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Virtual bank |
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Virtual bank. A virtual bank offers of some or all the same types of accounts and services that traditional bricks-and-mortar banks do, but virtual banks exist only online. They typically charge lower fees and pay higher interest because of low overhead. Virtual bank transactions can be checked in real time, as they happen, rather than at the end of the banking day or the end of the month -- though those services may also be available through the online branches of traditional banks. Virtual banks don't have branches or own ATM machines, so you make deposits electronically or by mail. Your virtual bank may reimburse your ATM fees for using other banks' machines. However, there may be a limit to the number of transactions a virtual bank will cover each month. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| An Internet-only bank has lower overhead, and as a result we can pass the savings on to our customers in the form of extremely competitive rates and fees. TCB also operates an independent Internet-only bank, one day having an Internet-only bank branch that would enable us to reduce the tremendous communication expenses we now incur. |
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