Online Bank Quiz
by Staff
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
  • 1997

On what year did the first brick-and-mortar bank offer online banking services?

  • 1990
  • 1992
  • 1994

According to a 2011 poll, how many American adults prefer to do all of their banking online?

  • 32 percent
  • 52 percent
  • 62 percent

Ally Bank, one of the largest online banks in America, claims how many members worldwide?

  • 15 million
  • 30 milion
  • 60 million

Which of the following is NOT another name for an online bank?

  • Internet-only bank
  • Fast bank
  • Direct bank

True or false: Online banks are not backed by the FDIC.

  • true
  • false

Which of the following services is NOT available at most online banks?

  • Direct deposit
  • Safety deposit box
  • Wire transfer

Do online banks typically offer higher or lower interest rates on savings accounts, checking accounts, CDs and money market accounts?

  • Higher
  • Lower
  • The same as traditional banks

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

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
  • $1 million

True or false: Online banks can offer mortgages.

  • true
  • false

What is the monthly maintenance fee for carrying less than a $100 balance on an Ally Bank checking account?

  • $12
  • $5
  • $0

Which of the following is NOT an acceptable way to deposit a check with an online bank?

  • ATM deposit envelope
  • Upload a scanned image of the check
  • Mailing in the check

True or false: Online banks don't issue debit cards.

  • true
  • false

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

Ally Bank was formerly known as which famous financer of auto loans?

  • Car Loans USA
  • GMAC
  • Auto Zone

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

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.
  • Online banks don't deal in actual dollars, just electronic currency.

What percentage of worldwide consumers are either "very concerned" or "somewhat concerned" about the security of online banking?

  • 46 percent
  • 68 percent
  • 86 percent

Money lost through online banking fraud in the UK was down by what percentage from 2010 to 2011?

  • 12 percent
  • 22 percent
  • 32 percent