Discover Extends Direct Banking Reach with Launch of Cashback Checking Accounts

  Discover Extends Direct Banking Reach with Launch of Cashback Checking
  Accounts

   Customers Pay No Monthly Fees, Have No Minimum Balance Requirements and
              Receive Cashback Bonus® for Everyday Transactions

Business Wire

RIVERWOODS, Ill. -- February 27, 2013

Discover Financial Services today announced the launch of Discover Cashback
Checking^SM – the latest addition to the company’s growing suite of direct
banking products that includes credit cards, home loans, student loans,
personal loans, CDs, money market accounts and savings accounts.

Cashback Checking accounts pay customers 10 cents for every debit card
purchase, Online Bill Payment and check they write. Rewards are automatically
added to the account holder’s Discover card Cashback Bonus® balance.

The new accounts are now available to a limited number of Discover
cardmembers, with availability expanding to all cardmembers gradually
throughout the year. A full consumer roll out is planned for 2014.

“Our goal for Discover Cashback Checking is to provide customers with the best
value, service and rewards in the industry,” said Roger Hochschild, Discover’s
president and chief operating officer. “We combined what customers most want
in a checking account with the latest technology to provide a truly
breakthrough product.”

Discover Cashback Checking includes:

  *Fee-free features: No monthly fees, no minimum balances, free checks and
    replacement cards. There are no Discover fees at 415,000 ATMs in the U.S.
  *Convenience: An app that lets customers easily bank on the go with mobile
    check deposit, mobile bill pay and an ATM locator
  *Stellar service: 24/7 service from Discover’s U.S.-based customer service
    team
  *Protection: $0 fraud liability for unauthorized transactions and bill pay
    protection

For more information call 1-800-Discover or visit www.discover.com/bank.

About Discover

Discover Financial Services (NYSE: DFS) is a direct banking and payment
services company with one of the most recognized brands in U.S. financial
services. Since its inception in 1986, the company has become one of the
largest card issuers in the United States. The company operates the Discover
card, America's cash rewards pioneer, and offers home loans, private student
loans, personal loans, online savings accounts, certificates of deposit and
money market accounts through its direct banking business. Its payment
businesses consist of Discover Network, with millions of merchant and cash
access locations; PULSE, one of the nation's leading ATM/debit networks; and
Diners Club International, a global payments network with acceptance in more
than 185 countries and territories. For more information, visit
www.discoverfinancial.com.

Contact:

Discover
Rob Weiss, 224-405-6304
robertweiss@discover.com
 
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