I earn to little to be worthy of a Discovery Cheque Acc, despite their much touted "Status by Financial Behaviour" and "First Behavioral Bank" and " NOT Rewarded according to what you earn" marketing hype...

I am an overall, happy Discovery client. And was very impressed by the behavioral banking model and the entire ethos around it that was promoted before the launch of Discovery bank earlier this year. And as such I put my name on the waiting list eagerly anticipating to be one of the first customers to join Discovery Bank. When the Discovery Banking app launched last week, on the very day I downloaded the app. I completed the application to open my accounts with Discovery bank and opened the according accounts that would replicate my existing ABSA account portfolio, so that I could immediately begin the process of switching over. I couldn't understand why, at first, there was no Cheque/Current account showing? I thought perhaps the option of opening this account would present itself later. But this week when I still did not see the option available, being quite keen to getting everything up and running with Discovery Bank, I started researching this. To my utter disappointment and shock I found out that a Cheque/Current account at Discovery Bank would only to offered to people on two income brackets levels, and the one at the starting level "a low to medium income level starting at 350000 per annum"...

So I discovered that I do not earn enough to qualify to have a Discovery Bank Cheque account. I don't earn anywhere near the MINIMUM qualifying amount, which is then still quite cheekily stated as a low income (why they have to give this minimum amount a qualitative description of "low" I don't know, I am still thinking about why this was considered a positive PR move..)

Discovery Bank, who promised to not discriminate on a socioeconomic scale/basis but assign levels according to an individuals financial behavior, according to their financial habits and behavior, and how they work with their money, as opposed to how much they earn. I have attached a link and a screen shot where Discovery state just that at the bottom of this email.

After migrating my credit card (this was an exiting Discovery credit card) and Savings accounts over to Discovery bank. (Before discovering my income is not worthy of a Discovery Cheque account.) I have already been awarded with Platinum Status on Vitality Money... So according to them, I more than meet their behavioral model, with flying colours, straight out of the gate. HOWEVER, I do not EARN a HIGH ENOUGH INCOME, to be worthy of owning a Discovery Bank Cheque Account. I do have an ABSA Cheque/Current account though. So it would seem that despite my wonderful financial behavioral model and my lovely platinum Viality Money status. I shall have to keep my ABSA Bank Cheque account with ABSA, well at least ABSA doesn't think I don't earn too little to have a Cheque account with them...

Poor show Discovery, poor show. A very poor debut to a brilliantly touted and publicized banking model, which has now proven to undermine it's very own ethos and marketing hook... Rewarded by your finacial behaviour, not by what you earn, rewarded to be financially healthy. Except, except, of course, if you earn less than R 350 000 per annum, then we are afraid you will not be able to fully benefit by having your entire banking portfolio, including your Cheque account with Discovery Bank.

As a previously very patriotic, and fiercely brand loyal Discovery client, happy with the company and all other Discovery products I own, until now. I find myself feel very deflated, if not slightly betrayed by what I now see as a bit of marketing hype and total misinformation...

Very sad.