Discover Bank Partnership with AAA Reaches $2 Billion Deposit Mark
02 Agosto 2010 - 2:52PM
Business Wire
Discover Bank’s affinity partnership program to market consumer
savings products passed another milestone in July, as deposits from
AAA members reached $2 billion.
Deposits from AAA members doubled in the past year after
reaching $1 billion in the first 18 months of the program, which
began in January 2008. Total direct-to-consumer deposits at
Discover Bank exceeded $17.5 billion in May.
“As Discover Bank’s first and largest affinity partner, AAA
helps us advance our mission of helping Americans achieve their
savings goals,” said Discover Bank President Christina Favilla.
“The success of this relationship stems from the fundamental
commitment by both partners to offer quality products backed by
excellent customer service.”
Discover Bank offers money market accounts, certificates of
deposit and IRA CDs to AAA members through 45 participating clubs
across the country. All of the products are FDIC-insured and come
with preferred interest rates for AAA members that exceed
Discover’s already competitive rates.
"The adverse banking environment encountered by millions of
consumers since 2007 has driven many Americans to explore offerings
by customer-focused financial services providers," said Mark Brown,
AAA executive vice president for Association and Club Services.
"AAA’s Deposit Program is proving extremely attractive because we
are a strong and trusted organization that is able to offer
outstanding rates of return with the security of FDIC
insurance.”
Discover recently signed another affinity partnership with the
American Association of Individual Investors, offering its members
preferred interest rates through a co-branded program exclusively
designed for the organization.
As North America’s largest motoring and leisure travel
organization, AAA provides nearly 52 million members with travel,
insurance, financial and automotive-related services. Since its
founding in 1902, the not-for-profit, fully tax-paying AAA has been
a leader and advocate for the safety and security of all travelers.
AAA clubs can be visited on the Internet at AAA.com.
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and
payment services company with one of the most recognized brands in
U.S. financial services. Since its inception in 1986, the company
has become one of the largest card issuers in the United States.
The company operates the Discover card, America's cash rewards
pioneer, and offers personal and student loans, online savings
accounts, certificates of deposit and money market accounts through
its Discover Bank subsidiary. Its payment businesses consist of
Discover Network, with millions of merchant and cash access
locations; PULSE, one of the nation's leading ATM/debit networks;
and Diners Club International, a global payments network with
acceptance in more than 185 countries and territories. Visit
www.discoverfinancial.com.
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