Signature Debit Solution Delivers Superior Value to Bank, its
Customers
RIVERWOODS, Ill. & AURORA, Ill.--(BUSINESS WIRE)--Jul. 18, 2013--
Old Second National Bank, with a 140-year history as one of the Chicago
area’s largest and strongest community banks, has teamed with Discover
to create the Old Second Debit Card powered by Discover®
Debit. Old Second customers will receive the new card in 2014, following
a pilot program with bank employees.
Discover Debit is managed by PULSE, a leading debit/ATM network, and a
subsidiary of Discover Financial Services. Old Second, a PULSE network
participant for more than 10 years, has approximately 50,000 debit
cardholders. The bank provides full-service banking from Chicago-area
branches in Cook, Kane, Kendall, DeKalb, DuPage, LaSalle and Will
counties in Illinois.
The agreement to transition to Discover Debit follows a thorough
evaluation of its debit program options by Old Second.
“The Old Second Debit Card is a better payment solution for our
cardholders, who will benefit from the enhancements that Discover Debit
offers, such as a lowest purchase price guarantee and industry-leading
tools to mitigate their exposure to debit card fraud,” said Keith
Gottschalk, executive vice president and chief operating officer with
Old Second. “At the same time, the program delivers superior value to
our bank, including improved economics, transparent operating rules,
simplified billing and extensive marketing support.”
By joining with Discover, Old Second will provide its customers with
signature debit cards that provide convenient access to manage and spend
their funds, along with security features that give them peace of mind.
Under the agreement, Old Second also will have exclusive branding on the
front of its card to reinforce the relationship the bank has with its
cardholders.
“Discover provides Old Second with a fresh approach to signature debit,”
said Dave Schneider, senior vice president of debit strategies for
Discover and president of PULSE. “Discover Debit is accepted at more
than 9 million merchant locations nationwide. Old Second also will
benefit from highly competitive interchange revenue and lower network
fees.”
In addition to the lowest purchase price guarantee, Old Second
cardholders will benefit from Discover Debit’s zero liability
protection, identity theft defense, and a cash-over option at
participating merchant locations nationwide. Old Second also plans to
incorporate its current rewards offering into the new debit program to
enable cardholders to earn points that can be redeemed for travel,
shopping, entertainment and other perks.
About Old Second Bancorp, Inc.
Old Second National Bank is a national banking organization
headquartered in Aurora, Ill. that provides commercial, treasury
management and retail banking services, as well as trust and wealth
management services. Old Second has offices located in Cook, Kane,
Kendall, DeKalb, DuPage, LaSalle and Will counties. Additional
information concerning Old Second can be accessed at www.oldsecond.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 home loans, private
student loans, personal loans, online savings accounts, certificates of
deposit and money market accounts through its direct
banking business. Its payment
businesses consist of Discover
Network, with millions of merchant and cash access locations; PULSE,
one of the nation’s leading debit/ATM networks; and Diners
Club International, a global payments network with acceptance in
more than 185 countries and territories. For more information, visit www.discoverfinancial.com.
Source: PULSE
Discover/PULSE
Patty Sendelbach, APR, 832-214-0395 or 800-420-2122
patty.sendelbach@pulsenetwork.com
or
Old
Second
Bob Valaitis, 630-906-5462
bvalaitis@oldsecond.com