Any Discover Cashback Debit account users?

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Topic Author
frugalor
Posts: 99
Joined: Sun Oct 18, 2020 11:35 am

Any Discover Cashback Debit account users?

Post by frugalor »

I just used Discover Cashback Debit account to transfer some money to Citi Checking yesterday 11/22. It said the money would be delivered by 11/29. That's full 4 business days!

Sure enough the money is not in Citi checking yet today 11/23.

I am pretty sure if this was Sofi the money would be in Citi in the morning already.

I called Discover and they said it takes 2 to 4 business days.

Are there any other Discover Cashback Debit account holders here? What is the normal speed for external transfers? Does it really take 4 full business days? I need the money in by Friday 11/26. Am I screwed?
PersonalFinanceJam
Posts: 26
Joined: Tue Aug 24, 2021 8:32 am

Re: Any Discover Cashback Debit account users?

Post by PersonalFinanceJam »

My DW and I have a discover cash back debit account as well as personal savings accounts. Discover’s ACH speed is a constant mystery to us. It seems stuck in the past compared to our other banks in this regard. Most of the time it seems to transfer in 2 days. However sometimes, without apparent reason, it can be 4 days.

We set up this account when we got married to deposit money into for our shared bills. It serves this purpose well, but this inconsistency does drive me nuts sometimes.
TJHOFF
Posts: 24
Joined: Sun Sep 22, 2019 5:49 am
Location: Northern KY

Re: Any Discover Cashback Debit account users?

Post by TJHOFF »

After the first time mine sped up.
Also whether you're pushing or pulling matters too.
Getting money from my CU into Discover is much faster if I pull from Discover side. (next day)
Institution seems to matter also, I've seen Fidelity transfers done same day.
Topic Author
frugalor
Posts: 99
Joined: Sun Oct 18, 2020 11:35 am

Re: Any Discover Cashback Debit account users?

Post by frugalor »

Money is still not in from Discover Bank :(

I used Sofi yesterday 11/23 to transfer into Citi. Money is in now 11/24 from Sofi. Luckily I had money in Sofi this time.
UpperNwGuy
Posts: 6642
Joined: Sun Oct 08, 2017 7:16 pm

Re: Any Discover Cashback Debit account users?

Post by UpperNwGuy »

When transfers take a long time, it may represent a bank's hold policy. Sometimes the hold policy is done for security reasons. Other times it is done so the bank can earn interest on the money for a couple of days before allowing the customer to spend it.
Topic Author
frugalor
Posts: 99
Joined: Sun Oct 18, 2020 11:35 am

Re: Any Discover Cashback Debit account users?

Post by frugalor »

Money is finally in on 11/26.
Sockpuppet
Posts: 285
Joined: Mon Oct 23, 2017 9:06 pm

Re: Any Discover Cashback Debit account users?

Post by Sockpuppet »

I have Discover Checking as well and can confirm that transfers take ridiculously long times. Overall, I’m a happy customer as their customer service is incredible. But the way they handle transfers is one drawback.
Topic Author
frugalor
Posts: 99
Joined: Sun Oct 18, 2020 11:35 am

Re: Any Discover Cashback Debit account users?

Post by frugalor »

I am planning to use the Discover Cashback Debit account to pay for my HOA fees and Property Tax. Do you know if I can get 1% back? I am going to use the routing number and checking account number, not the debit card.

I saw a youtuber saying that he was able to get the 1% paying rent with routing + account numbers...
PersonalFinanceJam
Posts: 26
Joined: Tue Aug 24, 2021 8:32 am

Re: Any Discover Cashback Debit account users?

Post by PersonalFinanceJam »

frugalor wrote: Fri Nov 26, 2021 6:37 pm I am planning to use the Discover Cashback Debit account to pay for my HOA fees and Property Tax. Do you know if I can get 1% back? I am going to use the routing number and checking account number, not the debit card.

I saw a youtuber saying that he was able to get the 1% paying rent with routing + account numbers...
I have never gotten the cash back on non-debit card based transactions. All of their literature made it seem like using the card was required to get the cash back.
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