Virtual bank

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 the bold, there are virtual banks -- institutions that operate online only.

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

"It is possible that virtual banks could be more volatile.

Progressive banks queuing up to go on-line

According to Yahoo.com, Jessica Tan Sin-yin, co-chief executive of Ping An Insurance, said, 'Initially, our virtual bank will directly offer lending to individuals and SMEs to show that our risk assessment models and technology can work.

Ping An to leverage virtual banking technology for global operations

Radius Bank is an industry-leading virtual bank focused on providing clients with banking solutions to better their financial health.

Radius Bank unveils its Radius Rewards program

Banco IXE, Mexico's virtual bank, is well on its way to fulfilling its slogan as the "bank of convenience."

CASHING IN ON CONVENIENCE

Mobile phones are being used in South Africa as virtual bank accounts, following the introduction of services by Wizzit and then MTN Banking, a joint MTN and Standard Bank venture, earlier this year.

Mobile phone virtual accounts prove popular in South Africa

Mecklermedia has added CompuBank, a virtual bank, to its Internet.com network of web sites to enable visitors to the sites to conduct their banking and bill payments online.

-BRIEFLY NOTED

The eight fintech companies that obtained the virtual bank licences are: Ant SME Services, Insight Fintech, Infinium, Livi VB, Ping An OneConnect, WeLab and ZhongAn Virtual Finance.