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virtual bank

   Also found in: Financial, Wikipedia 0.03 sec.
virtual bank
A bank that handles all financial transactions via the Web, e-mail and telephone, with deposits made by regular mail or wire transfer. By not having the overhead of physical branches, the online bank is expected to offer a greater yield.


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There are even some virtual banks that exist today that do not have any brick and mortar existence at all, running solely off the internet.
4 times book value – that's pretty pricey for a virtual bank.
We also built a virtual bank presence that enables us to compete with other nonbranch banks offering higher rates with online access.
 
 
 
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