Check it Out: Online Checking Account Quiz
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About This Quiz
Online checking accounts are gaining popularity because they make managing your money fast and easy. Just like any other bank account, though, these types of accounts have their upsides and downsides. Think you know all there is to know about opening and managing an online checking account? Find out with our quiz!
Which type of online account pays the most interest?
Many banks offer interest rates on their online checking accounts, but some types pay out better than others. Business and second chance accounts can offer interest, but one of the major features of a rewards account is the higher interest rate.
True or false: If you have bad credit, you can't get an online checking account.
There are online accounts out there specifically for people with bad credit to help them build up their credit score and have better access to their money.
Which of these is not always an advantage to an online-only account?
While many online-only banks do have good customer service over the phone, it's important to research reviews of an online-only bank's customer service, since you can't walk into a branch for help.
24 hour access to your account
Why do online banks so often have lower fees than traditional banks?
Customers keep a lower balance in their accounts.
They have lower overhead.
Because they don't have to pay for the rent and other fees associated with physical locations, online-only banks can keep their fees low.
They don't have lower fees.
Which of these can signify that an email that looks like it's from your online bank is actually a scam?
The e-mail says that your account has been compromised and tells you to click a link to change your password.
The e-mail asks you to reply with your Social Security number.
“Phishing” scams send out fraudulent emails in an attempt to get you to share your personal information. Never give our personal information like your social security number or bank password via email.
In order to open an online bank account, you need to give your bank:
Online banks communicate mainly via email, so it's important that you give a valid e-mail address when you open an account.
your mother's maiden name
Some banks offer “mobile deposits” for online checking accounts. What does this mean?
You can deposit checks by taking a picture of them.
Since online banks don't have branches, many now have smartphone apps that allow you to deposit checks just by snapping a photo.
You can deposit checks at any ATM.
You can deposit checks at any other bank's main branch.
What fees do online banks often reimburse?
Online banks don't usually have branches, so they will often reimburse customers for ATM fees up to a certain number of transactions per month.
How does “online bill pay” work?
You can pay your bank's monthly fees automatically through their system.
The bank pays your bills directly from your account.
Instead of sending checks out or paying through a payment system, banks that offer online bill pay will pay your bills directly from your checking account.
You can navigate company bill pay services through a portal on your bank's website.
How can you choose a secure password for your online bank account?
Include letters, numbers, and special characters.
Mixing up letters, numbers, and special characters as well as changing your password often is a good way to keep it secure.
Choose a word that's easy to remember, so that you won't have to write it down.
Use the same password as you use for your email address.
How can you earn rewards through your online checking account?
by maintaining a minimum balance of $150 or more
by opening a linked online savings account
Many online banks offer debit card rewards programs to help them compete with credit card companies.
Which of these is a drawback to some online checking accounts?
If your online-only bank doesn't offer mobile deposits, you'll have to mail them in, which can delay the deposit for up to two weeks.
They don't provide checks.
They can damage your credit score.
Who can't have an online checking account?
people without Internet access
The one requirement that all online checking accounts share is that customers need Internet access to manage their money.
What is the main consumer hesitation about online banking?
ability to deposit checks
With phishing scams and hacking attempts making the news lately, many consumers worry about the security of online bank accounts.
Which agency insures deposits into checking accounts?
Not all online banks are FDIC-insured, and if you're concerned about your money's safety, you should find one that is.
What's the easiest way to move your money from your online account to an account at a different bank?
Write a check from your online account and deposit it at the other bank.
Transfer the money electronically.
Bank-to-bank transfers often have an associated fee, but they're faster than writing yourself a check.
True or false: online banks never have brick and mortar branches
There are online-only banks that don't have any branches, but some online banks do have brick-and-mortar locations, even if it's just a few in each state or the country.
What level of encryption do online banks typically use to keep from getting hacked?
Banks use a protocol known as Secure Socket Layer Encryption to ensure that your online banking stays private and safe. The industry standard is 128-bit encryption.
What is “phishing?”
fraudulently emailing bank customers to get hold of their personal information and hack their accounts
As online banking becomes more popular, phishing scams have become more common. Protect yourself by reporting suspicious emails to your bank.
online banks with large marketing groups spamming email lists for new customers
when a bank's rewards program gives out free concert tickets to see Phish
True or false: There are not yet any options for online business checking.
While not all online banks offer business checking accounts, there are plenty of options out there for businesses looking for online banking.
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