Online Bank Quiz

By: Dave Roos

Online Bank Quiz
Image: JGI/Jamie Grill/Blend Images/Getty Images

About This Quiz

Online banks are full-service banks without any physical branch locations. Does this sound like the right bank for you? Take our quiz and find out!
In what year was the very first Internet-only bank founded?
1992
1995
Founded in 1995, The First Security Network Bank of Kentucky was the first Internet-only bank on the market.
1997

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On what year did the first brick-and-mortar bank offer online banking services?
1990
1992
1994
Founded in 1994, the Stanford Federal Credit Union, located in the heart of Silicon Valley, was the first banking institution to offer online account access and services like bill pay.

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According to a 2011 poll, how many American adults prefer to do all of their banking online?
32 percent
52 percent
62 percent
Nearly two-thirds of all Americans like online banking -- as well as an impressive 57 percent of adults over 55 years old.

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Ally Bank, one of the largest online banks in America, claims how many members worldwide?
15 million
Ally has 15 million customers, but as a comparison, Bank of America claims 57 million customers worldwide.
30 milion
60 million

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Which of the following is NOT another name for an online bank?
Internet-only bank
Fast bank
Services at online banks ay be fast, but that fact isn't reflected in the name.
Direct bank

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True or false: Online banks are not backed by the FDIC.
true
false
Deposits at most online banks are insured by the FDIC up to the maximum amount: $250,000.

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Which of the following services is NOT available at most online banks?
Direct deposit
Safety deposit box
Since online banks don't have physical branch locations, safety deposit boxes are out.
Wire transfer

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Do online banks typically offer higher or lower interest rates on savings accounts, checking accounts, CDs and money market accounts?
Higher
Interest rates from online banks are significantly higher than traditional banks.
Lower
The same as traditional banks

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As of this writing, a $1 checking account balance at Ally bank earns 0.50 percent interest. What is the minimum balance you need to carry at a conventional bank to even get 0.10 percent?
$100
$1,000
$5,000
That's the current rate for a $5,000 or higher balance on a interest-bearing checking account from Fifth Third Bank.

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The Bank of Internet USA, insured by the FDIC, offers a 1.25 percent interest rate for opening a checking account with a minimum deposit of $100. What is the minimum account balance your need to maintain at Fifth Third Bank, a conventional bank, to get a one percent return?
$10,000
$100,000
You've got 100 grand in your account, right?
$1 million

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True or false: Online banks can offer mortgages.
true
ING Direct is one of several online banks that make home loans.
false

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What is the monthly maintenance fee for carrying less than a $100 balance on an Ally Bank checking account?
$12
$5
$0
Most online banks don't charge maintenance fees, even with low balances. That's not true at most conventional banks.

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Which of the following is NOT an acceptable way to deposit a check with an online bank?
ATM deposit envelope
Since most online banks don't have their own ATM machines, ATM deposits won't work.
Upload a scanned image of the check
Mailing in the check

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True or false: Online banks don't issue debit cards.
true
false
Most online banks offer debit cards with the same features as conventional banks, including cash back.

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Since online banks don't have their own ATMs, how much should customers expect to pay in fees every time they use another bank's ATM?
$3
$5
$0
Most online banks offer no-fee ATM use at any ATM in America. Many banks will reimburse customers for fees charged by other banks.

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Ally Bank was formerly known as which famous financer of auto loans?
Car Loans USA
GMAC
Ally still finances car loans for major American car manufacturers.
Auto Zone

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ING Direct, one of the largest online banks in the world, is owned by the ING Group, based in what country?
Germany
China
The Netherlands
ING Group headquarters are in Amsterdam, but ING Direct is based in Delaware, USA.

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Why can online banks charge fewer fees and offer higher interest rates than conventional banks?
Online banks are operated through offshore computer servers in tax-free zones.
It costs less money to run a bank without any physical branches.
Lower overhead costs can be passed on to the consumer through lower fees and higher rates.
Online banks don't deal in actual dollars, just electronic currency.

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What percentage of worldwide consumers are either "very concerned" or "somewhat concerned" about the security of online banking?
46 percent
68 percent
86 percent
86 percent have some trepidation, but 57 percent said they were "very concerned," according to a global survey by RSA Security.

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Money lost through online banking fraud in the UK was down by what percentage from 2010 to 2011?
12 percent
22 percent
32 percent
Thirty-two percent is significant; U.K. consumers lost the equivalent of $26.2 million dollars due to online banking fraud in the first half of 2011, down considerably from the year before.

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You Got:
/20
JGI/Jamie Grill/Blend Images/Getty Images

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