virtual bank

(redirected from direct bank)
Also found in: Financial, Wikipedia.

virtual bank

A financial institution that handles all transactions via the Web, email, 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 ?
The post Citic, Baidu unveil direct bank driving Chinese fintech appeared first on Tahawul Tech.
Ally Bank is a direct bank in the US that offers a straightforward approach to banking with no minimum deposit required to open an account, no monthly maintenance fees and 24/7 live customer service.
The causes of the direct bank supervision in the Finance Credit Bank were not resolved yet.
FlexTax[R] Direct Bank offers all the features of the original FlexTax[R] system with the added benefit of complete control over tax trust accounts.
More than one in three women ranked their general happiness as eight out of 10 or higher, compared with just over one in four men, First Direct bank, which commissioned the poll of 4,423 adults, found.
The Service is trying to encourage taxpayers to use direct bank debits on their installment agreements, because the default rate is much lower than for other agreements.
Global Banking News-August 24, 2017--Chinese direct bank gets official approval
The National Bank said some officials accuse the National Bank of corruption recently in connection with the direct bank supervision introduced in the Finance Credit Bank.
Global Banking News-August 22, 2017--Baidu and CITIC to launch independent direct bank
For this reason the National Bank has not lifted a direct bank supervision of the Finance Credit Bank, Chokoev said.
IDB sought to become the direct bank of choice for financially self-directed customers and turned to Callatay & Wouters to implement a complete front-to-back office internet banking system.
Ally Bank has become the leading direct bank in the United States since its launch in 2009, and we have continued to be recognised in the industry for our relentless focus on delivering for our customers,' said Ally chief executive officer, Jeffrey Brown.