Discover Looking to Better Compete with Fintech Offerings

In the market today there are so many great options for low/no fee checking and savings accounts; many of these options are from the new digital banks; Discover previously didn’t charge monthly fees on their deposit accounts but still charged fees for insufficient funds, excessive withdrawals or sending wire payments; these fees have now been removed; a representative from the bank said they wanted to be the first major bank to eliminate all fees from deposit products; this is a bold move given that the 10 biggest banks brought in $11 billion in overdraft fees in 2017. Source