Earn cash just for using your Discover checking account

Discover company logo

Discover is throwing a little cash around to sweeten its new Cashback Checking account.

And we do mean a little.

The credit card company will pay customers a dime every time they make a debit card purchase, pay a bill through their online bill-pay system or write a check.

It's better than nothing, which is what most banks give you, and the account has no monthly fee or minimum balance.

As with its credit card's Cashback Rewards program, you can use the money for gift cards, merchandise or as straight cash.

Discover is currently offering Cashback Checking to its credit card customers only, but a larger rollout is planned.

Your bonuses earned on the checking account are combined with the rewards from the credit card account. If you close the credit card account, you forfeit the rewards from the checking account.

While the account has no minimum balance, you'll need at least $25 to open the account.

For ATMs, customers can use more than 23,000 in-network ATMs through the Money Pass network. (Search for an ATM near you at www.moneypass.com.) Discover won't charge a fee for using an out-of-network bank, but you will need to pay any fees the ATM owner might charge.

Deposits can be made through its mobile depositing system.

Discover doesn't charge fees for inbound or outbound money transfers, or for incoming wire transfers, though there is a $30 charge for outgoing wires. Paper copies of check or deposit items are also free.

Another nice bonus: Discover doesn't charge you for check reorders.

You'll also only get dinged a max of once per day if you have insufficient funds. Citibank, Wells Fargo and Bank of America can hit you four times a day.

One drawback is the same we've had with a lot of mobile deposit systems: Deposits of less than $25,000 hit your account in no more than four business days; if it's more than $25,000, it's eight days or less.

For people who are paid by paper checks, that can be a long time to wait for your money.

You also won't get your Cashback Rewards immediately. Discover says it may take up to 60 days to post after the end of each monthly Cashback Checking account statement period.

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