Discover has a state chartered bank in Delaware. It’s not a member of the Federal Reserve, but deposits are insured by the FDIC. So the comment up thread that Discover wasn’t a bank is just flat out wrong. Perhaps I should have been more direct in my original response.
Here’s the history:
1 8/30/1911 Institution established. Original name: Greenwood Trust Company (5649)
2 12/31/1985 Changed organization type to Credit Card Bank.
3 7/18/1986 Changed trust powers from Full Trust Powers Granted to Trust Powers Terminated.
4 12/4/1986 Moved bank headquarters from Greenwood, Delaware to Newcastle, Delaware.
5 12/31/1986 Moved bank headquarters from Newcastle, Delaware to New Castle, Delaware.
6 3/13/1987 Moved bank headquarters from New Castle, Delaware to Newcastle, Delaware.
7 6/4/1996 Moved bank headquarters from Newcastle, Delaware to Greenwood, Delaware.
8 8/1/2000 Changed name to Discover Bank (5649).
American Express has a S&L and a bank, both in Utah. The S&L is chartered by the OTS; the bank (American Express Centurion Bank) appears to have a state charter.
I know Discover solicits deposits online and by mail; I don’t know about AECB, although they are classified as having one full service brick and mortar location.
I don’t know if you’re missing the point on purpose, so let me be succinct. You don’t have to be a bank to issue credit cards.
Is that plain enough?