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 ?
For example, GoBank, a virtual bank whose customers access their accounts almost entirely via personal computer and smartphone, holds funds from personal checks hostage for up to 10 days.
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The money they save their company by booking within policy will be applied to a virtual bank.
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As a virtual bank without the overheads of more traditional bricks and mortar banks we have many distinct advantages which underpin our ability to consistently offer a higher rate without penalties, fees or charges.
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