Discover Business Checking Account: Availability? Fees? etc

Discover does not offer a dedicated business checking account option, but a sole proprietor could use one of its Cashback Debit checking accounts for business transactions. For more details, see below.

Discover Business Checking Account: Availability? Fees?

Discover does not offer a checking account specifically for businesses, but its Cashback Debit checking account can be used for business transactions by a sole proprietor or entrepreneur. Account holders can access their Discover checking accounts from more than 60,000 fee-free ATMs across the U.S. And, through Discover.com and the Discover mobile app for iOS and Android, account holders can view account activity, transfer money, deposit checks, and pay bills.

Similar to Ally’s online checking account, Discover’s checking account has few requirements and low fees. To activate an account, you need to make an initial deposit of any amount within 45 days of opening the account. Online transfers are unlimited and there is no required minimum balance, according to the Discover Banking FAQs. The Discover checking account guide outlines the following fees:

  • Insufficient funds: $30
  • Outgoing wire transfers: $30
  • Stop payment fee: $15
  • There are no fees for:
    • Account closure
    • Reordering checks
    • Debit card replacement
    • Incoming wire transfers
    • Official bank checks
    • Online bill pay

Be aware that if you use the Discover Cashback Debit checking account for your business, you cannot open a second Discover Cashback Debit account for personal use, according to our correspondence with the company. (This policy is also noted online; it applies to all accounts opened after Dec. 1, 2017.) Additionally, Discover has no physical bank branches, so all account management and customer service issues are handled online or by phone.

If Discover’s personal checking account doesn’t suit your business needs, see our list of business checking accounts to consider.

In Summary

While Discover doesn’t have a specific business checking account, sole proprietors and entrepreneurs can use a Discover Cashback Debit checking account for business purposes.

Wondering where you can get a business credit card with your EIN only? See our article for details.

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