May 21, 2022

Is Quontic Bank Safe and Legit

Read more about Quontic
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Is Quontic Bank safe and secure? Find out how Quontic protects your account and learn about common customer complaints.

Quontic Bank is best known for its checking and savings accounts with impressive rates. These rates are a lot higher than what you'd get from a traditional bank. It even has a unique checking account with Bitcoin rewards.

But is an online bank like Quontic really as safe as big, national banks? Or does it skimp on security in favor of high rates?

Learn more about Quontic's security features to find out if it's legit.

Is Quontic Bank Safe?

Quontic Bank is a legit online bank with a range of banking products. Any financial institution should employ multiple security features to keep your account safe. And Quontic is no exception.

Here's an overview of how Quontic protects your account:[1]

  • FDIC Insurance. Quontic Bank is a member of the FDIC. This means money in your bank account is protected up to $250,000 in case the bank ever fails.

  • Mastercard Zero Liability Protection. You won't be on the hook for any unauthorized transactions on your Quontic debit card.

  • Multi-Factor Authentication. This prevents other people from accessing your account. You need to provide multiple credentials to verify your identity.

  • Data Encryption. Quontic uses encryption to scramble your private information and keep it secure.

  • Automatic Logout. You'll be automatically signed out of your account if you're inactive.

  • Lock/Unlock Debit Card Online. If you notice any suspicious activity or lose your debit card, you can quickly lock it online. This will prevent anyone from using your card to make more purchases.

These secure features are standard with most reputable banks. Overall, Quontic is a trustworthy bank that does what it can to keep your account secure.

Quontic Bank Products

Quontic Bank offers checking accounts and savings accounts with very competitive rates. You can use a Quontic debit card at 90,000 no-fee ATMs nationwide.

Here's a closer look at Quontic's bank account options:

Checking Accounts

Savings Accounts

What Fees Does Quontic Bank Charge?

Online banks usually have fewer fees than traditional banks. None of Quontic Bank's checking accounts or savings accounts have monthly service fees.

Quontic charges NO fees for:

  • Overdrafts/non-sufficient funds
  • Cashier's checks
  • Money orders
  • Incoming wire transfers
  • Activity statements

It does charge fees for:[2]

  • Dormant account fee (after 1 year of inactivity): $5/mo
  • Stop payments: $20
  • Return deposited item: $10
  • Outgoing domestic wire transfers: $25
  • Outgoing international wire transfers: $35
  • Account research: $20/hr
  • Account reconciliation: $30/hr

These fees apply to Quontic checking and savings accounts. If you need to withdraw money from a CD before the term is over, you'll also be charged a fee.

Overall, Quontic Bank fees are pretty low and easy to avoid.

Quontic Bank Customer Complaints

Many of Quontic's complaints are directed toward its mobile app. Customers describe both the Android and iOS apps as overly simplistic and buggy at times.

Quontic has updated its app to include more modern features like biometric login. But it still seems to be a bit more limited than other bank apps. The Quontic app has a rating of 3.5 out 5 on the Google Play store and 4.5 out of 5 on the Apple App Store.

Some customers also report long wait times when calling customer support. One reviewer mentioned that they had to wait 20 minutes to get connected to a representative.

Overall, Quontic offers great rates, low fees, and a unique rewards. The app experience could use some work, however. It may not be the best choice if you prioritize a smooth banking experience over high rates.

Quontic Bank Customer Service
  • Customer Service Hours: Monday - Friday, 9am - 6pm EST
  • Phone: 1-800-908-6600
  • Email: info@quonticbank.com

How to Open an Account

Quontic Bank has an easy sign-up process. The whole process is done online.

Here's how to open an account:

  1. Visit Quontic Bank and choose an account to get started.
  2. Enter your basic information.
  3. Verify your identity and personal information.
  4. Add your funding details.
  5. Complete your account application.

To create an account and complete your application, be prepared to provide your:

  • Full name
  • Email
  • Phone number
  • Date of birth
  • Address
  • Social Security number

Bottom Line

Quontic Bank is a reputable bank with a variety of security features to keep your account safe. Quontic is a member of the FDIC, which protects money in your account in the unlikely case that the bank fails.

Of course, no bank can promise to be completely infallible. But Quontic does what it can to keep your account safe, just like any other traditional or online bank.

References

  1. ^ Quontic Bank. Quontic's Banking Security Center, Retrieved 4/29/2022
  2. ^ "Schedule of Fees": Quontic Bank, 2022.
Quontic
Member FDIC

High Yield Savings - 4.50% APY

  • 4.50% APY
  • $100 minimum opening deposit
  • No monthly service fees
CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC
Chase
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 7/24/2024
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • Access to more than 15,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • JPMorgan Chase Bank, N.A. Member FDIC
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 9/30/2024
  • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 9/30/2024.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • Bank of America, N.A. Member FDIC.
Discover Bank
Member FDIC

Online Savings Account - Earn 4.25% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required

Donna Tang is a content associate at CreditDonkey, a bank comparison and reviews website. Write to Donna Tang at donna.tang@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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