The Ultimate Online Banking Rewards Quiz

Staff

Where is online banking performed?

Online banking is done by computer at home or at work.

What is the alternative to online banking?

The alternative to online banking is the traditional brick-and-mortar banking, where you pay your bills by writing checks and go to the bank to make deposits.

How does the customer benefit from online banking?

With online banking, clients can access their bank accounts easily and have the tools to manage their money more efficiently.

How do the banks benefit from online banking?

The banks benefit in that they reduce their transaction, delivery and administrative costs.

What is the purpose behind online banking reward programs?

Online banking reward programs are designed to encourage customers to use the bank’s online services and to reward them for their loyalty.

At present, how many types of online reward programs are there?

There are two types of online accounts referred to as rewards programs. One is a points-based reward program; the other offers higher interest rates to customers who meet the bank’s criteria.

How does one accumulate points?

For each dollar spent, clients rack up rewards points. Depending on the terms of the program, one to two points are generally given for every dollar a client spends.

In the points-based reward program, which one of the following is not a reward option for accumulated points?

The client can use the points for cash back as a credit to his/her account or air travel, gift cards and certificates or merchandise.

According to the article, what would be a worldwide advantage if everyone did their banking online?

If everyone did all their banking online, more than 17 million trees a year would be saved as result of the mass reduction in paperwork.

Once you enroll in an online banking rewards program, how long do you have to wait before you can start earning points?

Once you are enrolled in the program, you can start earning points immediately for everyday purchases.

With many of the online rewards programs, what is the advantage of using your credit card?

Some banks offer triple points for purchases made with a credit card. They may also offer double points for debit card or recurring purchases.

How can you earn more points by buying at the Gap or Office Depot?

You can earn more points when you make purchases through a network of merchants, which includes a host of popular retailers Once you register, you can access their websites through a customized portal, and your purchases will help you rack up points more quickly.

How do you find out how many points you have?

You check your points and redeem them as easily as you is log into your reward account.

Why are some small banks offering higher interest rates for their online rewards checking accounts?

Some small and community banks are offering rates as high as six percent to attract new online customers from near or far.

Why do banks prefer rewards checking accounts over regular checking accounts?

Banks prefer rewards accounts over regular free checking accounts, because they are more profitable. The clients keep higher balances and maintain their account longer.

How much is the limit to the amount of money in an account that earns the higher rate of interest?

There is often a limit to the amount that earns the higher rate of interest. Usually the limit is $25,000, but some banks will pay the higher interest on deposits of up to $70,000

What are the two types of gift cards?

The two types of gift card are the open loop and closed loop. With the open loop, the recipient can spend it at a variety of businesses. The closed loop card can be used at only specific places or chains.

What is the most highly recommended thing to do when you receive a gift card?

When you receive a gift card, your best plan of action is to use it. Only one-third of people who receive them actually redeem them.

Up to how much money will the Federal Deposit Insurance Corporation cover an individual account?

The FIDC will cover up to $250,000 for individual accounts.

What is BancVue?

BancVue is a company that helps small and community banks set up rewards accounts.

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About This Quiz

Online banking rewards programs offer customers the convenience of banking by computer with the added bonus of points that can be redeemed for a wide variety of shopping or travel benefits. Their motto is "Spend money to save money." Take this quiz and find out how spending your money online to pay bills, etc., will help you earn you money offline.

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