These Terms and Conditions describe the eligibility and policies for the Auto Debit Reward. "You" refers to the borrower. "We" refers to Discover Bank.
You will be eligible to receive the Auto Debit Reward if you meet all of the following conditions:
You must be enrolled for automatic payments to receive the Auto Debit Reward. To enroll for automatic payments:
If you have loans originated by Discover Bank and loans purchased by Discover Bank, you will need to complete separate enrollment forms.
Enrollment usually begins 4 to 6 weeks after we receive your completed enrollment form. You should continue to send us monthly payments until you receive written confirmation that your enrollment was successful.
If your loans are past due at the time you enroll, you must make separate arrangements to send the past due payments. You will earn the Auto Debit Reward only if you send in all past due payments and meet the Auto Debit Reward Eligibility requirements above.
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If you have three returned payments for non-sufficient funds, we may cancel your automatic payment enrollment and discontinue the Auto Debit Reward. You may re-enroll for automatic payments, but you will not receive the Auto Debit Reward.
We will apply the Auto Debit Reward by reducing your interest rate by 0.25% (0.0025). This may change the amount of your minimum monthly payment, may change the total number of payments necessary to pay off your loan and may change the amount of your final payment. It is your responsibility to notify us if you believe the Auto Debit Reward has not been applied correctly.
These Terms and Conditions are subject to change with notice. We may change them at any time including, but not limited to, changing the eligibility criteria or imposing additional conditions.