Virtual bank


Also found in: Encyclopedia, Wikipedia.

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 ?
Global Banking News-January 25, 2018--HKMA to allow virtual banks with no physical presence
HKMA to allow virtual banks with no physical presence
Bank, as well as the virtual banks Ally and Simple, make funds available according to the standard regulations or better.
Consider pros and cons of mobile check deposit
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.
An alternate world: the development of a virtual U.S. Bank
Introducing a special `text-to-collect' marketing mechanic, consumers will be able to build a virtual bank account of `music credits' by texting in or entering unique on-pack codes on the internet.
Exclusive Coke CDs. (Marketing)
BDC Connex, the virtual bank, offers all of the, bank's financial products online.
Carving out a spot in e-commerce revolution. (Guest Columnist)
In the FED101 portion of the Web site, educators and students will find interviews with many of the Federal Reserve Bank presidents, a virtual bank exam and a chance to play an interactive game called "Fed Clue.
New economic education Web site
It now runs a virtual bank and has no trust organizations.
The Second Wave
High interest rates on checking and savings accounts and favorable loan rates are the norm at a virtual bank.
e-banking 2000
He said: 'Unless systems are completely foolproof there is always a chance criminals could pull off a virtual bank raid.
Three held in online bank probe
As a virtual bank without physical branches, we have relatively lower overheads and upfront costs," said David Tan, the general manager of OCBC's "finatiQ" bank and its "chief finatiQ".
Progressive banks queuing up to go on-line
From a business story in the Milwaukee Journal Sentinel: "The Bank of Scotland may be backing away from a deal with television evangelist Pat Robertson to create a virtual bank after Robertson called Scotland a hotbed for homosexuality and said the country may be headed `back to darkness.
NO COMMENT
In order to win, players must successfully operate the most profitable virtual bank with the most satisfied customers.
BankersLab[R] Launches First Gamified Training Product to Optimize Banks' Delinquent Collections
Financial browser ?
Full browser ?