Consumer complaint received 2024-01-31
Product: Checking or savings account — Checking account
Issue: Managing an account — Banking errors
Company: DISCOVER BANK (NJ)

XX/XX/XXXX Issue : Discover Bank is crediting my account LESS than the actual amount of interest EARNED. Account # XXXX ( Money Market Checking Account ) I have this account for over 10 years and never had any issues. 

The discrepancy in the amount of interest EARNED and the amount PAID happened in the month of XX/XX/XXXX, then it happened again in XX/XX/XXXX. 

It may be happening with other Discover Bank customers and for much more amount than my account but nonetheless it is an error and for the sake of accuracy it must be corrected for me and everybody else who may be affected. 

I spoke to 5 people at Discover but no one has been able to resolve the issue ; besides not knowing the reason and their ability to fix the issue, they provide illogical, irrelevant, and vague responses. 

Following is what I got after spending about 2.5 hours between 5-6 representatives including 2 supervisors ; I do not call Discover everyday but this was a very disappointing experience from such a reputable bank. These are the response I received during my conversations to find out the reason and to fix the issue of crediting less interest than actually earned : 1. They hung up on me 2 times.

2. Said I see that something is not right but I do not know the answer.

3. Said this can happen because the statement cycle is different from intersect cycle : This is NOT true ; for my account has same statement and interest cycles for many years!! 
4. Said it can happen because of CDs in my account maturing at different times : Not true ; I do NOT have any CD in my account for years!!

5. Said it can happen because I have a Living trust account : Not true ; I have Living trust account for 10+ years and it has never happened before!!

6. Said Our back office team of experts who know everything about these things is looking into it and will find an answer shortly : And, shorty after, he decided to end the conversation!! 
7. Said It can happen sometimes but it will correct itself by next statement : NOT true ; it happened in XX/XX/XXXX and did NOT self-correct ; rather it RECURRED in XX/XX/XXXX. 
8. Said : Because your account has money credited and debited in XXXX and XXXX months : NOT true ; my account has credits/debits almost every month ; it can affect the total amount interest EARNED withn the month but should NOT affect the amount CREDITED ( which should be the same as the amount EARNED )! 

For such a simple issue, they have given me run around with answers that do not make any sense to me ( nor to one of the supervisor I spoke to ). 

I even gave them an option to investigate it and call me when it gets resolved ; they DECLINED to do that!! 

When I asked for the address and phone number of their corporate office to get some help ; they made me wait 10-12 minutes and kept on dragging and transferring to someone else instead of simply providing me with this basic information!! Is it a secret that banks are supposed to keep it and not indulge with their customers when asked? 

Forgive my ignorance, but I have never seen any bank crediting LESS interest than what is EARNED on the statement. Today, it is a small amount, but if not fixed, tomorrow it can be hundreds of dollars in lost credit. 

Please help by investigating this issue for me, and perhaps for many other Discover bank customers similarly affected, at your earliest convenience. 

Thank you for your kind help. 

Sincerely _____________ XXXX XXXX