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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. You can always call
our knowledgeable Customer Service Representatives anytime
at 1-800-347-7000. There’s always someone right here in the
U.S. to answer your questions, explain things in straightforward
language and take the time to help you find ways to make the
most of your money.
Deposit Account Agreement
Effective August 8, 2018
Table of Contents
1 DEFINITIONS/INTRODUCTION
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2 CUSTOMER INFORMATION AND ELIGIBILITY
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3 AGREEMENT ACCEPTANCE / W-9 CERTIFICATION
4
4 FDIC INSURANCE
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5 INTEREST
6
6 ACCOUNT OWNERSHIP
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7 DISCOVER STUDENT DEPOSITS PROGRAM
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8 INCOME TAX REPORTING AND WITHHOLDING
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9 CHECKS
14
10
DEPOSITS
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11
WITHDRAWALS
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12 CHECKING REWARDS AND INCENTIVES
21
13 DEBIT CARDS
23
14 FUND TRANSFERS
25
15 FUNDS AVAILABILITY (HOLDS)
26
16 STOP PAYMENT ON CHECKS
31
17 ACCOUNT TRANSFER OR ASSIGNMENT
32
18 STATEMENTS AND ERROR RESOLUTION
32
19 CD RENEWAL OPTIONS
33
20 RIGHT OF SET-OFF
34
21 OVERDRAFT PROTECTION SERVICE
34
22 POWER OF ATTORNEY
34
23 PRIVACY AND DISCLOSURE OF ACCOUNT INFORMATION 35
24 ACCOUNT CLOSURE
35
25
RESERVED
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26 AMENDMENTS, ACCOUNT CHANGES AND NOTICES
36
27 ELECTRONIC FUND TRANSFER (EFT)
36
28 ERROR RESOLUTION – ELECTRONIC FUND TRANSFERS 38
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29
WAIVERS
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30 LEGAL PROCEEDINGS
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31 ABANDONED ACCOUNTS
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32
SEVERABILITY
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33 TELEPHONE COMMUNICATIONS
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34 LIMITATION OF LIABILITY
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35 ARBITRATION OF DISPUTES
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36 EARLY WITHDRAWAL PENALTIES; FEE SCHEDULE
AND MINIMUM
REQUIREMENTS
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37 FIRST FEE FORGIVENESS
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Deposit Account Agreement
Effective August 8, 2018
(1) DEFINITIONS/INTRODUCTION
The following is a list of terms used throughout this Deposit
Account Agreement (“Agreement”):
“Account” means your Discover Certificate of Deposit (“Non-
IRA CD”), Discover Individual Retirement Account Certificate
of Deposit (“IRA” or “IRA CD”), Discover Cashback Debit
Account (“Checking Account”), Discover Money Market
Account (“Money Market Account”), Discover Premium
Savings Account, and/or Discover Online Savings Account,
as applicable.
“Branch” means the Discover Bank branch in Greenwood,
Delaware;
“Business Days” are Monday through Friday, excluding Federal
Reserve Bank holidays;
“CD” includes both Non-IRA CD and IRA CD, unless otherwise
specified;
“Discover Student Deposits Program” means Cashback Debit
Accounts opened through the RefundSelect
SM
and eRefunds
PLUS
TM
Program;
“EFT”
means Electronic Fund Transfer;
“new customer” means an Accountholder who has not had
another Checking Account, Money Market Account, or Savings
Account open for at least 30 days prior to the opening of the
new Account;
“Savings Account” includes both Discover Premium Savings
Account and Discover Online Savings Account;
“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 related products 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. Deposit accounts established for business purposes
are governed by a separate agreement. You accept this Agreement
by signing a Signature Card or opening or using an Account. 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.
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
provision, as set forth in Section 35(i), 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 provision.
(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 other Taxpayer Identification Number
(“TIN”), 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.
(b) Eligibility
To open an Account, each Account owner must be a U.S.
citizen, U.S. resident alien or other U.S. person, at least
18 years old, and have a valid TIN 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. You
(for joint Accounts, the Primary Accountholder) are required to
be Account Center registered to maintain your Cashback Debit
Account. Failure to register in the Account Center will result in
closure of your Cashback Debit Account.
There are additional eligibility requirements for the Discover
Student Deposits Program, please see Section 7 for more
details.
We may obtain information about you from third parties,
including, credit or other consumer reporting agencies that
will help us determine if we will open the Account you have
requested. There may be additional eligibility requirements
imposed at our discretion.
This may include verification of employment and credit
or other consumer reports or other reports from account
information services and credit or other consumer reporting
agencies. These inquiries may delay Account opening. If
you apply for an Account and we decline to open one as
the result of information from a consumer report or another
report from a consumer reporting agency, we will tell you the
name, address and phone number of the consumer reporting
agency. We reserve the right to decline to open an Account for
you for any reason.
We do not open or maintain Accounts for customers with
foreign tax status (e.g., W-8 filing status). We only open