Virtual Bank

Business / Taxes / Virtual Bank: A virtual bank offers some or all of 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.

Other Words for Virtual

Virtual Noun Synonyms: effective, essential, practical, understood, accepted
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Paid Leave Bank

Business / Human Resources (HR) / Paid Leave Bank: A benefit program granting employees a bank consisting of a specific number of paid days that can be used for absences related to sickness, vacation or personal reasons. MORE

Paris Interbank Offer Rate (PIBOR)

Business / Finance / Paris Interbank Offer Rate (PIBOR): The deposit rate on interbank transactions in the Eurocurrency market quoted in Paris. MORE

Nonbank Banks

Business / Taxes / Nonbank Banks: Nonbank banks, also called limited-service banks, offer some but not all of the services of a traditional commercial bank. They're typically owned by companies, including insurance companies, brokerag MORE

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