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.”