virtual bank

(redirected from direct bank)
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virtual bank

A financial institution that handles all transactions via the Web, e-mail, mobile check deposit and ATM machines. By not having the overhead of physical branches, people expect a virtual bank to offer higher interest rates on their accounts.

All transactions in a virtual bank are handled entirely online, whereas "online banking" is an Internet-based option offered by regular banks. See mobile check deposit and online banking.
References in periodicals archive ?
analysis of direct bank transfers, payment on delivery (COD) and other options (e.
8220;FlexTax[R] Direct Bank adds another level of control for companies who prefer to manage their front end processing and tax trust accounts, but may not want to deal with tax compliance.
Natalie Cowen, of First Direct bank, said: "It is evident that gender difference plays a huge part in how satisfied we are.
China's first direct bank operation has been launched by the Bank of Beijing (SHA: 601169) in collaboration with Netherlands-based ING Group.
In a letter, the president of the Republic of Cyprus, Demetris Christofias, has, asked the president of the European Commission, Jose Manuel Barroso, for a direct bank recapitalisation tool.
9K, are more likely than other income groups to have an account with a direct bank (8%).
VI) has said that it plans to launch an internet-based bank, or direct bank, in addition to its traditional offer to better service its Eastern European customers.
Still, we know there are consumers that may be hesitant to try a new banking experience, and this campaign tackles some of the questions that may exist when considering a direct bank.
NEW YORK -- Link to Fitch Ratings' Report: Direct Bank Placements http://www.
On Thursday, January 28, ING DIRECT USA, the nation's largest direct bank, will host a Tweetup at its Chestnut Street Cafe.
As the old English proverb states, "It is better to give than to receive" and ING DIRECT, the nation's largest direct bank is doing just that.
AMSTERDAM, Netherlands, July 23 /PRNewswire/ -- ING has finalised the acquisition of Entrium, Germany's second largest direct bank.