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Virtual Bank Review

A non existent or a small bank with no network of branches is Virtual Bank. It offers its servces through online banking, telephone banking, mail banking, automated teller machines, mobile banking. The bank offers high interest rates and low service charges on saving accounts than the competitors by removing the costs which are linked by retail banking.

Virtual Banks are also known as Internet banks. These banks have a cost saving feature. SFNB which means Security First Network Bank was the 1st virtual bank to work full functionally, whose operation began on 18th October, 1995.This bank was the first bank which got insured by Federal Deposit Insurance Corporation. It got acquired by Royal Bank of Canada after three years of its operation.

The 1st virtual bank in Asia was finatiQ which was a division of the Singapore Bank. FinatiQ was opened in 2000 on April 3rd.