Discover

Report Card
B-
Overall Grade
A
Mortgages Grade
A
Debt Collection Grade
B
Credit Reporting Grade
Discover is rated overall in the top 55 percentile (out of 100) based on 2,851 customer complaints.

Statistics

Complaints Currently In-Progress5
Complaints per $100K of Deposits62.8
Complaints Resolved in a Timely Manner99.5%
Resolutions Disputed by Customer18.4%
Average Time Until Resolution27 days

Financial Report

Owner CorporationDiscover Financial Services
EstablishedAugust, 1911
FDIC InsuredJanuary, 1934
FDIC Certificate #005649
Number of Branches2
Total Assets$79.1 Million (22nd)
Total Deposits$45.4 Million (26th)
Total Equity$9.5 Million (22nd)
Quartarly Net Income$612.4 Thousand (7th)

Contact Information

Corporate Headquarters
502 E. Market Street
Greenwood, DE 19950
United Statesflag
Website
www.discover.com
Data Summary
Discover logo

Grade Summary

Overall, Discover received a grade of "B-" based on how quickly the company responded to complaints, how often customers disputed their final resolution, and how many complaints were recieved per customer.

Grades are also broken down by the financial products offered be each institution. Discover is rated "A" in Mortgages, "A" in Debt Collection, "B" in Credit Reporting, and "C-" in Credit Cards. Click on any of the financial products to see how Discover compares.

Overview

Discover has received 2,851 consumer complaints since December, 2011 – more than 99% of other banks.

Of those complaints, 99.5% of complaints were resolved in a timely manner. The CFPB allows 60 days to resolve complaints before considering them 'untimely.' Discover meets the 60-day response deadline more frequently than 58.2% of other banks.

After companies respond to complaints, customers may dispute the response indicating that the issue was not resolved adequately. 18.4% of customers dispute Discover's response to complaints — better than 50.7% of other companies.

Most of Discover's customers complain about credit cards with the primary issue being "billing disputes."

Discover is primarily a credit card company and a commercial bank with a specialization is credit cards services. Discover is based in Greenwood, Delaware and is the 22nd largest FDIC insured bank in America.

Naturally larger banks receive more customer complaints than smaller ones. This does not necessarily indicate that a bank is better than another in terms of service and customer support.

However, even after adjusting for bank size and number of customers, Discover receives far more complaints than most other banks. Discover recieves more complaints per customer than 99% of other banks – customers are significantly more likely to file complaints than customers of most other banks.

Corporate Headquarters
Complaints by Product
Complaints by State
Complaints Against Discover
#Financial ProductSub-ProductComplaint IssueComplaint Count
1Credit cardBilling disputes362
2Credit cardClosing/Cancelling account250
3Credit cardOther247
4Credit cardAPR or interest rate218
5Credit cardIdentity theft / Fraud / Embezzlement205
6Student loanNon-federal student loanRepaying your loan185
7Credit cardCredit card protection / Debt protection127
8Student loanNon-federal student loanDealing with my lender or servicer123
9Student loanNon-federal student loanCan't repay my loan104
10Credit cardAdvertising and marketing98
Responses From Discover
#Company ResponseResponse CountTimely Response CountDisputed Count
1Closed with explanation2,0692,069 (100%)510 (24.6%)
2Closed with monetary relief626625 (99.8%)53 (8.5%)
3Closed with non-monetary relief485484 (99.8%)52 (10.7%)
4Closed without relief205200 (97.6%)40 (19.5%)
5Closed with relief111104 (93.7%)16 (14.4%)
6In progress2121 (100%)0 (0%)
7Untimely response10 (0%)0 (0%)
Complaints over the Past Year