Useful security add-on for existing Wells Fargo card holders. Advanced Access verification is used to protect large monetary transfers.
Provides comprehensive monitoring and surveillance of online and offline activities. Excellent level of credit monitoring with monthly 3-bureau credit reports.
The modern consumer uses the internet several times per day to carry out regular tasks. Unbeknownst to many of us, we consent for our information to be stored by hundreds of websites. What’s more, cybercriminals are constantly on the hunt to steal from vulnerable internet users.
With so much confidential information (including banking details and financial data) now accessible online, people must prioritize identity protection.
If you’re investigating security options for you and your family, deciding between Wells Fargo vs. Discover is a likely sticking point. We’ve put together this guide to take you through the pros and cons of each before making your decision.
Wells Fargo vs. Discover: Comparison
Core Security Features
Insurance and Fund Reimbursement
- 1 Wells Fargo vs. Discover: Comparison
- 2 QUICK FACE-OFF
- 3 Wells Fargo Features and Services
- 4 Discover Features and Services
Wells Fargo Features and Services
Identity Theft Protection Features
Wells Fargo identity theft protection comes as an optional purchase for new or existing customers. As an add-on product, this is quite limited when compared to other identity protection providers.
Wells Fargo monitors its customers’ information for suspicious activity or potential identity theft 24/7. As soon as an issue is detected, the customer is notified via text or phone call.
Mobile banking sessions are encrypted, and Wells Fargo only supports web browsers that meet its encryption criteria. Advanced Access verification is used to ensure transactions are safe and authorized. Two-factor authentication is an option for customers who want additional security for account log-ins.
Wells Fargo claims to be working toward improved security for its customers.
Wells Fargo credit monitoring includes round the clock account surveillance and 3-bureau credit monitoring. If your banking behavior seems unusual, your account may be flagged, leading to restricted access until identity clarification is complete.
For customers who regularly use different devices for online banking, this level of security can be advantageous.
Wells Fargo offers up to $10,000 in insurance reimbursement if identity theft occurs. Customers are also given access to a fraud resolution specialist. Wells Fargo credit and debit cards come with zero liability protection, meaning customers will be fully reimbursed if unauthorized card transactions are made.
Plans and Pricing
Wells Fargo plans are divided into 2 categories: Identity Theft Protection and Enhanced Identity Theft Protection.
Identity Theft Protection
This package is the basic add-on for Wells Fargo customers. It includes features such as quarterly credit reports, 3-bureau credit monitoring, credit file change alerts, and up to $10,000 in insurance reimbursements.
This plan is very affordable, costing just $12.99 per month.
Enhanced Identity Theft Protection
This more extensive package includes all aspects of the standard plan plus additional features such as a PLUS score tracker and simulator.
It is slightly more expensive at $15.99 per month.
Pros and Cons
Discover Features and Services
Identity Theft Protection Features
Discover identity theft protection provides comprehensive cover through a range of excellent security features. Discover scans and monitors the internet (including the dark web) for potential fraud being committed in your name or using your SSN.
Discover also surveys national databases to ensure that no one is using your address fraudulently. Discover can alert its customers if there are offenders in their area by regularly scanning criminal and court records.
With so much of your information now stored online, this level of surveillance and protection can be necessary to keep your data safe.
One of the key benefits of Discover credit monitoring is that it provides customers with monthly summaries of 3-bureau credit reports. Credit scores can be a useful indicator of bank fraud. Through regular surveillance, Discover and its customers can often notice irregularities very quickly.
As soon as changes are noted in a customer’s credit file, they are alerted through the Discover system.
If identity fraud or stolen data occurs, Discover offers its customers up to $1,000,000 in insurance reimbursements. This covers stolen funds, lost wages, legal fees, and other related costs. Customers will also gain access to Discover’s US-based fraud resolution specialists.
Due to its zero liability guarantee, Discover never holds its customers accountable for unauthorized purchases using Discover cards.
Pricing and Plans
Identity Theft Protection
Discover identity theft protection is available through one plan, unlike many competitors who offer a variety of packages. However, this plan is competitively priced at just $15 per month.
While there is no specific Discover family plan, up to 10 children can be added to your package for free. This is an excellent aspect of Discover’s offering, as people with large families often pay high fees to include additional members. Each child avails of the comprehensive services outlined above.
One major drawback to this identity theft plan is that it is only available to Discover credit or debit card holders.
Pros and Cons
These 2 companies offer very different packages. While both provide comprehensive monitoring and surveillance of financial accounts and credit scores, Discover also offers extensive online and offline security features, including dark web protection.
Wells Fargo’s quarterly credit reporting is trumped by Discover’s monthly 3-bureau credit reports and scores. Although both providers send out fast alerts if suspicious activity is detected, Discover’s intuitive digital dashboard makes account and alert access very easy.
A key benefit of each service is that they provide their customers with dedicated resolution specialists if theft occurs. However, Discover’s customer service team is available 24 hours a day in case of emergencies. Wells Fargo’s customer service has limited availability.
Wells Fargo has 2 plan options compared to Discover’s single package. Unfortunately, neither of Wells Fargo’s plans come close to offering the level of identity protection that Discover does. For just $15 per month, Discover offers much better value with its plan.
A significant drawback with both choices is that you must be an existing card holder to be eligible for their protection plans. However, both companies are leading financial institutions with millions of US-based customers.
There is one standout choice for anyone deciding between Wells Fargo and Discover to purchase an identity protection plan. Discover offers a much more comprehensive security service at a very reasonable choice. You can look out for your children’s safety by adding them to your plan for free.
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About the Author
Keith Morris is a 20+ year veteran of the security game, with the knowledge and experience to set you on the right track toward personal safety and security. His firm is committed to giving you the tools and know-how to combat any threat to your safety.