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?
True or false: If you have bad credit, you can't get an online checking account.
Which of these is not always an advantage to an online-only account?
easy to set up
better customer service
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.
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.
Both of these
In order to open an online bank account, you need to give your bank:
your e-mail address
your cell phone number
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.
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?
monthly service fees
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.
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.
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
by using your debit card
Which of these is a drawback to some online checking accounts?
They don't provide checks.
They can damage your credit score.
Who can't have an online checking account?
people without Internet access
What is the main consumer hesitation about online banking?
access to money
ability to deposit checks
Which agency insures deposits into checking accounts?
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.
neither of these
True or false: online banks never have brick and mortar branches
What level of encryption do online banks typically use to keep from getting hacked?
What is “phishing?”
fraudulently emailing bank customers to get hold of their personal information and hack their accounts
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.