virtual 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 ?
About 8 percent of virtual bank accounts for cryptocurrency trading have been converted to real-name bank accounts, a week after the government ended anonymous trading of cryptocurrencies, industry sources said Tuesday.
A spokesperson for HKMA said, 'So far, we have received enquiries from over 10 local and overseas firms about setting up a virtual bank in Hong Kong.
For example, GoBank, a virtual bank whose customers access their accounts almost entirely via personal computer and smartphone, holds funds from personal checks hostage for up to 10 days.
According to the company, the money customers save their company by booking within policy will be applied to a virtual bank.
The money they save their company by booking within policy will be applied to a virtual bank.
While we always try to create an ROI, our biggest driver is creating a human-like experience in the virtual bank.
It is a multifunctional card that has no minimum balance or annual fees, but serves as a virtual bank account.
One of the best known of the Virtual Worlds is the Virtual Bank of Biz/ed which provides an extensive set of educational material about both commercial banking and central banking within the U.
The former Altadena residents had once served a brief stint in jail for possessing what Glendale police said was a virtual bank robbery kit.
For the past several years he has been a top loan producer for the mortgage division of Lydian Wealth Management, and for Virtual Bank, both of which are subsidiaries of Lydian Private Bank.
As a virtual bank without the overheads of more traditional bricks and mortar banks we have many distinct advantages which underpin our ability to consistently offer a higher rate without penalties, fees or charges.
workers without bank accounts (there are many more than you think), the card becomes a secure virtual bank account that, with a pin number, works at most ATM machines and thousands of stores.

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