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!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.
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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.
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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.
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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.
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“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.
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Online banks communicate mainly via email, so it's important that you give a valid e-mail address when you open an account.
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Since online banks don't have branches, many now have smartphone apps that allow you to deposit checks just by snapping a photo.
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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.
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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.
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Mixing up letters, numbers, and special characters as well as changing your password often is a good way to keep it secure.
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Many online banks offer debit card rewards programs to help them compete with credit card companies.
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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.
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The one requirement that all online checking accounts share is that customers need Internet access to manage their money.
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With phishing scams and hacking attempts making the news lately, many consumers worry about the security of online bank accounts.
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Not all online banks are FDIC-insured, and if you're concerned about your money's safety, you should find one that is.
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Bank-to-bank transfers often have an associated fee, but they're faster than writing yourself a check.
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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.
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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.
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As online banking becomes more popular, phishing scams have become more common. Protect yourself by reporting suspicious emails to your bank.
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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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