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Discover Bank Partnership With AAA Reaches $2 Billion Deposit Mark

August 02, 2010

Savings Program Provides Preferred Interest Rates on CDs, Money Market Accounts and IRAs to Club Members

RIVERWOODS, Ill., Aug 02, 2010 (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 http://www.discoverfinancial.com.

SOURCE: Discover Financial Services

Media contact:
Jon Drummond
Discover Financial Services
224-405-1888
jondrummond@discover.com