A Virtual Bank is one that does business by phone and over the web but
does not have a "brick and mortar" presence. Because Virtual
Banks don't require high-end office towers in major cities or hundreds of bank branches in residential communities, they are able to pay their customers a
higher rates or return on deposits and provide mortgages and loans
at highly competitive rates.
Although most banking transactions occur electronically, there is always
a need for customers to deposit checks and obtain cash. Virtual banks
leverage the existing banking network of ATM machines around the world to
accept checks and provide cash.
