News

Discover to power new debit program for Old Second

July 22, 2013

Old Second National Bank, a 140-year-old community bank in the Chicago, has teamed with Discover to create the a debit card program powered by Discover Debit. Old Second customers will receive the new debit card in 2014, following a pilot program with bank employees.

Discover Debit is managed by the Pulse debit/ATM network and is a subsidiary of Discover Financial Services. Discover Debit is accepted at more than 9 million merchant locations nationwide, according to a news release from the company. 

Old Second, a Pulse network participant for more than 10 years, has approximately 50,000 debit cardholders. 

"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 COO at 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."

In addition to the lowest purchase price guarantee, Discover Debit cardholders will benefit from zero liability protection, identity theft defense, and a cash-over option at participating merchant locations.

"Old Second also will benefit from highly competitive interchange revenue and lower network fees," said Dave Schneider, senior vice president of debit strategies for Discover and president of Pulse.

Under the agreement, Old Second will have exclusive branding on the front of its card to reinforce the FI's relationship with cardholders. The new debit program will also incorporate the existing Old Second loyalty program, which rewards card users with points that can be redeemed for travel, shopping, entertainment and other perks.

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