Internet Banking with Virtual Banks.txt

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Internet Banking with Virtual Banks

There are two ways to do internet banking. Banking online through a website set up by a
traditional bank does not seem to be too much of a stretch for many people. However, virtual
banks are taking internet banking to a whole different level.

A virtual bank is a bank that has no physical structure where you can go to conduct business. It
has no branches convenient to you. You simply do all your transactions through the internet
banking.

If you have a problem, you cannot go to your local branch and complain to the manager. Instead,
you have to contact representatives of your virtual bank online. Sometimes, you can take care of
these internet banking tasks over the telephone. If you like to deal with problems face to face,
though, virtual banks are not for you.

A virtual bank does not have automatic teller machines. It usually charges you fees to use other
banks' ATM's. There are some virtual banks that will reimburse you for ATM fees. This is an
important thing to consider when you are comparing internet banking.

If you use ATM's a lot, you will not want to pay extra every time you use one. It matters especially
with a virtual bank. If you do internet banking with one, it will be the way you usually get cash. If
not, you will have to transfer funds from your virtual bank to a traditional bank account and then
get the cash from that bank.

Deposits are done differently at virtual banks. When you are doing strictly internet banking, there
is no one to cash checks for you. You can have steady income amounts automatically deposited
into your internet banking account.

However, someone will eventually buy something from you, or you will get a rebate check. At that
point you will need to make a manual deposit. Some virtual banks now have set up deals where
you can make deposits to internet banking accounts through certain ATM's. Some will let you turn
in deposits of checks at Mail Boxes Etc. Yet, it is still somewhat of a problem.

Do not assume that a virtual bank does not have proper insurance. Most virtual banks in the US
do. To be certain, you can go to the FDIC's website and look up the name of your virtual bank you
are considering. Most likely, you will find it there. Then, you can find out information about the
bank's insurance with the FDIC. If you do not find it on the list, report it to the FDIC as an internet
banking company without insurance.

Of course, there are security risks with virtual banking. However, most of them can be taken care
of by you guarding your private banking information. Virtual banks have everything to lose if their
security is breached, so they go the extra mile to assure that your internet banking is safe.

It is an age when most banking relies on computers, whether for internet banking or for
transactions within a traditional bank. You cannot get away from the use of the internet being
used in your banking. Internet banking by means of virtual banks just takes it one step further.



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