than $100,000 was
genuinely in dispute, then either you or we may choose to appeal to
a new panel of three arbitrators. The appellate panel is completely
free to accept or reject the entire original award or any part of it. The
appeal must be filed with the AAA not later than 30 days after the
original award issues. Appeal costs will be allocated consistent with
the AAA’s Consumer Arbitration Rules and Due Process Protocol.
Any arbitration award may be enforced (such as through a judgment)
in any court with jurisdiction. Any finding, award, or judgment from an
arbitration of any Claim shall apply only to that arbitration. No finding,
award, or judgment from any other arbitration shall impact the
arbitration of any Claim
.
(g) Claim Notice and Special Payment
If you have a Claim, before initiating an arbitration proceeding, you
may give us written notice of the Claim (“Claim Notice”) at least 30
days before initiating the arbitration proceeding. The Claim Notice
must include your name, address, and Account number and explain
in reasonable detail the nature of the Claim and any supporting facts.
Any Claim Notice shall be sent to us at Discover, P.O. Box 794, Deerfield,
IL 60015 (or such other address as we shall subsequently provide to
you). If, and only if, (1) you submit a Claim Notice in accordance with this
Agreement on your own behalf (and not on behalf of any other party);
and (2) an arbitrator, after finding in your favor in any respect on the
merits of your Claim, issues you an award that (excluding any arbitration
fees or attorneys’ fees and costs awarded by the arbitrator) is greater
than the value of Discover’s last written settlement offer made before
an arbitrator was selected, then you will be entitled to the amount of the
award or $7,500, whichever is greater. If you are entitled to the $7,500,
you will receive in addition any arbitration fees or attorneys’ fees and
costs awarded by the arbitrator.
(h) Other Beneficiaries of this Agreement to Arbitrate
In addition to you and us, the rights and duties described in
this arbitration agreement apply to: our Affiliates’ successors,
subsidiaries, and our and their officers, directors, and employees;
any third party co-defendant of a Claim subject to this arbitration
agreement; and all joint Accountholders of your Account(s).
47 48
Affinity Online
Savings
Account
$0 Certain withdrawals and transfers limited to 6 items per
month (See Section 11)
Money Market $2,500 Certain withdrawals and transfers limited to 6 items per
month (See Section 11)
CDs/IRA CDs $2,500
Account Service Charges (Not Applicable to IRAs)
Outgoing Wire Transfer $30
We do not charge Account fees for Account activities including,
but not limited to: having insufficient funds in or overdrawing your
Account, excessive withdrawals on Money Market and Savings
Accounts, going below a minimum balance, placing stop payment
orders, replacing Debit Cards, or ordering checks.
MoneyPass
®
is a registered trademark of Fiserv Solutions, LLC or its
affiliates.
Allpoint
®
is a registered trademark of ATM National, LLC.
Zelle
®
and the Zelle
®
related marks are wholly owned by Early
Warning Services, LLC and are used herein under license.
Venmo
®
and PayPal
®
are registered trademarks of PayPal, Inc.
AAA
®
is a trademark of the American Automobile Association, Inc.
AAII
®
is a trademark of the American Association of Individual
Investors, Inc.
Early Withdrawal Penalty is calculated
based on the Issue Amount Withdrawn
CDs opened or renewed through 3/14/2013
Term
Penalty
Less than 1
Year
1—5 Years Greater
than 5 Years
3 months
simple
interest
6 months
simple
interest
9 months
simple interest
CDs opened or renewed 3/15/2013 through 2/16/2014
Term
Penalty
Less than 1
Year
1 Year to
< 4 Years
4 Years to
< 7 Years
7 Years
or Greater
3 months
simple
interest
6 months
simple
interest
9 months simple
interest
15 months
simple
interest
CDs opened or renewed on or after 2/17/2014
Term
Penalty
Less than 1
Year
1 Year to
< 4 Years
4 Years to
< 5 Years
5 Years to
< 7 Years
7 Years
or Greater
3 months
simple
interest
6 months
simple
interest
9 months simple
interest
18 months
simple
interest
24 months
simple
interest
In some cases, the Early Withdrawal Penalty may reduce the principal in the
CD.
One month equals 30 days for simple interest calculation.
All Early Withdrawal Penalties will be automatically deducted from
your Account except for those instances described in Section
24. Each IRA Plan (Traditional or Roth) you open is subject to
revocation as defined in Section 3(iii)(a)(2). An Early Withdrawal
Penalty will not apply if you revoke your IRA Plan under Section 3
(iii)(a)(2).
Account Opening Requirements & Service Charges:
Account Opening Requirements
Product Minimum Opening
Balance
Other Product-Specific Requirements
Cashback
Debit
$0 Online Account only
Personal
Checking
$0 Must be opened in person at the Retail Branch
Savings/IRA
Savings
$0 Certain withdrawals and transfers limited to 6 items per
month (See Section 11)
Statement
Savings
$0 Must be opened in person at the Retail Branch
Affinity
Money Market
Account
$0 Certain withdrawals and transfers limited to 6 items per
month (See Section 11)
Affinity CDs/
IRA CDs
$0 See Section 36 for Early Withdrawal Penalties that
may apply
