Virtual bank

(redirected from Internet-only 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.

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Korea Investment Holdings and Daum Kakao, a Korea-based Internet portal, have jointly won the South Korean government's approval to launch an internet-only bank.
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Regulators in South Korea said that they would receive preliminary applications from consortiums that are desirous of launching Internet-only banks in the nation.
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5 billion FDIC-insured deposits in accounts under $100,000 and Internet-only banks must have at least $100 million.
There is a lot of speculation about how online banks will net out against traditional branch-based competitors, but I think our early strong performance clearly shows an important place for Internet-only banks in the consumer marketplace," states President and CEO Frank O.
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