There are many financial instruments used for business and personal purposes. Checks, money orders, cash, payment cards, direct debits, credit transfers, etc., are the most popular banking and payment instruments used worldwide.
Different banks offer diverse services, but with the introduction of online banking, things have changed a lot. Payoneer, Discover Bank, Axos Bank, Quontic Bank, etc., are some of the names that come to your mind when someone says a full-service online bank.
Online banks are better than conventional banks in many aspects. However, there are certain aspects of conventional banks missing in online banks.
Online banks’ benefits include lower maintenance fees, better interest rates, more services, and access to banking services 24/7. Similarly, traditional banking has the dominant human element that is a comfort zone for many.
Among different financial instruments, cashier checks or teller checks are often preferred for large payments. However, the question arises if online banks like Discover Bank, Axos Bank, Payoneer, etc., sell or accept cashier checks.
This article will discuss everything you need to know about Discover Bank’s Cashier Check. So let’s get into it.
About Discover Bank
Discover Bank is a full-service online bank with no hidden fees. It is an FDIC-insured bank, and you are protected by Federal Government up to $250,000 deposits in your Discover Bank account. The bank is often popular for its 24/7 customer service and low-interest rates.
History
If we look back at the history of Discover Bank, it all started in 1985 with the Test marketing of Discover Card. The first purchaser was an employee of Sears in Chicago who bought the Card for $26.77. The year was 1986 when Discover Card was rolled out nationally. The Card was launched by Dean Witter Financial Group Services, Inc.
After 3 years in business, Discover signed its 1 millionth merchant in Wilmington, Delaware, in 1989. In 1993, Dean Witter Financial Group and Discover & Co. merged to become a new publicly traded company.
The journey continued with the launch of DiscoverCard.com in 1995 and the merger of Dean Witter, Discover & Co with Morgan Stanley Group Inc. in 1997.
As time passed, Discover Bank kept adding to its services and products to facilitate the customers in every possible way.
If we look at the most recent events, Discover Home Equity Loans achieved $1 billion in funded loans in 2019. In the same year, the bank launched its contactless Card. In 2022, the bank launched its fully paid student education benefit program in collaboration with Chicago State University.
Why Discover Bank?
The mission and vision of Discover bank are to become the top digital bank offering all banking services. They aim to become the best payments partner and break down the name Discover as follows:
- Doing the right thing
- Innovation
- Simplicity
- Collaboration
- Openness
- Volunteerism
- Enthusiasm
- Respect
Services Of Discover Bank
If we look at the products and services of Discover Bank, here are the popular ones:
Cards
- Discover it Cash Back Card
- Discover it Student Cash Back Card
- Discover it Chrome Card
- Discover it Miles Card
- Discover it Secured Card
Deposits
- Checking accounts
- Saving accounts
- Retirement plans
Loans
- Personal loans
- Student loans
- Home loans
Payments
Discover Global Network connects three payment networks: Discover Network, Diners Club International, and PULSE.
Check Cashing At Discover Bank
If you have a checking account at Discover Bank, you can cash checks by depositing money using checks or other acceptable methods.
The checking account of Discover Bank is a debit account with no minimum deposit and no minimum balance requirements.
You can make debit card purchases of up to $3,000 at a time, and the debit card is accepted at 60,000 ATMs across the U.S.
There are many perks of using a checking account, including 1% cash back on purchases of up to $3,000 per month.
Check to cash is one of the methods you can choose for depositing money to your Discover cashback debit account. The other methods include direct deposit, online transfer, check mailing, etc.
Types Of Checks Accepted
Here is the list of checks accepted by Discover bank for mobile check cashing services:
- Personal checks
- Business checks
- Official bank checks
- Cashier’s checks/teller checks
- U.S. Treasury checks
- Federal Government checks
- Certified checks
You cannot use traveler’s check, saving bonds, check payable to a person other than you, substitute checks, checks of foreign institutions outside the U.S, or money orders.
Can You Purchase Cashier Check From Discover Bank?
Unfortunately, no! Discover Bank is a 100% online bank; there is no bank branch where you can visit and purchase a cashier’s check.
Although FDIC approves the institution, they are currently not offering cashier’s check service. We can expect that they might introduce the service at any time.
Can You Cash Cashier Check At Discover Bank?
As mentioned earlier, the bank is 100% branchless, and you can’t visit the bank to get banking services. However, the mobile check deposit service of Discover Bank is available to customers.
They can deposit the checks payable into their Discover account by capitalizing on the Mobile Check Deposit service.
So the answer to this question is Yes because you can deposit funds against the cashier’s checks payable to you.
What Is Fee For Check Cashing?
The mobile check deposits offered by Discover Bank are free of charge. All you need to do is upload your check from a compatible mobile device and wait for the funds to appear in your Discover Bank account.
Discover Bank might introduce fees for mobile check deposit services in the future. However, as of 2022, the service is free for all customers.
What Do You Require To Use a Cashier Check To Deposit Money?
There are certain requirements if you want to submit a cashier or any other accepted check. Here are the requirements you have to fulfill for utilizing the mobile check deposit services of Discover Bank:
- The submitted check must be payable in the U.S. currency
- The language should be English
- It must be drawn on a financial institution located in the U.S., or the federal, state or local government has issued the check.
- Upload the front and back of the check
- Check is payable to the depositor
- Check must not be post-dated
- Check must be submitted before the expiration period of 6 months
- No other financial institution or depositor had claimed the check in the past
How To Deposit Cash With Cashier Check?
How to deposit your cash with a cashier check into your Discover Bank?
Here is the step-by-step guide to completing the check deposit in your bank account:
- Open your Discover Bank mobile app and sign in to your account.
- Sign the back of the check you want to deposit.
- Look for the option of Deposit Cash Via Check in the app.
- Add the account and amount & confirm.
- Now, you will have to take pictures of a check from front and back and upload them on the app.
- The bank will review the check and its legitimacy before confirming the deposit.
- Once the bank confirms, you will receive the amount in your Discover Bank account.
Maximum Limit Of Cashier Check Deposit
If you look around the Discover app, you can hardly find any information about the minimum and maximum limits of mobile check deposits to Discover accounts.
You can get the information via call, or else we have also mentioned the limits for Cashier check deposits to your Discover Bank account:
There is a maximum limit of $5000 deposit per day, and a monthly limit of $25000 is applicable for Discover Bank’s mobile check deposit.
Alternative For Cashier Check
There are many other ways you can deposit money to your Discover Bank account, which are as follows:
- Direct Deposit via Money Order
- Mail Check
- Personal or business checks payable to you
- Online transfer from another bank account
Conclusion
We have discussed everything about Discover Bank, its services, and things you need to know about the Cashier Checks of the bank.
We hope the information will be helpful for you if you are wondering what to do for depositing money to your Discover Bank account. Besides, if you are considering opening an account with Discover Bank, you will have got a better idea of what to expect from the banking services of Discover.
