Discover Bank’s revised deposit account agreement takes effect on October 8, and it removes money market accounts from the sections covering the debit card, ATM withdrawals and the Add Cash feature. The changes are spelled out in a Notice of Change in Terms dated August 18 and printed at the front of the Discover deposit account agreement. The notice says the changes described in it affect Discover Money Market Accounts.
Customers with a Discover money market account who have been pulling cash at an ATM or adding cash with a debit card are the ones affected, since the agreement now ties those features to two other accounts. The revised language defines “Debit Card” as a Discover Cashback Debit Account debit card or a Discover Personal Checking Account debit card, and nothing else. A money market holder who needs cash after October 8 has to use one of the other withdrawal methods the agreement still lists.
The $510 daily ATM limit now applies only to Cashback Debit and Personal Checking customers, and Discover changes limits like it through written notices, the latest dated August 18.
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The three provisions that lose money market accounts
The first is the debit card itself. Before the change, the agreement’s description of a debit card reached money market accounts. The revised definition names only the Cashback Debit and Personal Checking cards, which means a money market account no longer has a debit card under the agreement.
The second is the ATM section. The revised text says a customer may use a debit card and PIN to withdraw cash from a Cashback Debit Account or a Personal Checking Account. An earlier line that listed ATM use as “applicable to Money Market Accounts only” is no longer part of the withdrawal list for money market accounts. The agreement’s daily ATM limit, the lesser of $510 or the available balance, sits in that same section.
The third is Add Cash. The feature lets customers put cash into an account with a contactless debit card, and the revised text offers it for the Cashback Debit Account and the Personal Checking Account only. Its limits are $20 as a minimum, $1,000 per transaction and per 24 hours ($999.99 in Arizona and New Mexico), 7 transactions or $7,000 per rolling 7 days, and 20 transactions or $20,000 per calendar month. Because the weekly cap is seven times the per-day limit, a customer who adds the maximum on seven straight days reaches it, and the $20,000 monthly cap is reached after 20 such deposits.
Rate tiers also come out of the money market language
The same notice deletes the phrase about a “balance/interest rate tier” from the money market section. The agreement now says money market interest rates and APYs are based on the account balance. The change is about wording, and the notice does not announce a new rate.
For context, a Yahoo Finance review published in February put the Discover money market minimum opening deposit at $2,500 and the APY at 3.4% on balances under $100,000 and 3.45% at $100,000 and above. Those are the review’s figures from that date, not terms in the new notice.
How the account sits inside Capital One
Discover Bank is now part of Capital One. Capital One announced it had completed its acquisition of Discover on May 18, 2025, and said at the time that customer accounts and banking relationships remained unchanged. The release notes that the Delaware State Bank Commissioner had approved the deal on December 18, 2024, five months earlier. The bank’s own online banking page now lists checking, online savings and certificates of deposit, with no money market account among them.
Other terms in the same agreement show how the two banks’ rules are being lined up. Treasury checks deposited by existing customers can have up to $15,000 available on the first day, against $6,725 for new customers. In-person deposits of Capital One checks have been treated like Discover checks for availability since May 17, 2026. Neither of those changes, which sit elsewhere in the agreement, touches money market accounts.
Moving money out of a Discover money market account
The agreement still describes other ways to get at a money market balance. It lists checks, online, telephone, wire and ACH transfers, peer-to-peer payments and transfers to repay a Discover loan, and it counts them toward a limit of six withdrawals of those types per calendar month. In-person withdrawals, messenger withdrawals and a request for an official bank check by mail or phone are listed without that cap.
Anyone who relied on the debit card for small cash withdrawals has a choice. One is to keep the money market balance and move cash in batches by transfer to a checking account at another bank. The other is to open a Cashback Debit or Personal Checking account, which keeps the ATM and Add Cash features. A customer weighing either should compare the six-transfer monthly count against how often cash is needed.
Discover’s customer service line, 1-800-347-7000, also gives out an extra copy of the notice or the agreement. The August 18 notice itself is the source for what changes on October 8, and the online banking page linked above shows the products Discover still offers.
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This article was produced with AI assistance and reviewed by The Financial Wire’s editorial team.
Warren Cohen is a finance writer based in Phoenix, Arizona, covering personal finance topics including credit, banking, and beginner investing. He earned his degree in business administration from Arizona State University and began his career working in consumer finance, where he gained direct experience with lending and credit systems. He now writes for personal finance websites and fintech platforms, focusing on clear, practical content that helps readers make informed financial decisions.
