Check it Out: Online Checking Account Quiz
by Staff
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?

  • second chance
  • rewards
  • business checking

True or false: If you have bad credit, you can't get an online checking account.

  • TRUE

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?

  • overdraft fees
  • monthly service fees
  • ATM 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?

  • slow deposits
  • They don't provide checks.
  • They can damage your credit score.

Who can't have an online checking account?

  • students
  • people without Internet access
  • retirees

What is the main consumer hesitation about online banking?

  • access to money
  • ability to deposit checks
  • security

Which agency insures deposits into checking accounts?

  • SEC
  • FDIC
  • FTC

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

  • TRUE

What level of encryption do online banks typically use to keep from getting hacked?

  • 16-bit
  • 128-bit
  • 256-bit

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.

  • TRUE