Virtual bank

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Virtual Bank

A bank that offers services predominately or exclusively over the Internet. A virtual bank offers normal banking services, including access to one's checking and savings accounts and personal and business loans. Even non-virtual banks almost always offer virtual banking services.

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.

References in periodicals archive ?
The HKMA said that it would publish a revised guideline for the authorisation of virtual banks soon.
A spokesperson for HKMA said, 'So far, we have received enquiries from over 10 local and overseas firms about setting up a virtual bank in Hong Kong.
In a search for alternatives to the use of such texts, I researched the Virtual Bank of Biz/ed at the Biz/ed WEB site to determine whether it could be used by students in the U.
Closer examination of the Virtual Bank of Biz/ed site (http://www.
Using the Virtual Bank of Biz/ed in its existing form would also require learning different words and terms.
However, identification of the differences that had to be considered left some hope that the WEB pages that represented the Virtual Bank of Biz/ed could be modified to develop a set of pages that could be used in the U.
Understandably the Biz/ed site was unwilling to lose copyright control of the Virtual Bank of Biz/ed.
An electronic copy of the Virtual Bank of Biz/ed site was transmitted as an e-mail attachment.
Search online for virtual banks including Ally, Capital One 360 Checking, GoBank and Simple.
Unlike most banks today that offer electronic banking services, Principal Bank is one of very few virtual banks with its primary distribution channel as the internet with no traditional bank branches.
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