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 new Direct Banking unit will have around one million retail clients, 60,000 commercial clients and more than 500 employees.

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It said the directing banking supervision stopped on May 13 after the bailout, in the framework of which Rosinbank did capitalization ensuring the bank's compliance with economic standards and mandatory reserve requirements, the violation of which was the reason to introduce direct banking supervision.

National Bank stops direct banking supervision over Rosinbank

And the regulators will also experiment with issuing more direct banking licenses."

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In the entire European Union, almost 30% of the private clients already use direct banking. This share is by 10 percentage points lower in the new EU members, a spokesman told Austrian APA news agencies.

Raiffeisen Intl to establish direct bank for CEE

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Direct Banking, which started in 1994, today has more than one million customers.

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A direct banking and payment services company, Discover Financial is one of the largest card issuers in the US and also offers private student loans, personal loans, home equity loans, checking and savings accounts and certificates of deposit through its direct banking business.

Discover Financial Services announces date for 2019 shareholders' meeting

Callatay & Wouters developed Thaler Direct Savings Bank as a result of its work with Rabobank International Direct Banking (IDB), the internet retail banking division of the Dutch Rabobank Group.