This bank is eliminating all fees from its checking and savings accounts — why you should tread cautiously

Discover DFS, -0.36% is eliminating fees for its deposit accounts — including checking, savings, money market or certificate of deposit accounts. But consumers looking to avoid fees should think twice before signing up, experts say.

Consumers with a Discover Bank account will no longer be charged the myriad fees that can come with a bank account including those associated with:

• Monthly maintenance

• Checkbook orders

• Replacement debit cards

• Insufficient funds

• Excessive withdrawals

• Stop-payment requests

Read more:Nearly 70% of Americans are making this huge mistake with their money

Some of the accounts still come with minimum balances upon opening — consumers must have $2,500 to open a money-market account or CD — but consumers won’t be charged a fee if their account at some point dips below that amount, said Arijit Roy, Discover’s vice president of deposits.

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