Is Quontic Bank Safe and Legit
Is Quontic Bank safe and secure? Find out how Quontic protects your account and learn about common customer complaints.
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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
High Interest Checking - Up to 1.10% APY
- Earn up to 1.10% APY
- $100 minimum opening deposit
- APY is based on the account balance and making at least 10 qualifying debit card point-of-sale transactions of $10.00 or more per statement cycle.
Cash Rewards Checking
- Get 1.00% Cash Back on All Eligible Debit Card Purchases
- $100 minimum opening deposit
Savings Accounts
High Yield Savings - 4.50% APY
- 4.50% APY
- $100 minimum opening deposit
- No monthly service fees
Money Market Account - 5.00% APY
- Earn 5.00% Annual Percentage Yield
- No monthly maintenance or overdraft fees
- $100 minimum deposit required to open an account
CD Rates - Up to 5.30% APY
- $500 minimum opening deposit
- FDIC insured
Term | CD Rates |
---|---|
6 Months | 5.05% APY |
1 Year | 5.30% APY |
2 Years | 4.50% APY |
3 Years | 4.40% APY |
5 Years | 4.30% APY |
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.
- 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:
- Visit Quontic Bank and choose an account to get started.
- Enter your basic information.
- Verify your identity and personal information.
- Add your funding details.
- 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
- ^ Quontic Bank. Quontic's Banking Security Center, Retrieved 4/29/2022
- ^ "Schedule of Fees": Quontic Bank, 2022.
High Yield Savings - 4.50% APY
- 4.50% APY
- $100 minimum opening deposit
- No monthly service fees
CIT Bank Platinum Savings - 5.05% APY
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- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Chase Total Checking® - $200 Bonus
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- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
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- 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 Business Advantage Checking Account - $200 Bonus Offer
- Open a new eligible business checking account by December 31, 2023
- Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
- Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC
Citi Priority - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day
- New to Relationship customers can choose their Relationship Tier.
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower Balance Level at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
- Restrictions apply.
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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